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Tokyo-based multi-industry company SoftBank Group invested $150 million in the fashion metaverse ecosystem Zepeto.
The latter was created by a South Korean development company Naver Corporation. Zepeto is a partner of blockchain-based play-to-earn protocol, The Sandbox.
As reported Wall Street Journal, the investment is a part of a Series B funding round, due to which the value of the metaverse reaches $1 billion.
The Zepeto app was launched in 2018. Currently, the number of its daily active users is 2 million. Zapeto allows users to create 3D avatars based on their photos and communicate with each having an engaging digital experience.
In May 2020 Zapeto announced a partnership with a decentralized gaming platform The Sandbox. The cooperation suggested creating parallel 3D space in their virtual worlds, providing user interaction and access to a series of NFTs.
On November 2, Animoca Brands, the company standing behind the development of The Sandbox, announced that the company raised $93 M in an investment round led by Softbank Vision Fund 2.