The leading South Korean social networking platform, Zepeto, is getting on the Web3 bandwagon with the launch of its new crypto-enabled metaverse version called ZepetoX.
According to a release from the company, the new platform, which is being developed on the Solana blockchain, is a joint effort between Naver-owned Zepeto and Jump Crypto, the cryptocurrency division of Jump Trading, a US-based corporation.
Zepeto’s transformation of its platform fits with a larger pattern in South Korea, where businesses strive to make it a hub for metaverse projects. The government has invested over $200 million in grant money into tech businesses working on metaverse-related projects to grow the nation’s tech sector and add new jobs.
The company’s Web2 platform, which debuted in 2018, includes components of a metaverse all on its own. It’s one of the biggest in Asia, with more than 320 million registered users.
Users communicate in the current version using avatars that they can customize with virtual items. Third parties can offer personalized virtual goods on the marketplace called Zepeto Studio, which is open to everyone from amateur digital artists to major fashion brands like Gucci and Nike. Since Zepeto’s launch four years ago, participants have bought 2.5 billion such virtual items and accessories.
Users should find monetizing their ownership of NFT accessories, land, and other items simpler thanks to ZepetoX’s 3D open world. ZepetoX aims to attract crypto-curious Zepeto gamers to its platform, which will differ from the Web2 version in terms of appearance and feel.
“We believe that ZepetoX can build the ideal Web3 platform to not only bring blockchain to our existing users but also to expand our footprint in the blockchain space through various disruptive initiatives,” said Naver CEO Daewook Kim.
ZepetoX’s initial virtual land sale is expected to go live in the coming months.
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