South Korean Web 2 Metaverse Platform Zepeto Gets a Web3 Makeover

SEOUL, South Korea — South Korean social networking platform Zepeto is getting a Web3 overhaul with a crypto-enabled metaverse version called ZepetoX, the company announced Tuesday.

The new platform, which is being built on the Solana blockchain, is a collaboration between Naver-owned Zepeto and Jump Crypto, the cryptocurrency arm of U.S.-based Jump Trading.

Zepeto’s pivot is part of a larger trend in South Korea, which is vying to become an incubator for metaverse projects. The government has dumped nearly $200 million in grant money into tech startups working on metaverse-related projects in a bid to boost the country’s tech sector and create more jobs.

Read more: Why is South Korea Throwing Money at the Metaverse?

The company’s Web 2 platform, which launched in 2018, already contains elements of a metaverse in its own right. And, with over 320 million registered users, it’s one of the largest in Asia.

In the existing version, users interact through avatars, which they can personalize with virtual accessories. A marketplace called Zepeto Studio allows third parties – from small digital artists to global fashion brands like Gucci and Nike – to sell customized virtual accessories. In the four years since Zepeto launched, participants have purchased 2.5 billion of them.

The ZepetoX’s 3D open world will make it easier for users to monetize their ownership of NFT accessories, land and more. ZepetoX seeks to onboard crypto-curious Zepeto players to its platform, which will have a look and feel different to the Web 2 version.

“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,” Naver CEO Daewook Kim, said in a press statement.

ZepetoX’s initial virtual land sale is expected in the coming months.

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