Today the Wall Street Journal reported that Softbank Vision Fund 2 invested $150 million at a $1 billion valuation in Zepeto, a 3D fashion avatar app that is mainly used by Asian young women. Fashion brands such as Dior, Gucci and Christian Louboutin have partnerships along with mainstream brands like Adidas.
Apart from mentioning the word metaverse, the news didn’t mention blockchain and non-fungible tokens (NFTs) other than SoftBank leading the $93 million round in blockchain game The Sandbox. And the two platforms are partners. However, there is another NFT angle, and this investment could be viewed as partially strategic.
South Korea’s Naver owns Zepeto. And SoftBank and Naver each own half of Japan’s biggest messaging app LINE. In 2018, LINE subsidiary LVC launched LINE Blockchain, which has its own cryptocurrency LINK.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
