South Korean Metaverse ZTX Attracts $13M

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Zepeto, in collaboration with venture capital firm Jump Crypto, has raised $13 million in seed funding for their ZTX metaverse project.

Jump Crypto led the round, with participation from Collab+Currency, Parataxis, MZ Web3 Fund, and Everest Ventures Group. As Asia’s largest Web2 metaverse, the project’s estimated value is $1 billion.

ZTX intends to speed up the blockchain adoption process via ownership of virtual land. Pre-sales for the first 3D houses have already started, totalling 4,000 NFTs in Arbitrum’s L2 network that guarantee memberships, access to future drops, events, and in-game improvements.

ZTX CEO Chris Jang also pointed out the startup’s dedication to provide a “developer infrastructure layer”. The team consists of former employees from Apple, Roblox, Epic Games, EA, and developers with experience in Solana, Flow, and Cosmos.

A digital version of the Gucci fashion show was recently hosted on the platform, where users could purchase items at the virtual store. July was a big month for the sector, with Futureverse (a platform using AI and metaverses) closing a round for $54 million.