The metaverse ZTX project, created by the South Korean company Zepeto in partnership with the venture organization Jump Crypto, raised $13 million in a seed funding round. The report comes from Decrypt.
Led by the aforementioned Jump Crypto with the participation of Collab+Currency, Parataxis, MZ Web3 Fund and Everest Ventures Group.
Zepeto’s first project is regarded as the largest Web2 metaverse in Asia by active user count. Its approximate valuation is about $1 billion.
With ZTX, the company plans to accelerate the adoption of blockchain technologies, granting ownership of virtual land. Pre-sales of the first 3D houses have already begun.
In total, the collection comprises 4,000 residential units, presented as NFT on the L2 network Arbitrum. The tokens confer ‘membership’ in the digital world, access to future drops, events, and in-game enhancements.
CEO of ZTX Chris Zhang stressed the startup’s aim to provide a ‘level of infrastructure for developers’.
The team includes former employees of Apple, Roblox, Epic Games and EA, as well as programmers who worked on Solana, Flow and Cosmos.
Recently the company staged a digital version of the Gucci fashion show. Visitors could purchase products in the brand’s virtual store.
In July, the AI and metaverse-focused platform Futureverse closed a $54 million funding round.
In the same month, the infrastructure Web3 project Cosmic Wire raised $30 million. The startup provides AI-powered tools for developers to build metaverses.