Fueled by a $150 million investment from Japanese investment company SoftBank, the virtual world of Zepeto is now worth more than $1 billion, according to a Tuesday (Nov. 30) Wall Street Journal report.
The 3-year-old South Korean metaverse platform enables its users to create 3-D avatars to virtually connect with people all over the world, according to the Zepeto website. The virtual world is accessible via mobile device in the Google Play store or Apple app store, according to the company’s website.
In addition to connecting with other Zepeto users, the platform offers creators the ability to design custom items, including avatar apparel and 3-D worlds, according to Zepeto. The platform has 200 million users, 1.5 million studio creators and 50 million studio item sales, according to the company’s website.
In addition to its hefty investment in Zepeto, SoftBank last week was expected to contribute $50 million to a funding round for FinTech Juspay.
Related: SoftBank Leading Upcoming Juspay Investment Round
The popularity of virtual worlds has grown exponentially. Last week, the virtual world of The Sandbox saw a 25% increase in the value of its SAND token after sneaker maker Adidas hinted at a joint effort between the two companies.
The token had climbed to record highs, exceeding $7 and marking a weekly jump of 70%.
Read more: Gaming Platform The Sandbox Nets 25% Boost in SAND Token After Adidas Mention
Big-name brands, including Nike, have been looking to cash in on the increased demand for virtual gaming. Earlier this month Nike made its introduction into the metaverse via a joint effort with Roblox as part of its 3-D experience, Nikeland, where fans can participate in a variety of sports and users can deck out their avatars in Nike gear.
See also: Nike Creates Virtual World Within Roblox
With no shortage of users and continually more advanced virtual world settings and capabilities, reality gaming platforms are reaping the benefits of the interactive metaverse. Roblox, one of the earliest virtual world games, nets $3 million in revenue every day.