Zepeto and Jump Crypto Secure $13 Million for Innovative ZTX Metaverse on Arbitrum

Korean Metaverse Leader Zepeto Ventures into Blockchain Territory with ZTX and Funding Boost.

Aug 16, 2023
by Michael
Zepeto and Jump Crypto Secure $13 Million for Innovative ZTX Metaverse on Arbitrum

In a groundbreaking move, South Korean metaverse powerhouse Zepeto has garnered an impressive $13 million through a seed funding round, spearheaded by Jump Crypto. The capital injection is intended to lay the foundation for the ZTX initiative, an ingenious blockchain-based metaverse platform.

The seed round encompassed contributions from an array of stakeholders, including Collab+Currency, Parataxis, MZ Web3 Fund, and Everest Ventures Group.

ZTX is poised to make its mark within the framework of Arbitrum—a prominent Layer 2 scaling solution for the Ethereum network. This strategic choice enables ZTX to usher in swifter and more cost-effective transactions compared to those possible on the Ethereum mainnet.

With a global user base exceeding 400 million, Zepeto is renowned for its dynamic social media platform, allowing users to craft their personalized 3D avatars and partake in immersive interactions within virtual realms. Zepeto's foray into blockchain via the ZTX initiative aims to seamlessly integrate the technology into the metaverse. This signifies a pivotal shift towards empowering users to possess and trade NFTs—virtual land and objects—within the Zepeto metaverse.

Kim Jung-ho, the CEO of Zepeto, expressed excitement about the partnership with Jump Crypto and the prospect of blockchain integration into the metaverse. He asserted that ZTX holds the promise of revolutionizing user engagement and ownership within the metaverse landscape. The investment in the ZTX initiative reflects the burgeoning fascination surrounding metaverse platforms rooted in blockchain technology. Other key players in the metaverse domain, such as Decentraland, The Sandbox, and Somnium Space, are also delving into the integration of blockchain within their frameworks.

The metaverse sphere is evolving at a breakneck pace, and the full implications of blockchain's integration remain to be unveiled across these platforms. However, the formidable investment secured by ZTX underscores a significant stride towards the confluence of blockchain and metaverse development.

A Closer Look at ZTX:

  • ZTX heralds a decentralized terrain, wherein users are bestowed with data ownership and control.
  • The initiative hinges on NFTs to confer virtual land, assets, and items ownership within the metaverse.
  • ZTX exhibits versatility by embracing additional blockchain-driven facets, including smart contracts and DeFi capabilities.

While still in its nascent stages, the ZTX initiative possesses the potential to emerge as a pivotal player in the blockchain-driven metaverse arena. Jump Crypto's substantial endorsement signifies a resounding vote of confidence in the endeavor's trajectory. The coming months and years will likely reveal the nuanced evolution and impact of ZTX within the burgeoning blockchain metaverse landscape.

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