Japanese Tech Giant SoftBank Invests $150 Million In Korean Metaverse Platform
Summary
Japanese billionaire Masayoshi Son’s SoftBank is investing $150 million in Asia’s busiest metaverse platform, the nascent but sizzling virtual world where people work and play through avatars. Zepeto’s other investors include Korean billionaire Bang Si-hyuks HYBE, which manages K-pop boy band BTS. “This is an investment in the future of the internet and a prayer for a strong position in the precipice of Web3, which may reach quadrillions in value,” says Sean Su, an independent tech sector analyst in Taiwan, referring to a decentralized online ecosystem based on the blockchain. “Major companies are now engaged in a race to define the standard for virtual environments, or metaverses, and firms like SoftBank are vying for an early lead,” Su says. “All this is a huge market that any corporation with a long-term strategy would love to dominate.” SoftBank, Su adds, hopes to hold a place for itself among the next generation of consumers, he says.