Zepeto, owned by Naver, was valued at over US$1 billion after the deal. A group of other South Korean investors, including Hybe, which manages K-pop band BTS, also invested around US$41 million at the same valuation. (The Wall Street Journal)

Talking point: The mobile-app platform allows users to dress their digital avatars in designer labels like Gucci and Dior. It is Asia’s busiest metaverse platform, with about two million active users a day. Zepeto’s parent company, Naver, said 70 per cent of its users are women under 24, contrary to other metaverse platforms that are followed largely by older, male gamers. Last year, Naver bought Toronto-based Wattpad, an online storytelling platform whose core user base is also predominantly young women. Meanwhile, an increasing number of investment firms are acquiring virtual land in metaverse realms such as Sandbox and Decentraland.