Naver Z, a subsidiary of Korean internet conglomerate Naver Group, is launching a $100 million fund to boost the creator economy in the metaverse, TechCrunch has learned.
The initiative is mainly focused on Zepeto, Naver's 3D app powered by Unity. The platform allows creators to develop 2D and 3D content for mobile phones. According to the report, the app has 20 million monthly active users.
The funds are expected to boost Zepeto's diversification of metaverse experiences. For example, Naver Z wants to take equity stakes in studios using the Unity plugin.
In December 2021, To The Moon reported that Ready Player Me, a metaverse platform of customizable avatars, raised $13 million in a Series A funding round led by Taavet+Sten. The proceeds will reportedly help it with building out custom content creation tools, investing in avatar art through additional styles and body types.