SEOUL — The operator of ZEPETO, a metaverse platform created by South Korea’s web service giant Naver, will share its expertise in metaverse-related technologies to upgrade an existing virtual reality ecosystem in the United Arab Emirates’ media service hub “Sharjah Media City.” The media accelerator zone located in the Middle Eastern country’s third-most populous city of Sharjah plans to offer various business opportunities for global entrepreneurs in the creative and media industries.
Metaverse is a virtual world where anyone can engage in many different social and economic activities using their own avatars. Metaverse platforms require high-speed internet access. As of August 2023, ZEPETO had more than 20 million monthly active users. Naver Z, the developer of ZEPETO, has collaborated with promising K-pop entertainment powerhouses YG Entertainment. Users can visit a fan-centered cultural space to enjoy music videos and roam around a virtual merchandise store.
Naver Z said on December 11 that the company signed an agreement with the operator of Sharjah Media City to cooperate in metaverse content and immersive technologies. The South Korean metaverse platform developer will discuss ways to promote Sharjah Media City on ZEPETO. The partnership also includes establishing educational programs for metaverse content production in the media service hub and nurturing creators and startups.
The partnership was made while the Sharjah Media Council (SMC)’s head Sheikh Sultan bin Muhammad Al-Qasimi was visiting Naver Z’s office building in Seongnam, a southeastern satellite city of Seoul. The SMC’s chairman, who is also the ruler of Sharjah, has looked around the South Korean company’s studios and explored artificial intelligence applied to ZEPETO.
Metaverse platforms have been incorporated in many sectors in South Korea to bridge the gap between online and offline spaces South Korea’s leading convenience store chain CU also manages an online convenience store on ZEPETO. According to market research firm Emergen Research, the global metaverse market is expected to reach $828.9 billion by 2028.
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