SEOUL – The operator behind ZEPETO, a prominent metaverse platform developed by South Korea’s web service giant Naver, has entered into a strategic partnership with Sharjah Media City, a media service hub in the United Arab Emirates. This collaboration aims to leverage ZEPETO’s expertise in metaverse-related technologies to enhance the existing virtual reality ecosystem in Sharjah Media City, located in the third-most populous city in the UAE, Sharjah.
The media accelerator zone in Sharjah plans to provide diverse business opportunities for global entrepreneurs within the creative and media industries. Metaverse, a virtual world enabling various social and economic activities through avatars, requires high-speed internet access. As of August 2023, ZEPETO boasted more than 20 million monthly active users. Naver Z, the developer of ZEPETO, has previously collaborated with renowned K-pop entertainment powerhouse YG Entertainment, offering users a fan-centered cultural space featuring music videos and a virtual merchandise store.
On December 11, Naver Z announced the signing of an agreement with the operator of Sharjah Media City to collaborate on metaverse content and immersive technologies. The South Korean metaverse platform developer will explore avenues to promote Sharjah Media City on ZEPETO. The partnership also entails the establishment of educational programs focused on metaverse content production within the media service hub, fostering the growth of creators and startups.
The collaboration materialized during a visit by Sheikh Sultan bin Muhammad Al-Qasimi, head of Sharjah Media Council (SMC) and ruler of Sharjah, to Naver Z’s office building in Seongnam, a southeastern satellite city of Seoul. During the visit, Sheikh Sultan explored the application of artificial intelligence to ZEPETO and toured the South Korean company’s studios.
In South Korea, metaverse platforms have become integral across various sectors, bridging the gap between online and offline spaces. Notably, the leading convenience store chain CU manages an online convenience store within the ZEPETO platform. Market research firm Emergen Research predicts that the global metaverse market will reach $828.9 billion by 2028.
