Asia’s largest metaverse platform, Zepeto, is stepping up its global expansion as it looks to compete against big tech groups that are betting billions on creating virtual worlds full of avatars.

Owned by Korean tech group Naver, Zepeto has attracted 340 million users since its launch in 2018. Unlike rival platforms developed by game companies, it is dominated by young female users.

The K-pop and fashion-focused avatar platform, which is valued at more than $1 billion, has attracted investment from Korean entertainment companies JYP Entertainment, YG Entertainment and Hybe, as well as SoftBank’s Vision Fund II. .

“We have a long way to go to be a more dominant player globally, but we are on the right track,” said Ricky Kang, chief business officer of Naver Z, the subsidiary…