With an investment of KRW 48 billion ($36.4 million), Krafton, the company behind popular games such as “PUBG: Battlegrounds,” is teaming up with Naver Z to form a joint venture for a Web 3.0-based metaverse platform.
Krafton will own 85% of the joint venture, while Naver Z will own the remaining 15%.
The companies have collaborated on the metaverse project “Migaloo” since last year and plan to launch it this year.
The joint venture, to be established in North America, will focus on the entire development and service of Migaloo.
Migaloo uses a Create-to-Earn (C2E) system that allows content creators to develop various works in the metaverse space that users can purchase and own.
Transactions will be based on NFTs and blockchain technology, ensuring transparency and secure settlements.
Krafton will be responsible for program development, sandbox tools for creators, and blockchain systems, while Naver Z will oversee service planning and partnerships.
The collaboration aims to leverage Krafton’s expertise in developing and operating global games and Naver Z’s experience with “Zepeto,” an augmented reality (AR) avatar-based metaverse.
The joint venture aims to create a new metaverse platform where creators can find new value in an NFT-based ecosystem.