PUBG developer KRAFTON and NAVER Z are kickin’ their metaverse game up a notch, teaming up for a $36M joint venture. These two bigwigs are pooling their talents to create a North America-based entity, with the metaverse platform “Migaloo” as their debut project. KRAFTON will hold 85% ownership, while NAVER Z snags the remaining 15%.
Remember back in February 2022 when KRAFTON joined forces with the Korean internet powerhouse for a web3 and NFT project? Yeah, that’s when they started cooking up the idea for the Migaloo metaverse. They’ve been working on it since last year, and we can expect it to launch before 2023 wraps up.
Migaloo’s gonna run on a create-to-earn (C2E) model, which means creators can develop and sell their content as NFTs within the platform.
KRAFTON’s expertise in game development and publishing will ensure Migaloo has all the creator tools and features it needs. At the same time, NAVER Z takes charge of planning, partnerships, and acquisitions. NAVER Z is no stranger to the metaverse world either—they’re the masterminds behind Asia’s largest metaverse platform, ZEPETO.
Henry Hyung-chul Park, the head honcho of Migaloo at KRAFTON, is pretty stoked about the joint venture. He said, “As both companies have abundant experience in successful global content services and have united their efforts, we will definitely achieve good results.”