AMSTERDAM, NETHERLANDS – April 19, 2023 – KRAFTON, Inc., the creators of global gaming hits like PUBG: BATTLEGROUNDS, and NAVER Z, the operator of the largest metaverse in Asia, have announced a joint venture to create a new metaverse platform under the working title "Migaloo". The companies have invested KRW 48 billion (roughly $36.8 million USD) to develop the platform, which features a Create-to-Earn (C2E) system that allows content creators to build works in the metaverse that users can purchase and own using NFTs and blockchain technology. The joint venture will be based in North America, with the name to be shared once a local corporate entity has been established.
The joint venture will combine KRAFTON's experience in developing popular games with NAVER Z's expertise in operating metaverse social networks. KRAFTON will develop sandbox tools and blockchain systems for creators, while NAVER Z will focus on service planning and partnership acquisition. The platform is set to launch later this year, and it promises to be a new metaverse platform that incentivizes creators and offers transparency in transactions and settlements.
Henry Hyung-chul Park, KRAFTON's “Migaloo'' project head, notes that the team has already developed a core service and metaverse model, and they are excited to establish the joint venture. Chang-wook Kim, CEO of NAVER Z, adds that "Migaloo" will be a game-changer in the metaverse space. Be ready to witness the rise of a groundbreaking metaverse platform that introduces a new C2E system and has the potential to transform the way content creators are motivated and rewarded.
For information about KRAFTON and its ongoing investment in Web 3.0 technology, please visit https://www.krafton.com/en/.
Based out of South Korea, KRAFTON, Inc. is a collective of independent game development studios bound by a passion for creating innovative and engaging entertainment experiences for gamers worldwide. Founded in 2007, KRAFTON consists of PUBG STUDIOS, Bluehole Studio, RisingWings, Striking Distance Studios, Dreamotion, Unknown Worlds, 5minlab, Neon Giant and KRAFTON Montréal Studio, each with its own unique expertise.
KRAFTON is responsible for premier entertainment properties, including PUBG: BATTLEGROUNDS, The Callisto Protocol, NEW STATE MOBILE, Moonbreaker, TERA and ELYON. With a team of 3,000 members across nine countries, KRAFTON is a technology-driven company that boasts world-class capabilities as it seeks to expand its areas of business beyond games to multimedia entertainment and deep learning. For more information, visit www.krafton.com