KRAFTON, the South Korea-based publisher of PUBG: BATTLEGROUNDS and DEFENSE DERBY, has revealed that its metaverse joint venture with NAVER Z, previously known as Project Migaloo, will be called OVERDARE.
The project represents a bold, new frontier in mobile-based interactive platforms for user-generated content where users are free to express themselves creatively. Built on Unreal Engine 5 and leveraging generative AI technology, OVERDARE allows users to easily craft high-quality games across genres such as action RPGs, sports, and shooters. The platform also offers robust social features, including avatar customization and in-app chat functionality.
OVERDARE will introduce a Create-to-Earn (C2E) system, enabling users to purchase and own digital assets crafted by content creators within the metaverse. These transactions will be supported by NFT and blockchain technology, ensuring transparency and secure transactions.
To facilitate this, OVERDARE has selected Settlus as its blockchain mainnet for NFT licensing. Settlus specializes in licensing intellectual property in the form of NFTs from creators on Web 2.0 platforms. Those creators earn revenue through the U.S.-developed USDC stablecoin.
The total investment for the joint venture amounts to 48 billion Korean Won (KRW), with KRAFTON contributing 40.8 billion KRW and Naver Z contributing 7.2 billion KRW. Post-acquisition, KRAFTON will own 85% of the venture, and NAVER Z will hold a 15% stake.
The OVERDARE metaverse platform is slated for a soft launch this December, with a full global launch planned for the first half of next year.
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