Krafton announces joint venture plans with Naver Z for metaverse business

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    PUBG Maker Crafton announced plans to establish a joint venture with neighbor Developed by Z Corporation metaverse platform business. Game development studios shared the decision to acquire other companies’ stocks and investment securities to form joint ventures. The total investment in the joint venture will be KRW 48 billion, with Krafton acquiring KRW 40.8 billion and Naver Z acquiring KRW 7.2 billion from him. After the acquisition, Krafton will own his 85% stake in the joint venture and Naver Z will own his 15% stake.

    What is Migaloo
    Since 2022, the two companies have been working on the Web 3.0-based metaverse project Migaloo. The two companies have decided to establish a joint venture to develop services to launch the Metaverse within 2023. The joint venture will be established in North America and the company name will be announced at the time of establishment.

    “Migaloo” adopts the C2E (Create-to-Earn) method, in which content creators create various works in the Metaverse space, and users purchase and own the works.Trading in these works will be based on NFTs and blockchain. All these transactions are recorded on the blockchain, increasing the transparency of transactions and settlements.

    Krafton will be responsible for program development, including the development of sandbox tools and blockchain systems for creators. Meanwhile, Naver Z is in charge of service planning and partnership acquisition.

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    The goal of this Metaverse platform is to create a balance by combining Krafton’s expertise in the development and operation of various global games with the development and operation of the Metaverse Zepeto based on Naver Z’s AR avatar service.

    “After careful consideration, we have defined an attractive and viable Metaverse core service and concrete model, and proceeded to establish a joint venture. Henry Hyungchul Park, Head of Migaloo Project at Crafton, said:

    “The creator-centric ecosystem we built with Zepto will also be implemented in Migaloo. Migaloo will grow as a new metaverse platform where creators can realize new value in the NFT-based ecosystem based on their work,” says Chang. -wook added. Kim CEO of Naver Z.

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