KRAFTON Inc. (CEO CH Kim) plans to establish a joint venture with NAVER Z Corp. (Co-CEOs Dae-wook Kim and Chang-wook Kim) for the Metaverse platform business.

Crafton announced on April 17 that it has decided to acquire other companies’ stocks and investment securities in preparation for the establishment of a joint venture. The total investment in the joint venture will be KRW 48 billion, Krafton will acquire KRW 40.8 billion from him, and NAVER Z will acquire KRW 7.2 billion from him. After the acquisition, KRAFTON will hold his 85% stake in the joint venture and NAVER Z will hold his 15% stake.

The two companies have been working on the Web3.0-based Metaverse project “Migaloo” since last year, and have decided to establish a joint venture for full-scale development and services with the aim of launching the Metaverse within the year. A joint venture company 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. The transaction of works will be based on his NFT and blockchain, and all transactions will be recorded on the blockchain to increase the transparency of transactions and settlements.

KRAFTON is in charge of program development, including the development of sandbox tools and blockchain systems for creators, while NAVER Z is in charge of service planning and partnership acquisition. KRAFTON’s know-how cultivated through the development and operation of various global games such as “PUBG: BATTLEGROUNDS” and NAVER Z’s know-how cultivated through the development and operation of the Metaverse “ZEPETO” based on the AR avatar service will be combined. , aiming to create a synergistic effect.

Henry Hyung-chul Park, Head of Migaloo Project at KRAFTON, said: He added, “Both companies have extensive experience in successful global content services and are working together to ensure good results.”

NAVER Z CEO Kim Chang Wook said, “We will also implement the creator-centered ecosystem built with Zepto on Migaloo.” “We will grow his Migaloo as a new metaverse platform where creators can realize new value in the NFT-based ecosystem based on their work,” he added.