Krafton as well as Naver Z will sign a joint metaverse project. The initiative, that will concentrate on content creators and content creators, will launch in the coming year under the name Migaloo.
Krafton as well as Naver Z to Meet with Joint Metaverse Project
KRAFTON, Inc. and NAVER Z Corp. today announced plans to form an alliance for metaverse technology. KRAFTON will hold 85% of the shares while NAVER Z will own 15 percent, with an overall amount of investment totalling 48 billion KRW (approximately 36.8 million USD based on current exchange rates).
Both companies have been working with the Metaverse Project “Migaloo” since last year. The platform is expected be completely developed and released this year. The joint venture named after the company’s name will be revealed when the local office of the company is built and will be located within North America.
“Migaloo” will feature a Create-to-Earn (C2E) system in which creators produce work in the metaverse which users can purchase and own. The transactions will be conducted through NFTs along with blockchain. Through this it will ensure transparency throughout all agreements and transactions.
KRAFTON will create sandbox tools and blockchain-based systems for content creators and content creators, while NAVER Z will focus on partnerships and service planning. Together the two companies are aiming to achieve synergies by merging KRAFTON’s knowledge of developing popular global hits such as BATTLEGROUNDS and PUBG, along with its knowledge of operating NAVER Z’s ZEPETO metaverse social network, the most extensive virtual world in Asia.
Henry Hyung-chul Park Henry Hyung-chul Park, KRAFTON’s “Migaloo” project head, said that the company’s team has already come up with the metaverse and core service model, and they are in the process of integrating the two. NAVER Z CEO Chang-wook Kim said that the creators of Migaloo will be aided by an NFT-based platform and gain access to a brand new metaverse platform that allows them to utilize their imagination to the fullest extent.