PUBG Developer Krafton Partners With Naver Z To Launch 'Creator-Focused' Metaverse Platform This Year

Krafton Inc. is joining hands with Naver Z Corp. to launch a joint venture that would create a new metaverse platform.

With a working title of "Migaloo," the platform is still in the works and is slated to launch later this year, according to NFT News Today.

The South Korea-based game development studio, Krafton, is a powerhouse in the industry and the creator of the world-famous game "PUBG: Battlegrounds." Krafton will own an 85% stake in the joint venture while the remaining 15% will be held by Naver Z, a leading 3D and XR software company. Naver Z is also the creator and operator of the largest metaverse in Asia called Zepeto.

The two companies have invested 48 billion Korean won (about $36.8 million) in developing the new platform, which will be a "creator-focused metaverse."

The platform "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," a Wednesday press release said.

The platform will reportedly be launched under the new joint venture, which will be based in North America. The name of the joint venture will be shared after a local corporate entity has been established.

"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," the press release added.

Moreover, the platform "promises to be a new metaverse platform that incentivizes creators and offers transparency in transactions and settlements."

To establish the joint venture, the companies are combining Krafton's experience in developing popular games with Naver Z's expertise in operating metaverse social networks.

Krafton will take on the program development process, including sandbox tools and blockchain systems for creators, while Naver Z will handle service planning and partnership acquisition, the press release further noted.

The team has already developed a core service and metaverse model and is excited to set up the joint venture, according to Henry Hyung-chul Park, Migaloo project head at Krafton.

"As both companies have abundant experience in successful global content services and have united their efforts, we will definitely achieve good results," Park said, as per Times Now.

Meanwhile, Chang-wook Kim, CEO of Naver Z, noted that Migaloo will be a game-changer in the metaverse space.

"We will grow Migaloo as a new metaverse platform where creators can realize new values in an NFT-based ecosystem based on their own creations," Kim said, as reported by the outlet.