KRAFTON has decided to work with NAVER Z to form an organization based in North America. The name of this new venture will be publicized once a local corporate entity has been formed. This venture, worth $36 million, will take off with the launch of a metaverse platform called Migaloo.
Migaloo was conceived in February 2022 when both parties teamed up to work on a Web3 and NFT project. KRAKON will own 85% of this project, while NAVER Z owns the remaining 15%.
Migaloo will be built on a create-to-earn (C2E) system, so creators can build and sell their works as NFTs on the platform. Migaloo has been in the works since last year, and fans expect the platform to be released before the end of 2023. The idea behind this platform is to encourage creators and provide clarity in transactions.
KRAFTON is notable for developing top-notch games. Its expertise will be used to create sandbox technologies and blockchain structures for developers. On the other hand, NAVER Z has experience in managing social networks in the metaverse. The Korean giant will handle the planning of services and the acquisition of partnerships.
The CEO of NAVER Z, Chang-wook Kim, said that Migaloo will be “a game-changer in the metaverse space”.
The project head in KRAFTON, Henry Hyung-Chul Park, added that a core service and metaverse model is already in place, and KRAFTON is eager to get the joint venture going.
The company was founded in 2018 under Bluehole, Inc. but changed its name to KRAFTON in 2021.
KRAFTON operates several game development studios, including PUBG Studio, Striking Distance Studios, and Bluehole Ginno Games. In addition to PUBG, KRAFTON also publishes and develops other popular games, such as TERA, ELYON, and MISTOVER.
About NAVER Z
NAVER Z is a South Korean technology company specializing in developing mobile applications and online services. The company was founded in 2018 as a subsidiary of NAVER Corporation.
The company focuses on creating innovative and engaging user experiences, and its apps have gained popularity both in South Korea and internationally.