Major game company Krafton to provide new metaverse with NAVER Z

Metaverse where NFTs can be bought and sold

South Korea-based video game giant Krafton announced today that it will partner with NAVER Z to jointly develop a new Metaverse platform. We aim to launch at the end of 2023.

The two companies are investing approximately 4.9 billion yen (48 billion won) to develop a platform called ‘Migaloo (provisional name)’ featuring a Create-to-Earn (C2E) system.

C2E is explained as a system in which content creators produce and sell works within the Metaverse, and users can purchase and own them in the form of NFTs (non-fungible tokens). The joint venture is planned to be based in North America.

Krafton will hold 85% of the shares in the new joint venture, with Naver Z holding the remaining 15%.

Chang-wook Kim, CEO of NAVER Z, said that “Migaloo” will be a game changer in the Metaverse space. He is confident that the new C2E system will be a breakthrough platform that has the potential to change the way content creators are motivated and rewarded.

Fusion of game development and metaverse know-how

KRAFTON is a game production company established in 2007. As a representative work, the battle royale game “PLAYERUNKNOWN’S BATTLEGROUNDS” (PUBG) is known. PUBG is currently a popular game with approximately 289 million monthly active players.

The company recorded sales of about 200 billion yen in fiscal 2021, of which 143 billion yen was from PUBG. In 2022, the company announced a partnership with Solana Lab, which develops the crypto asset (virtual currency) Solana (SOL).

connection: PUBG production company “Krafton” to jointly develop NFT games with Solana Lab

Established in 2018, NAVER Z is a company affiliated with NAVER, a major Internet company in South Korea. Based in South Korea, it provides Metaverse “ZEPETO”. The avatar platform is growing rapidly in the Asian region, and is said to have over 300 million cumulative users.

Zepeto is particularly popular with Generation Z (generally those born after 1996), with over 2.5 billion virtual fashion items sold. So far, we have also released NFTs using LINE Blockchain.

connection: Popular Metaverse app “ZEPETO” adopts NFT sales LINE chain

The new joint venture will combine KRAFTON’s game development experience with NAVER Z’s metaverse-type social network management know-how. KRAFTON will develop tools and blockchain systems for creators, and NAVER Z will focus on service planning and building partnerships with other companies.

Metaverse in Seoul

In January, Seoul, the capital city of South Korea, also launched a project called Metaverse Seoul, a virtual space that provides administrative services.

It is a community space where citizens can participate 24 hours a day, 365 days a year, with seasonal mini-games, public participation exhibitions, business support centers, and Seoul tourism experiences. There is also a counseling room for young people, where you can use avatars to consult and receive study guidance without showing your true face.

The city of Seoul has come up with the “Metaverse Seoul Basic Plan,” an administrative service in line with the digitization of society.

connection: Seoul, South Korea announced the start of the “Metaverse Seoul” project

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