Krafton envisions Migaloo as a metaverse where creators can create and sell work via NFT and blockchain to enable transparent transactions and settlements.
Announced last year, the partnership between Krafton and Naver Z is evolving with a $36.8 million joint venture to operate Migaloo, the Create to Earn metaverse. As of now, it is a new venture based in North America, as yet unnamed, and aims to create synergy by combining Krafton’s experience in developing AAA titles such as PUBG: Battlegrounds with Naver Z’s experience in Zepeto’s live virtual world. It should be noted that Krafton and Naver Z own respectively 85% and 15% of the shares of this new structure. With Migaloo, one will develop sandbox tools and blockchain systems for creators, while the other will focus on service planning and acquiring partnerships.
Krafton wants to establish itself in the metaverse market with the help of Migaloo
Henry Hyung-chul Park, head of the Krafton Migaloo project, said in a press release that the inter-corporate team has already developed a basic model of the service and the metaverse and is in the process of establishing business cooperation. Chang-wook Kim, CEO of Naver Z, added that Migaloo will be a new metaverse platform where creators can be engaged and inventive through an NFT-based ecosystem.