- Krafton and Naver Z announced a North American-based joint venture company.
- It’s possible that the Migaloo world will function similarly to Roblox, only using NFTs.
South Korean gaming studio Krafton, who created the massively popular PUBG: Battlegrounds (formerly PlayerUnknown’s Battlegrounds), hasn’t ignored the metaverse. In reality, the Migaloo Web3 metaverse gaming platform is still under development and expected to debut this year.
This week, Krafton and Naver Z, a South Korean augmented reality developer, announced the formation of a North American-based joint venture company that would invest $36.8 million in developing Migaloo. Krafton will control 85% of the business, with Naver Z holding the remaining 15%.
Rise in Blockchain Gaming Adoption
Naver Z is a significant technology corporation with a capital of approximately $172 million but is relatively unknown in the West. In comparison to PUBG by Krafton, which has 289 million monthly active players, Naver’s three products together have over 49 million MAUs. Mobile versions of PUBG for iOS and Android are also quite well-liked.
Migaloo, which is now under development by a triple-A studio, plans to include a “create-to-earn” system in which players may make, acquire, and sell virtual items (NFTs) to one another. While details on the project are few, it’s possible that the Migaloo world will function similarly to Roblox, only using NFTs.
This concerted effort toward Web3 game products is just the latest instance of an Asian company entering the blockchain gaming and experience sector.
Square Enix of Japan, creators of the Final Fantasy series, have launched their own Web3 game, and Nexon of Japan and South Korea are creating MapleStory Universe on Web3. Razer, located in Singapore, has also opened a Web3 incubator, while WeMade, based in South Korea, wants to release some of its most popular games with Web3 associations.
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