KRAFTON and Naver Z will establish a new joint venture in North America to expand the metaverse, with an initial investment of approximately 36.4 million USD

ChainCatcher news, according to NFT Gators, tactical competitive shooting sandbox game "PUBG" developer KRAFTON and South Korean internet giant Naver's metaverse division Naver Z will establish a new joint venture in North America. The two companies will invest 48 billion Korean won (approximately 36.4 million USD) into the new North American entity. KRAFTON will hold 85% of the joint venture, while NAVER Z will own the remaining 15%.

It is reported that KRAFTON and Naver Z are jointly developing a new metaverse experience called "Migaloo," which has been in development since last year and is scheduled to launch by the end of 2023. Migaloo plans to adopt a create-to-earn (C2E) model, allowing creators to develop and sell content (as NFTs) on the platform. (source link)