Krafton to set up metaverse JV with Naver

South Korea’s leading game developer Krafton Inc. will establish a joint venture with Naver Z Corp. in the first half to create a virtual world for global users.

The JV, dubbed Project Migaloo, will run Persistent World, a virtual space in the metaverse where users can create digital content and trade it with NFTs on a blockchain system.

The JV is targeting the international market with mobile services and will launch a version compatible with both high-spec and low-spec personal computers (PCs).

Krafton, the developer of PlayerUnknown's Battlegrounds (PUBG), will move at least 100 employees to the JV to accelerate its metaverse services.

The game developer has proceeded with the metaverse project that provides blockchain, NFTs, web 3.0, and create-to-earn (C2E).

Naver Z Corp. is the metaverse unit of South Korean portal giant Naver Corp.

Krafton is sharing its expertise in developing gaming technologies, while Naver Z is responsible for planning the services and closing partnerships.

The virtual space Migaloo will be comprised of a content store, a users’ community, and the Sandbox, a blockchain-based ecosystem where players can build and monetize their gaming experiences.