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KRAFTON and NAVER Z Expand Metaverse Strategy with $36M Joint Venture

KRAFTON and NAVER Z are forming a joint venture for a new metaverse platform called "Migaloo," with an initial investment of 48 billion Korean won (~$36.4 million). KRAFTON will own 85% of the entity, while NAVER Z will own the remaining 15%. The platform will adopt a create-to-earn (C2E) model, allowing creators to develop and sell content within the platform as NFTs, and is set to launch before the end of 2023. KRAFTON will bring game development and publishing experience, while NAVER Z will spearhead planning, partnership, and acquisitions. The two companies signed an MOU in February 2022 to develop a new Web3 and NFT project aimed at building a metaverse platform.

(By Nicholas Kitonyi)

Metaverse Web3 NFT
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