The world-renowned game creator company KRAFTON, and the largest metaverse operator, Naver Z, are cooking up a Metaverse platform dubbed “Migaloo.” The joint venture will set up a North American company, according to a press release on Wednesday.
The joint venture raised 48 billion Korean won (KRW), approximately $36.4 million in US dollars, to develop a Web3 metaverse gaming platform called “Migaloo.” In the joint venture company, KRAFTON will be the angel investor with an 85% stake in the company, and NAVER Z will hold the remaining 15%.
Gamers and content creators can experience the new Web3 Metaverse game platform by the end of this year. Migaloo will have a Create-to-Earn (C2E) strategy where users and content creators can create, buy and sell Non-fungible Tokens (NFTs) in the Metaverse.
KRAFTON’s Migaloo project lead Henry Hyung-Chul Park confirmed that its developer team had completed a core services and metaverse model in the excitement of establishing the joint venture.
As per Chang-Wook Kim, Chief Executive Officer (CEO) of NAVER Z, the Migaloo will be a game-changing player in the metaverse space. Also, he added, “Be ready to witness the rise of a groundbreaking metaverse platform that introduces a new C2E system and has the potential to transform the way content creators are motivated and rewarded.”