April 26, 2023
By Anjali Kochhar
Krafton, the company from South Korea that created the popular battle royale game PUBG: Battlegrounds, is still working on its Web3 metaverse game platform, which is currently called Migaloo.
The company has partnered with Naver Z, an augmented reality firm from South Korea, to form a joint venture company in North America to develop Migaloo. The joint venture has received $36.8 million in funding, with Krafton holding an 85% stake and Naver Z holding the remaining 15%. The platform is expected to launch sometime this year.
Migaloo, the metaverse game platform developed by Krafton and Naver Z, differs from the metaverse proposed by Mark Zuckerberg. A highly regarded game studio is creating Migaloo and intends to offer a “create-to-earn” model where users can make, buy, and sell in-game assets as NFTs.
The project’s specifics are unclear, but it seems that Migaloo may resemble Roblox but with NFTs.
The trend of Asian companies developing blockchain-based games and experiences continues, with Square Enix, the creator of Final Fantasy, announcing its own Web3 game, and Nexon, based in Japan and South Korea, working on MapleStory Universe in Web3.
Razer, headquartered in Singapore, has launched a Web3 incubator, and WeMade, based in South Korea, plans to release some of its most popular titles worldwide with Web3 integration.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.