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 $36.4 million in US dollars, or 48 billion Korean won (KRW), to create the “Migaloo” Web3 metaverse gaming platform. KRAFTON will hold an 85% stake in the joint venture company as the angel investor, and NAVER Z will hold the remaining 15%.
By the end of this year, gamers and content producers will be able to play on the new Web3 Metaverse game platform. Users and content producers will be able to create, purchase, and trade Non-Fungible Tokens (NFTs) on Migaloo’s Create-to-Earn (C2E) platform.
Henry Hyung-Chul Park, the Migaloo project lead for KRAFTON, confirmed that the developer team had finished a core services and metaverse model in the rush to launch the joint venture.
The Migaloo will be a game-changing player in the metaverse space, according to Chang-Wook Kim, CEO of NAVER Z. He also said, “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.”
Compiled by Coinbold