The new entity will be based in North America. Photo by XR Expo on Unsplash

South Korea game developer Krafton has unveiled plans to form a joint venture (JV) with Naver Z for a metaverse platform business.

To establish the JV, the PUBG: Battlegrounds game developer will acquire stocks and investment securities of other corporations.

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The two companies will invest Won48bn ($36.4m) in the new entity, which will be based in North America.

Under the arrangement, Krafton will own an 85% stake in the JV while Naver Z will own the remaining 15% stake.

Krafton will oversee programme development, including the creation of blockchain platforms for creators and sandbox tools, and Naver Z will be in charge of service planning and partnership recruitment.

The proposed venture’s first project will be the metaverse platform, Migaloo.

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Both businesses have been collaborating on the Web 3.0–based metaverse project Migaloo since 2022.

The project uses a C2E (Create-to-Earn) model where consumers buy and own the works that content creators produce in the metaverse.

For improved transparency in transactions and settlements, the transaction of works is conducted via NFT and the blockchain, with all transactions being recorded there.

Henry Hyung-chul Park, head of the Migaloo project at Krafton, said: “After much consideration, we defined the core services and a specific model of the metaverse that is attractive and feasible, and proceeded with the establishment of the joint venture.”

 “As both companies have abundant experience in successful global content services and have united their efforts, we will definitely achieve good results,” he added.

Naver Z CEO Chang-wook Kim commented: “The creator-centered ecosystem that we built in Zepto will also be implemented in Migaloo.” “We will grow Migaloo as a new metaverse platform where creators can realize new values in an NFT-based ecosystem based on their own creations.”