KRAFTON and Naver Z will form a new joint venture in North America to expand the metaverse, with an initial investment of approximately $36.4 million.

According to BlockBeats news on April 18th, KRAFTON, the developer of the tactical shooting sandbox game "PlayerUnknown's Battlegrounds", and Naver Z, the metaverse department of Korean internet giant Naver, will establish a new joint venture in North America. The two companies will invest KRW 48 billion (approximately USD 3.64 million) in the new North American entity, with KRAFTON owning 85% of the joint venture and NAVER Z owning the remaining 15% stake. KRAFTON and Naver Z are reportedly collaborating on a new metaverse experience called "Migaloo", which has been in development since last year and is planned for release by the end of 2023. Migaloo is planned to adopt a create-to-earn (C2E) model, allowing creators to develop and sell content (as NFTs) on the platform.