The creator of the popular battle royale shooter PUBG: Battlegrounds (originally PlayerUnknown’s Battlegrounds), Krafton, has not forgotten about the metaverse. In truth, it is still developing its Web3 metaverse game platform, tentatively dubbed Migaloo, which is now scheduled to launch this year.
This week, Krafton and Naver Z, a South Korean augmented reality company, established a joint venture in North America and invested $38.8 million in the production of Migaloo, according to a press release. Krafton will own 85% of the company, while Naver Z will hold the remaining 15%.
However, this is not a Zuckerberg-style metaverse. Migaloo is being developed by a AAA game developer and will feature a “create-to-earn” system that allows players to construct, purchase, and sell in-game assets as NFTs. Even though we don’t know much else about the project, the Migaloo universe may be similar to Roblox, but with NFTs.
This joint push for Web3 games is yet another manner in which Asian companies are developing blockchain-based games and activities.
Square Enix, based in Japan, has announced a Web3 game, and Nexon, based in Japan and South Korea, is developing MapleStory Universe for Web3. Razer, a Singapore-based company, has also started a Web3 incubator, and WeMade, a South Korean company, intends to release some of its most popular games with Web3 features outside of South Korea.
Some Westerners may not be familiar with Naver Z, but it is a large technology company that has raised over $172 million. Three of Naver’s products have more than 49 million monthly active users, while PUBG by Krafton has more than 289 million. Additionally, the PUBG Mobile app for iOS and Android is extremely popular.
However, Migaloo is not the only Web3 project being developed by Krafton. In March 2022, Krafton announced that it was collaborating with Solana Labs to develop games for the Solana network. Since the plans were initially made public, neither Krafton nor Solana Labs appear to have provided any updates.
Content Source: decrypt.co