KRAFTON, the developer of the tactical competitive shooter sandbox game PlayerUnknown's Battlegrounds, and Naver Z, the metaverse division of South Korean internet giant Naver, will form a new joint venture in North America. The two companies will invest 48 billion won (about 36.4 million US dollars) in the new North American entity. KRAFTON will own 85% of the joint venture and Naver Z will own the remaining 15%.

It is reported that KRAFTON and Naver Z are jointly developing a new metaverse experience called "Migaloo", which has been in development since last year and is scheduled to be launched by the end of 2023. Migaloo plans to adopt a create-to-earn (C2E) model, allowing creators to develop and sell content (as NFT) within the platform. (NFT Gators)