PUBG Developer Krafton and Naver Z Invest $36.8M to Launch Migaloo Metaverse

Image of news story PUBG Developer Krafton and Naver Z Invest $36.8M to Launch Migaloo Metaverse
21 April 2023

Krafton, the developer of PUBG, made an announcement last year about its entry into the world of NFTs and the metaverse, generating excitement among gamers and tech enthusiasts. Now they have announced the forthcoming launch of the metaverse platform, titled "Migaloo", later this year. Krafton and Naver Z, a leading 3D and XR software company, have invested a staggering $36.8M in developing the project. The objective is to introduce a Create-to-Earn (C2E) system, enabling content creators to produce unique works within the metaverse, which can then be bought and owned using NFTs and blockchain technology.

Migaloo promises to be a "new metaverse platform that incentivizes creators and offers transparency in transactions and settlements." However, without concrete details, these claims remain ambiguous. It remains to be seen how Migaloo will differentiate itself from other metaverse and NFT projects currently in development. Naver Z's CEO, Chang-wook Kim, has made bold statements about the platform's potential impact. He believes that Migaloo's groundbreaking C2E system could revolutionize how content creators are motivated and rewarded. His words are intriguing, and give no clear information on what the platform will entail.

Krafton's share price has plummeted this year, mainly due to fierce competition from Chinese rivals pouring into its home market of South Korea after a crackdown by regulators in Beijing. As a result, Korean developers are racing to develop "play-to-earn" titles integrating blockchain technology to boost revenue. They have not yet announced which of its games might see the addition of blockchain functionality or whether it will be integrated into its flagship PUBG series. Nonetheless, the launch of the free-to-play PC title earlier this year saw a surge in popularity, while PUBG Mobile has been downloaded more than 1 billion times. A second free-to-play mobile PUBG game, PUBG: New State, was released last year.

According to Krafton's Web 3.0 roundtable lead, Hyungchul Park, the company will continue to work closely with blockchain companies like Solana Labs to establish its Web 3.0 ecosystem. Krafton intends to gain insight through this cooperation to accelerate its investment and output of blockchain-based experiences.

Some Western developers have had to publicly distance themselves from blockchain gaming products following backlash from fans and developers. S.T.A.L.K.E.R. 2: Heart of Chernobyl developer GSC Game World publicly backed away from its plans to add NFTs to the upcoming game, while Team17 abandoned its NFT project after at least three of its development partners expressed opposition to its plans.

As anticipation for Migaloo builds, fans of Krafton's PUBG and metaverse enthusiasts are eager to see what this partnership will bring to the ever-evolving world of NFTs and digital realms. With the launch on the horizon, we won't have to wait much longer to discover if Migaloo can truly deliver on its promises and reshape the NFT and metaverse landscape.