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

According to nftgators, the game "PUBG Mobile" developer KRAFTON and South Korean Internet giant Naver's metaverse division Naver Z will form a new joint venture in North America. The two companies will invest 48 billion won (approximately 36.4 billion) Ten thousand U.S. dollars). KRAFTON will own 85% of the joint venture and NAVER Z will own the remaining 15%. KRAFTON and Naver Z are jointly developing a new metaverse experience called "Migaloo", which the platform has been in development since last year and is scheduled to launch by the end of 2023. Migaloo plans to adopt a create-to-earn (C2E) model, allowing creators to develop and sell content (as NFTs) within the platform.