[Alpha Biz=(Chicago) Reporter Kim Jisun] Krafton and NAVER Z Establish Joint Venture for Metaverse Platform Business.

Krafton announced on the 17th that it decided to acquire shares and investment securities of other corporations for the establishment of the joint venture. The total investment of the joint venture is 48 billion won.

Krafton is expected to acquire 40.8 billion won and Naver Jet is expected to acquire 7.2 billion won. After acquisition, Krafton will hold 85% of the stake in the joint venture and Naver Jet 15%.

The two companies have been promoting the Metaverse project 'Migaloo' based on Web 3.0 since last year. With the aim of launching Metaverse by the end of this year, the joint venture company will be established for full-fledged development and service. The joint venture will be established in North America and its mission will be made public at the time of its establishment.

In the joint venture, Krafton is responsible for the development of programs, sandbox tools and blockchain systems for the creation of creators.

NAVER Z will be in charge of planning services and securing partnerships.

 

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