Krafton, the renowned South Korean game studio responsible for the popular battle royale game PUBG: Battlegrounds (previously known as PlayerUnknown’s Battlegrounds), announced plans to launch an NFT metaverse gaming platform, Migaloo, in 2023. The company has partnered with South Korean augmented reality firm Naver Z to create a joint venture company based in North America, investing $36.8 million in the development of Migaloo.

According to a recent press release, Krafton will hold an 85% stake in the joint venture, while Naver Z will possess the remaining 15%. The upcoming Migaloo platform, developed by a AAA game studio, seeks to introduce a “create-to-earn” system that enables users to design, purchase, and sell in-game assets as non-fungible tokens (NFTs). Although specific details regarding the project remain scarce, Migaloo’s virtual world may bear similarities to Roblox, enhanced with NFT capabilities.

This collaboration marks another instance of Asian firms embracing blockchain technology and Web3 game development. Square Enix, the Japanese creator of Final Fantasy, has announced its own Web3 game, while Nexon, based in Japan and South Korea, is working on MapleStory Universe in Web3. Additionally, Singaporean company Razer has launched a Web3 incubator, and South Korean firm WeMade plans to release several major titles with Web3 integrations internationally.

Naver Z, a well-funded tech company with over $172 million in backing, boasts more than 49 million monthly active users across three of its products. Meanwhile, Krafton’s PUBG enjoys a considerable 289 million monthly active players, with PUBG Mobile for iOS and Android also achieving significant popularity.

Migaloo is not Krafton’s sole venture into the world of Web3. In March 2022, the company announced a partnership with Solana Labs to develop games on the Solana network. However, neither Krafton nor Solana Labs have provided public updates on their plans since the initial announcement.