The South Korean gaming company Krafton Studio plans to launch a Web3 metaverse game this year. An update from Krafton’s team revealed that the gaming firm joined hands with Naver Z in 2022 to develop a Web3 game Migaloo.
As stated in an April 19 press release Krafton and Naver Z established a new joint venture in North America. In the initial development of Migaloo, the team injected $36.8 million towards the project.
Review of the Migaloo Project
Additionally, the partners agreed on the ownership of the joint venture. The Krafton team will hold 85% shares of the new firm, while the Naver Z team will own the remaining share.
The Migaloo project prompted the developers to engage the AAA gaming platform to support developing a unique create-to-earn (C2E) platform. The AAA developers were tasked to build a system where players could trade their gaming products using non-fungible digital tokens (NFTs).
A scrutiny of the Migaloo project revealed that the gaming features are similar to Roblox games. But, the only difference between Roblox and Migaloo is the NFT feature.
A report from Naver Z chief executive Chang-wook Kim revealed that the Migaloo game would inspire the developers to create their project on the Metaverse platform. Kim confirmed that the C2E system would offer exclusive rewards to the users.
He confessed that the Migaloo project was started in 2022 and is expected to be completed in the coming months.
In support of this, the Migaloo project manager Henry Hyung-chul Park argued that the Krafton and the Naver Z team have vast experience in delivering groundbreaking digital products and services. Park believes that the collaboration with forwards thinking team will yield positive outcomes for the Migaloo project.
Also, the Migaloo project has integrated blockchain and crypto technologies. Adopting this emerging technology positions the Migaloo game at a pivotal point to blossom in the vibrant Asian market.
Factors Contributing to Increase in Web3 Games
Recently, the Asian region has witnessed a gradual increment in the development of Web3 games. In Japan, Final Fantasy Group confirmed the launching of a Web3 game.
Other companies, including Nexon, plan to leverage blockchain technology to develop MapleStory Universe. The Singapore Razer gaming platform has replicated Nexon’s move to establish a Web3 incubator project.
The focus on Web3 games demonstrated that Asian countries are racing to dominate the Web3 gaming sector. Krafton gained popularity from the PUBG: Battleground video game, which increased its clientele to millions.
PUBG developers integrated innovative multiplayer features to improve the user’s experience. According to the Krafton team, the Migaloo game will be more of a Web3 project than a studio.
Last year the Krafton team partnered with Solana Labs to develop a Solana-powered game. This project is still undergoing further development before the launch.
Even though the Naver Z team has not broadened its market presence to Western countries in the previous funding round, the firm was valued at $172 million. Reportedly, in 2022, the number of augmented reality (AR) and 3D technologies users increased to 49 million.
