South Korean studio Krafton, best known for its popular battle royale game PlayerUnknown’s Battlegrounds (PUBG), is set to launch its own Web3 metaverse game platform later this year. The platform, called Migaloo, is being developed in partnership with augmented reality firm Naver Z. Migaloo will offer a “create-to-earn” system where users can buy and sell in-game assets as NFTs.
Under the joint venture agreement, Krafton will own an 85% stake in the venture, while Naver Z will hold the remaining 15%. The two firms have already invested $36.8 million in Migaloo’s development.
Migaloo is expected to resemble something like Roblox but with NFTs. This would allow users to buy and sell in-game assets as non-fungible tokens, creating a new market for virtual goods and experiences.
Krafton’s other Web3 initiative
In addition to Migaloo, Krafton has also partnered with Solana Labs to develop games on the Solana network. However, the studio has not made any public updates on these plans since the initial announcement in March 2022.
Asian Game developers lead the way in Web3 innovation
Asian game developers are at the forefront of Web3 innovation, with major investments in NFTs and blockchain. Japan-based Square Enix has announced its own Web3 game, while Nexon is developing MapleStory Universe in Web3. Razer has launched a Web3 incubator, and WeMade plans to release some of its biggest titles abroad with Web3 integrations.
With major investments in NFTs and blockchain, it will be interesting to see how these platforms evolve and what kind of experiences they will offer to users. Migaloo and other Web3 games could revolutionize the gaming industry. They can create new opportunities for players to engage with virtual worlds and create new digital assets.