Krafton, Naver Z to unveil joint metaverse platform in December

[Courtesy of Krafton]

Krafton Inc., a leading game developer in South Korea, will unveil a joint metaverse platform with Naver Z under portal giant Naver Corp. in December.

Krafton said on Thursday that the name of the joint company for the metaverse platform business will be OVERDARE. The metaverse service, previously known as “Project Migaloo,” will also have the same name.

Krafton plans to unveil the metaverse platform in December and aim for an official launch in the first half of next year after trial operation.

The total investment for the joint venture OVERDARE amounts 48 billion won ($36.14 million) - Krafton holding 85 percent and Naver Z 15 percent.

According to Krafton, OVERDARE service is a mobile-based user-generated content (UGC) platform that allows users to create various games, including action role-playing games (RPGs), sports games, and shooter games.

The service adopts generative artificial intelligence (AI) and the Unreal Engine 5, making it easy for users to create high-quality content. Users can also engage in various social activities such as avatar customization and chatting.

In particular, OVERDARE has adopted a Create-to-Earn (C2E) system in the metaverse space, where content creators can create various works, and users can purchase and own those works.

Transactions are carried out based on non-fungible tokens (NFTs) and blockchain. All transactions that take place in the metaverse are recorded on the blockchain and can be settled based on them, increasing the transparency of transactions and settlements, according to the company.