PUBG maker Krafton has decided to invest approx 6.5 million dollars into two companies. It has also signed a memorandum of understanding (MOU) for its own NFT projects.
The South Korean company has invested $2.5 million into Seoul Auction Blue and $4.1 million into XBYBLUE with the target of developing non-fungible token projects.
Seoul Auction Blue is an affiliate of Korea’s biggest art auctioneer, Seoul Auction. XBYBLUE is a subsidiary of Seoul Auction Blue, and operates a service that can be used to secure and curate the intellectual properties of digital content to produce “limited digital art.”
CEO of South Korean company krafton, Kim Chang-Han said, “Krafton has a rich history of developing proprietary technologies, which are part of the foundation of our NFT and metaverse development. This is just the beginning as Krafton will share additional details related to its partnership with Seoul Auction Blue and Xbyblue.”
He further added that “we’re confident we can combine our research and our partner’s expertise to offer new experiences that global users will find fun and engaging.”
Krafton said it’s benefiting from its experience in erecting a big online game, PUBG, to help fuel its efforts in the metaverse space. It’ll also produce a customer-generated content tool and make a” high quality virtual world” using Epic’s virtual Machine to make its metaverse.
Krafton is working with NAVER Z to produce new Web3.0 and NFT systems to make an”NFT metaverse platform.”NAVER Z runs the ZEPETO metaverse platform, which boasts 290 million customers around the globe. NAVER Z, the associate of NAVER that Krafton has entered a memorandum of understanding with, meaning an agreement, will use its experience designing and running ZEPETO to manage the metaverse’s services.
HyungChul Park, lead of the Web3.0 team at Krafton, said “ This cooperation between Krafton and NAVER Z is bolstered by each company’s unique moxie and participated global concentrated as they look toward a future driven by NFTs and metaverses.
By combining Krafton’s being technologies and exploration on how to make scalable Web3.0 creator- driven ecosystems with NAVER Z and ZEPETO’s experience and capabilities, we’re confident we can make a high- quality customer generated content-driven open metaverse that stands piecemeal from other services and vitalizes the global creator economy through NFT technologies.”
Well, according to the latest updates, South Korean company has seen a net profit down. Their net income has been evaluated as 434.5 million dollars which is 6.5% less than the previous year.