South Korean giant Krafton, known for it's free-to-play battle royale PlayerUnknowns Battlegrounds (PUBG) has revealed in a press release this week that their own creator-centric NFT metaverse labelled under the working title Migaloo, is set to officially launch this year.

According to the press release, this launch is being done under a new joint venture company with Naver Z, who currently runs the largest metaverse in Asia, boasting more than 49 million monthly active users across 3 different products while securing a total of $172 million in funding throughout the previous two years.

Both companies have invested a total of around $36.8 million (48 billion KRW) in the joint venture company that is based in North America. The press release reveals that an official name for the company will be revealed “once a local corporate entity has been established.”

Aside from stating that the platform will launch this year, no other specific release date details were revealed. As for the role both sides have, Krafton will use its experience in traditional gaming to create creator-focused blockchain systems and sandbox tools, while Naver Z will deal with partnership acquisition and service planning. Both parties promise that this new project will be a “new metaverse platform that incentivizes creators and offers transparency in transactions and settlements.”

Krafton’s project head for Migaloo, Henry Hyung-chul Park, has mentioned that a core service and metaverse model has already been made by his team, while the CEO of Naver Z, Chang-wook Kim, claims that this platform will be a “game-changer in the metaverse space” with the press release revealing that they will bring a new C2E (create-to-earn) system which they believe has “the potential to transform the way content creators are motivated and rewarded.”