So, I guess NFTs are still a thing. Krafton, the South Korean gaming studio behind the arguable father of battle royale games PUBG, announced recently that they are poised to release an NFT Metaverse game this 2023. As per Krafton’s press release, they have collaborated with co-South Korean augmented reality company Naver Z to establish a venture company in North America solely focused on their upcoming Metaverse game. It further notes that the two firms poured over $36 million into the development of the said project, which is tentatively called ‘Migaloo.’
What is NFT?
Now some may wonder, what is NFT exactly? Non-fungible tokens, or NFTs, appear in many digital forms. They can be paintings, player cards, virtual real estate, music, and, yes, even gaming items. These digital assets are comparable to cryptocurrencies. Each NFT is entirely unique and cannot be replicated whatsoever. If you own one kind of NFT, that is yours and yours alone. However, unlike cryptos such as Bitcoin and Ethereum, they cannot be traded equivalently.
What is Metaverse?
After discussing NFTs for a bit, it is only right for us to now talk about the metaverse. What is it and how does it play a role in the gaming space? The metaverse is what many believe is the next evolution of the internet. It is a single, immersive, shared 3D virtual space wherein humans can have experiences otherwise impossible in the physical world. Think of it as the virtual reality simulations we often see in sci-fi movies back in the day.
As for how it affects gaming as a whole, the metaverse allows players to have an entirely new gaming experience. The virtual worlds that were back then just conveyed on TV screens can now be lived in more than ever. With the help of new technologies, players can now feel as if they are part of the game itself, making for a more personalized experience. Truly, the things that seemed only in our imaginations back in the day are now becoming real.
Krafton’s NFT Metaverse Game Migaloo
Migaloo is said to introduce a “create-to-earn” system. Players can create, buy, and sell in-game assets as NFTs, seeking to create a thriving digital economy. Although there is still little known information about the upcoming game, many believe it to resemble community-driven games, such as Roblox. Krafton’s push for Migaloo continues the trend of Asian gaming studios going all in on NFT metaverse ventures. Square Enix, the famed Japanese developers behind the Final Fantasy series, has since reiterated its focus on creating a Web3 game itself.
Nevertheless, the Migaloo NFT metaverse project is set to be shared by Krafron and Naver Z. 85% stake in the venture will go to the PUBG makers while the remaining 15% will go to Naver Z.