Krafton, the parent company of Bluehole, developers of PUBG, a popular battle royale game that has earned more than $300 million in 2021, announced it will redirect some of its activities toward developing NFT and metaverse-related projects. The company says it has acquired equity in two companies, Seoul Auction Blue and Xbyblue, that will enable Krafton to offer non-fungible tokens (NFTs) related to its intellectual property (IP). The company also partnered with Naver Z for this same purpose.
Krafton Goes NFT
Krafton, the parent company of Bluehole, developer of the widely successful PUBG game, which registered revenue of more than $300 million last year, is pivoting to compete in the world of metaverse and NFT projects. The company announced on February 8th it had acquired equity in two companies: Seoul Auction Blue ($2.5 million) and Xbyblue ($4.1 million). Seoul Auction Blue is a company that runs a joint art purchasing platform called Sotwo, and Xbyblue uses technology to secure and curate digital art IP to be offered in digital markets.
Having partnered with these two companies, Krafton will be able to offer NFT avatars and other products based on its PUBG Battlegrounds franchise, which went free-to-play last year. About this partnership and the new focus, CH Kim, CEO of Krafton, stated:
Through partnerships with innovative companies like Seoul [Auction] Blue, 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.
In addition, the company also revealed a third deal with Naver Z, aiming to build a joint Web3 and NFT-based platform. Naver Z owns Zepeto, a four-year-old platform that runs a metaverse-based project allowing players to communicate through 3D avatars using augmented reality technology. The still-unnamed metaverse experience will be created using Naver Z’s technology and platform, and will leverage the experience of Krafton to craft the assets of this world.
According to the press release, this development will also include the possibility of users creating their own content on the platform.
More Companies Are Taking NFTs Seriously
Krafton is the latest in a sea of AAA traditional game companies considering including NFTs and the concept of metaverse in their business models. Ubisoft is also dabbling in the field, recently signing a partnership with The Sandbox to bring one of its IPs, the Rabbids, to its metaverse. Grayscale, the digital asset company, also issued a report last November stating that the metaverse was a $1 trillion opportunity.