South Korean online game developer Krafton, founded by billionaire Chang Byung-gyu, is investing 8 billion won (approximately $6.5 million) in two digital art companies to develop NFT for the metaverse.
The company behind the popular game PlayerUnknown’s Battlegrounds (PUBG) said on Monday $4 million for a 12% stake in NFT platform Xbyblue and a 100% stake in online auction service provider Seoul Auction Blue. He announced that he paid $ 2.5 million for his 6 shares. Both companies are subsidiaries of Seoul Auction, South Korea’s first auction house founded in 1998.
The three companies also agreed to develop NFT-related projects, allowing Krafton to create and sell NFT avatars that can be used in the metaverse. Krafton CEO Kim Chang-han said in a statement:
“Krafton has a rich history of developing proprietary technologies. Through partnerships with innovative companies like Seoul Action Blue, we can deliver new experiences that global users will find fun and engaging.”
Also, Krafton announced that Korean billionaire Lee Hae-jin has partnered with Naver Z, a unit of internet giant Naver, to develop a “user-generated NFT metaverse platform.”
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