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:
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.”