On the 14th, Krafton announced that the name of the joint venture company for its metaverse platform business will be ‘Overthere.’ The upcoming metaverse service, previously known as ‘Project Migloo,’ will also be named ‘Overthere.’
Krafton is promoting the establishment of the joint venture company ‘Overthere’ with Naver Z for the metaverse platform business. The total investment amount for the joint venture is 48 billion KRW, with Krafton’s expected acquisition amount at 40.8 billion KRW and Naver Z’s expected acquisition amount at 7.2 billion KRW. After acquisition, Krafton will hold 85% of the joint venture’s shares, and Naver Z will hold 15%.
‘Overthere’ is an English word meaning ‘reckless and bold,’ and it also sounds similar to ‘over there,’ meaning ‘somewhere over there.’ As a company name, it signifies ‘a company moving forward with bold courage to create a mobile interactive UGC (User Generated Contents) platform that has never existed before,’ and as a service name, it means ‘a place where one can boldly and freely express oneself.’
‘Overthere’ is a mobile-based UGC platform where users can create various games such as action RPGs, sports games, and shooter games. By adopting generative AI and the Unreal Engine 5, users can easily produce high-quality content. In addition to game creation, users can engage in various social activities such as avatar customization and chatting.
‘Overthere’ adopts a C2E (Create-to-Earn) system in the metaverse space, where content creators produce various works, and users purchase and own those works. The trading of works is based on NFTs (Non-Fungible Tokens) and blockchain technology. All transactions occurring in the metaverse are recorded on the blockchain, and a settlement method based on this is applied to enhance transparency in transactions and settlements.
To implement this, ‘Overthere’ has adopted ‘Settleus’ as the blockchain mainnet for NFT licensing. ‘Settleus’ focuses on licensing NFT-type IPs created by creators on Web 2.0 platforms, and creators’ earnings can be settled through USDC developed by Circle in the United States.
The metaverse service ‘Overthere’ aims for a soft launch in December and a global official release in the first half of next year.
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