PUBG: Battlegrounds Developer Krafton Bets On Metaverse And NFTs

Krafton Inc. announced it will now be working on non-fungible tokens (NFTs) and metaverse projects. Krafton is the parent company of Bluehole, the firm behind the successful videogame, PUBG: Battlegrounds.

What Happened: Krafton recently announced it acquired equity in Seoul Auction Blue for $2.5 million and Xbyblue for $4.1 million. Seoul Auction Blue operates a joint art purchasing platform called Sotwo and Xbyblue uses technology to secure and curate digital art intellectual property to be offered in digital markets.

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After partnering with those firms, Krafton is now able to offer NFT avatars and other products based on its franchises, which became free to play in 2021. Krafton also partnered with Naver Z, the firm behind Zepeto, a metaverse project that allows players to communicate through 3D avatars, with the aim of building a joint Web 3.0 and NFT-enabled platform.

Krafton Inc. Price Action: As of Friday afternoon, Krafton's stock, which trades on the Korean Stock Exchange (KRX) as 259960 is trading at 259,000 Korean won (equivalent to about $216 a share) after losing about 12.8% of its value over the last 24 hours.

Photo: Krafton