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Krafton today announced that its joint venture for the Metaverse platform will be called OVERDARE. The upcoming Metaverse service, previously known as 'Project Migloo', will also be named 'Overdare'.

Krafton is establishing a joint venture with NAVER Z for the Metaverse platform business. The total investment amount of the joint venture is 48 billion won, of which Krafton's planned acquisition amount is 40.8 billion won and NAVER Z's planned acquisition amount is 7.2 billion won. After the acquisition, Krafton will own 85% and NAVER Z will own 15% of the joint venture.

'Overdare' is an English word that means 'reckless and bold' and has a similar pronunciation, 'Over there'. The company's mission statement is "a company that takes bold steps forward to create a mobile interactive UGC (User Generated Contents) platform that has never existed before," and the service name is "a place where you can express yourself boldly and freely".

Overdare is a mobile-based UGC platform that allows users to create a variety of games, including action RPGs, sports games, and shooter games. It employs generative AI and the Unreal 5 engine to make it easy for users to create quality content. In addition to game creation, users can also engage in various social activities such as avatar customization and chat.

Overdare adopts a C2E (Create-to-Earn) system in which content creators create various works in a metaverse space, and users purchase and own those works. The transaction of works is based on NFTs and blockchain. All transactions in the metaverse are recorded on the blockchain and settlement can be received based on them, increasing the transparency of transactions and settlement.

To implement this, Overdare has adopted 'Settlus' as a blockchain mainnet for NFT licensing. Settlus focuses on licensing IP in the form of NFTs created by creators on web2.0 platforms, and creators' revenue can be settled through USDC developed by Circle in the United States.

Overdare, a metaverse service, is targeting a soft launch in December and a global launch in the first half of next year.