Visual effects (VFX) and content company Dexter Studios (CEO: Kim Wook, Kang Jong-ik) is buying a stake in JEFF (CEO: Jeon Jeong-min), a subsidiary of Danal Co., Ltd. to begin building a full-fledged Metaverse platform.
Dexter Studios announced on April 1 that it has made a strategic equity investment as the first outside investor of JEFF.
This investment comes as part of an MOU between the two companies. Last month, Dexter Studios signed an MOU with Danal, JEFF’s parent company, on launching a blockchain-based Metaverse platform, and committed to jointly promoting and investing in businesses between their affiliates, including NFT and Metaverse-related projects.
Danal specializes in integrated settlement services. It provides payment services via credit cards, virtual accounts, and QR codes, as well as mobile phone payments, which Danal boasts the largest market share in. JEFF was created last year by Danal, and Danal is currently preparing to launch “JEFF World,” which features the core capabilities within the group, such as Danal Fintech’s blockchain and Danal Entertainment’s content production technology.
JEFF World, which is set to launch sometime during the first half of 2023, is a Metaverse project that features NFT community functions, Metaverse shopping, entertainment, and capacity building programs. Using “community token” economics, JEFF World will be a blockchain Metaverse 2.0 platform that connects the virtual world and real world, with functions that let users use rewards received from Metaverse activities to pay for shopped items.
Using this investment as an opportunity, Dexter Studios plans to research and develop NFTs to be used within the Metaverse platform together with JEFF. Moreover, the two partners will jointly plan and operate various businesses using Dexter Studios’ IP and technology, such as creating a theme park in “JEFF World,” holding premiere events for movies, and other screenings.
Dexter Studios’ CEOs Kim Wook and Kang Jong-ik said, “This business agreement gives us another meaningful opportunity to work with Danal. We hope to work together in creating JEFF World as a unique Metaverse platform, rather than sit in the background as a silent investor.” They continued, “We will do our best so that we can use our collaboration with Danal to advance our Metaverse business.”
Meanwhile, Dexter Studios, which has established itself as a successful all-in-one comprehensive content company with box office hits such as the “Along with the Gods” (2017-2018) series, “Ashfall” (2019), and “Escape from Mogadishu” (2021), has recently expanded into new business areas using its VFX technology to identify additional future growth engines.
In particular, it is producing and building an asset library using its owned IP, and it is also planning and producing NFTs in partnership with leading content companies in Korea. Moreover, Dexter Studios is steadily expanding its immersive media and Metaverse businesses led by Virtual Reality (VR), Augmented Reality (AR), Extended Reality (XR), and Virtual Human Technology.
