Kakao Entertainment, Colorverse, and Neptune have signed a mutual memorandum of understanding or MOU to work together on the Metaverse business. They are aiming to bring various content to the virtual world through the partnership.

The MOU is also a way for Kakao Entertainment's story, music intellectual property (IP), and other media to be made available in the Metaverse. Together with Colorverse and Neptune, they will be launching the Color Bus 3D metaverse platform where the content can be uploaded.

Neptune and Coloverse are actually subsidiaries of Kakao. The tech giant injected money into these companies to acquire company stakes. The former is a game developer that is 35% owned by Kakao Games while Colorverse is a metaverse firm that is 44% owned by Neptune.

According to Korea Joongang Daily, Kakao Entertainment, Neptune and Colorverse held a signing event for their MOU on Tuesday, Sept. 6. They will develop the Color Bus platform and open it as a 3D content platform. It will then take on Kakao Entertainment’s web content affiliates such as Kakao Webtoon and Kakao Page and then offer services to users.

"We are expected to discuss providing new services within Metaverse using Colorverse. It is possible,” Break News quoted a Neptune official as saying in a statement.

Neptune said that with their new metaverse platform, it is possible to directly move and access 3D metaverse from 2D services including KakaoTalk. This will be a breakthrough and offer a different kind of experience to mobile users. This service will be available on the mobile web without the need to install a separate app.

Meanwhile, Kakao Entertainment also announced the establishment of its Tapas Entertainment after the successful merging of Radish Media and Tapas Media. With the new firm, Kakao will be entering and expanding its digital storytelling business in North America and aiming to go global from there.

“Through the merger, North America’s most premium digital storytelling platforms - Tapas, Radish and Wuxiaworld - have come together,” Kim Chang Won, Tapas Entertainment’s co-CEO said in a statement. “We expect the collaboration between the highest level of IP spectrum secured through the merger and the mass partnership with local creators to not only expand our global readership size but also create synergy with North American entertainment businesses.”