Looks like Krafton is indeed working on Project Cowboy.
According to a job posting, this South Korean gaming giant is recruiting a rendering engineer with more than 5 years of experience for Project Cowboy, an open-world survival game taking place in the PUBG Universe.
CH Kim, CEO of Krafton, talked about this new project back in July, along with other titles. Read more:
Project Cowboy will head to PC and console platforms.
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