Pearl Abyss has announced that it is working on "an adorable family MMORPG that everyone can enjoy together" called Project V. The announcement was made on the company's Facebook page (thanks, anonymous tipster!) and it features a piece of concept art showing a large stylized city and characters. According to MMOCulture, the company is using a new game engine rather than the Black Desert engine due to its age. The new one allows development into the future with improved quality.
Check out the announcement on the Pearl Abyss Facebook page.