Settlus is making its way into the ecosystem as a standard for the creator economy. The aim is to offer transparency as a purpose-built blockchain when it comes to working as a settlement system. The announcement has been made by Settlus itself, further highlighting that it is all about integrating their operations in Web3. However, this brings a question about why Settlus is gaining traction in recent days.
Back in April this year, that is 2023, Krafton took upon the task of developing a metaverse that would be focused on benefiting creators through rewards. It, therefore, entered into a joint venture with Naver Z. The project was initially assigned a working title Migaloo. Krafton and Navar Z brought investments worth $36.8 million. This roughly equals KRW 48 billion.
The objective of establishing the joint venture and accounting for a large sum of money was to have a Create-to-Earn mechanism that offers a backbone to creators. The plan is to offer the service of building works in the metaverse which can then be used for purchase. It will be backed by blockchain technology and non-fungible tokens.
While a lot of pieces of information are yet to be made available, it can be assumed that NFTs will be introduced to the digital sphere by creators and every transaction that happens will reward them for the efforts they have invested.
Krafton and Naver Z are bringing together their expertise. This includes Krafton’s ability to develop a game and Naver Z’s ability to construct a metaverse social network. Krafton will majorly work on developing Sandbox tools along with blockchain-based systems. Naver Z, on the other hand, will work on partnership acquisition and service planning.
A statement has been issued from both partners – Henry Hyung-chul Park from Karfton and Chang-wook Kim from Naver Z.
Henry, the Project Head, has updated the community that their team members have developed a metaverse model and its core services for the joint venture. The statement was made at the time of expressing their excitement for what the future holds under Migaloo.
Kim, the Chief Executive Officer of the venture, has called their project a game-changer, adding that it will lead to the rise of a ground-breaking metaverse platform that brings with it the power of the Create-to-Earn mechanism.
Settlus has thus taken birth to fulfill the objective of serving as the gateway. It will now establish a connection between the products that are based on Web2 and the transition that is being made to Web3. Settlus is confident that the team is now simply going to develop a new universe, but rather something that will set a trend – more of a benchmark – in the industry.
Settlus is tentatively scheduled to go live in the early days of 2024. A definite date will be shared by the team shortly.
Overall, it will serve the objectives of facilitating bridgeless NFT interoperability, on-demand payout through transaction records, and using NFTs for royalty rights, to mention a few.
