Josh Lee, the founder of DEX Osmosis (OSMO), revealed that the studio behind the famous battle royale game PUBG – Krafton – will launch a new blockchain on Cosmos named Settlus. This plan was also confirmed by Settlus on September 03-04, 2023 at the Circle Hacker House event co-hosted by AngelHack and Circle.
Settlus is developing a native module on its blockchain platform which allows seamless migration of external chain NFTs from Ethereum, Solana, and other blockchains into Settlus. These NFTs can then be integrated into the metaverse world of Migaloo, where creators can replicate and sell them, ott create asset-bound items for personal use.
Settlus is working to establish USDC stablecoin as the primary currency for creators, in order to manage and simplify financial transactions within the platform. As Settlus’s official website described, this is a blockchain purpose-built for the creator economy.
Settlus’ goal is to be a gateway connecting web2 products to web3, rather than creating a new universe.
Some outstanding features of Settlus:
- Transparent payment system integrated as a blockchain module: Ensuring decentralization and safety;
- On-demand payments through transaction records on the blockchain: Ensure transparency and efficiency of the payment process;
- Using NFTs to authorize creators’ works: Protect creators’ intellectual property rights and ensure they’re properly paid for their work;
- Interoperability with NFTs without a bridge: Allows NFTs from different blockchains to be converted to Settlus easily and quickly;
- Use stablecoins to pay gas fees: Minimize price fluctuations and ensure system stability.
The testnet for Settlus is expected to launch in early 2024.
Krafton, formerly known as Bluehole, is a South Korean studio game founded in 2007 in Seoul. It is one of the 7 largest video game corporations in Korea, which is behind the hit battle royale PUBG.
In April 2023, Krafton and AR firm NAVER Z created a joint venture company based in North America and poured $36.8 million into Migaloo’s development. Under the arrangement, Krafton will own an 85% stake in the venture, and Naver Z will hold the remaining 15%.
The metaverse platform Migaloo is still in development and is expected to launch in 2023. While not much is known about the project at the moment, it appears that the world of Migaloo could be similar to Roblox.