Krafton, the South Korean video game giant best known for hits like PUBG: Battlegrounds, is stepping into the blockchain arena. The company is developing Settlus, a new blockchain built on the Cosmos platform to offer transparent settlement processes for content creators. According to the official website, the testnet for Settlus is planned for an early 2024 launch.
Moreover, Josh Lee, the founder of the Cosmos-based decentralized exchange Osmosis, broke the news on September 4, revealing that Krafton is making strides in the blockchain sector. The announcement received additional validation from Jelena, co-founder of a Cosmos-based app-chain called Noble. Consequently, she revealed that Krafton is stopping at Settlus and building an app chain on Cosmos.
Significantly, the primary currency for creator settlements on this platform is Circle’s USDC stablecoin. This adds another layer of credibility and stability to Krafton’s ambitious project, bridging the gap between content creators and secure, transparent financial transactions.
However, it’s worth noting that this isn’t Krafton’s first flirtation with blockchain technology. In March 2022, the company disclosed a collaboration with Solana Labs, stating their intent to focus on the “development and operation of blockchain and NFT-based games and services.” Interestingly, no products have emerged since that proclamation.
Krafton’s partnership with Solana is also based on a memorandum of understanding (MOU). Hence, this gives the gaming behemoth the flexibility to opt out of the partnership without any legal ramifications should things not go as planned.
The Cosmos Network, on which Settlus is being built, is a decentralized network of independent, scalable, and interoperable blockchains. This structure enables seamless communication between distributed ledgers without a centralized server. In April of this year, Dymension, a blockchain scaling startup, launched the world’s first IBC-enabled EVM rollup on a testnet. This was done in collaboration with Evmos Core Teams and Celestia, further boosting the Cosmos ecosystem.
In the long run, Krafton’s foray into blockchain through Settlus may be a game-changer for content producers looking for open financial transactions. The blockchain community, the gaming industry, and content producers eagerly anticipate this ground-breaking breakthrough, with a testnet deployment planned for early 2024.