Krafton Ventures into Blockchain with Settlus for Creator Economy
Krafton, the renowned South Korean video game giant behind popular titles like PUBG: Battlegrounds, has unveiled its foray into the blockchain space with the introduction of Settlus. Settlus is a Cosmos-based blockchain platform meticulously designed to streamline transparent settlements for content creators, and its testnet is scheduled to make its debut in early 2024. This move signifies a significant stride towards the integration of blockchain technology into the burgeoning creator economy.
Krafton’s Vision for Blockchain with Settlus:
Josh Lee, the founder of Osmosis, recently disclosed Krafton’s plans to launch Settlus, a Cosmos-based blockchain chain. Settlus, as elucidated on its official website, is purpose-built to cater to the unique needs of the creator economy. It boasts a range of distinctive features, including the utilization of Non-Fungible Tokens (NFTs) to manage royalty rights, facilitating on-demand payouts through transparent transaction records, implementing stablecoin-based gas fees, and achieving bridgeless NFT interoperability.
Settlus: Bridging the Gap Between Blockchain and Creator Economy:
While Krafton initially announced its foray into blockchain gaming on Solana in March 2022, no tangible products have been introduced thus far. The imminent launch of Settlus’s testnet in early 2024, however, marks another pivotal step towards harmonizing the rapidly expanding creator economy with the transformative potential of blockchain technology.
— josh lee (@dogemos) September 4, 2023
The Soaring Ascent of the Creator Economy:
The creator economy, a burgeoning sector encompassing content creators across diverse media platforms, is witnessing an impressive surge. Projections indicate that by the year 2023, over 50 million individuals are expected to identify themselves as content creators. According to insights from Goldman Sachs, this thriving industry is anticipated to skyrocket to a staggering $480 billion by 2027, demonstrating remarkable growth from its current valuation of $250 billion.
Krafton’s strategic entry into the blockchain arena with Settlus underscores the company’s commitment to exploring innovative avenues within the creator economy. Settlus, with its tailored blockchain solutions catering to the creator community’s specific needs, promises to usher in greater transparency and efficiency in content creator settlements. As blockchain technology continues to permeate various sectors, its integration with the creator economy is poised to drive further growth, harnessing the potential of this dynamic industry. With Settlus on the horizon, Krafton positions itself at the forefront of this transformative intersection between blockchain and the creator economy, where innovation and opportunity converge.