Cosmos Based Payment System For $250B Economy Launched by Krafton

Krafton, the parent company behind the game PUBG declares their launch on Cosmos blockchain. The Cosmos-based chain called Settlus will provide a transparent settlement system for creators. Lee also disclosed that Settlus deliberated on employing USDC stablecoin to pay creators. 

This is not the first time that the company is foraying into blockchain. In March 2022, the company published a press release announcing its partnership with Solana Labs to support the design and marketing of blockchain-based games and services. But, no product or game has been finalized for that collaboration.

According to the official website of Settlus, it is a purpose-built blockchain that is crafted to serve as a settlement system for the creator economy. Besides, it also provides functionalities such as providing NFTs for royalty entitlements, facilitating instant payouts with transparent transaction histories, and ensuring seamless NFT interoperability without the need for bridges.

The creator economy will feature over 200 Million content craters in 2023. Presently, Goldman Sachs predicts that the creator economy will be worth around $480 Billion by 2027, a major increase from the anticipated value of $250 Billion in 2023.

Krafton was created in November 2018 to serve as the parent company for Bluehole, founded by Chang-Byung-gyu in Seoul in March 2007. The company has produced many famous games like PUBG, TERA, Battleground, New State Mobile, and Moonbreaker.

As per Forbes, the owner of Krafton, Chang has a net worth of $2.9 Billion and is one of the seven gaming billionaires in South Korea. Kraft aims to keep players engaged and provide an enjoyable experience.

Other News Related With Krafton

In March 2023, Polish video games maker PCF Group said that Krafton Inc. which is backed by China’s Tencent will acquire a 10% stake in the company, sending its shares nearly 10% higher.

Piotr Bogusz at Erste Group wrote in a note that attracting investors like Krafton may positively affect the quality and marketing of the games that are under development.

Krafton, which is focused on expanding the original IPs and building immersive virtual worlds where fans play together and share fun moments, has planned to invest $150 Million in gaming and technology in the Indian market.

India has also approved the popular mobile game Battlegrounds Mobile India (BGMI) to be relaunched for a trial period after a 10-month ban. The foreign affairs and culture ministries of South Korea held meetings with their Indian counterparts to help lift the ban in the country. The ban on BGMI is regarding concerns about its data sharing and mining in China.

Nancy J. Allen
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