Krafton Launches Cosmos-Based Payment System For $250B Economy

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Krafton Launches Cosmos-Based Payment System For $250B Economy
  • PUBG’s parent company Krafton announced the launch of Cosmos-based chain, Settlus.
  • Settlus will provide a transparent settlement system for creators.
  • The creator economy is projected to generate $480 billion by 29257.

Prominent South Korean video game company, Krafton who is responsible for popular games like PUBG: Battlegrounds recently announced that they are launching on the Cosmos blockchain network, at the Circle Hacker House event. DEX Osmosis’ founder Josh Lee tweeted on September 4 that Krafton will launch a Cosmos-based chain, Settlus.

Lee also unveiled that Settlus intended to employ USDC stablecoin to pay creators. However, this is not the first time Krafton has explored the depth of blockchain. Back in March 2022, the company published a press release declaring its partnership with Solana Labs to “support the design and marketing of blockchain-based games and services.” Nevertheless, no product or game has yet materialized out of that collaboration. 

According to Settlus’ official website, it is a “purpose-built blockchain” designed to serve as a settlement system for the creator economy. Moreover, it offers functionalities such as leveraging NFTs for royalty entitlements, facilitating instant payouts with transparent transaction histories, employing stablecoin-based gas fees, and ensuring seamless NFT interoperability without the need for bridges.

The creator economy features over 200 million content creators in 2023. Meanwhile, Goldman Sachs predicts that the creator economy will reach almost $480 billion by 2027, a major increase from its anticipated value of  $250 billion in 2023. Additionally, data suggests that brand deals will form the primary source of revenue, accounting for approximately 70% of income for creators. 

Cosmos has taken a number of development measures in 2023, including its expansion to multiple blockchains, announced back in April. Cosmos executed a Solidity implementation of IBC in order to connect Ethereum to the blockchain.

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