Settlus is making its way into the ecosystem as a standard for the creator economy. The aim is to offer transparency as a purpose-built blockchain when it comes to working as a settlement system. The announcement has been made by Settlus itself, further highlighting that it is all about integrating their operations in Web3. However, this brings a question about why Settlus is gaining traction in recent days.
Back in April this year, that is 2023, Krafton took upon the task of developing a metaverse that would be focused on benefiting creators through rewards. It, therefore, entered into a joint venture with Naver Z. The project was initially assigned a working title Migaloo. Krafton and Navar Z brought investments worth $36.8 million. This roughly equals KRW 48 billion.
The objective of establishing the joint venture and accounting for a large sum of money was to have a Create-to-Earn mechanism that offers a backbone to creators. The plan is to offer the service of building works in the metaverse which can then be used for purchase. It will be backed by blockchain technology and non-fungible tokens.
Krafton and Naver Z are bringing together their expertise. This includes Krafton’s ability to develop a game and Naver Z’s ability to construct a metaverse social network. Krafton will majorly work on developing Sandbox tools along with blockchain-based systems. Naver Z, on the other hand, will work on partnership acquisition and service planning.