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September 03, 2023

Krafton’s Subsidiary Settlus Unveils In-House Blockchain for NFT Licensing

Settlus, a subsidiary of South Korea’s renowned video game conglomerate Krafton, officially unveiled its blockchain based NFT licensing initiative for the upcoming metaverse “Project Migaloo”, today during the Circle Hacker House event, co-presented by AngelHack and Circle.

Settlus positions itself as a decentralized network designed for creators to engage in IP trading, generate profits, and facilitate cross-border settlements. The company’s core vision revolves around being a “purpose-built blockchain for NFT licensing.”

While numerous blockchain projects currently speculate on the impending mass adoption of blockchain technology, digital ownership remains a pivotal concern for content creators. Monetizing their creations has long been an arduous endeavor.

Settlus Aims to Revolutionize Digital Ownership in the Creator Economy

Settlus aims to confront these challenges head-on without relying on widespread adoption. The company is diligently developing a native module on its blockchain platform, allowing seamless migration of external chain NFTs from Ethereum, Solana and other blockchains into the Settlus system, all without the need for bridging or wrapping.

These NFTs can subsequently be integrated into the metaverse world “Migaloo”, enabling creators to create items replicated from the assets and sell them or create an asset bound item for personal use.

“We are constructing the Settlus blockchain and the Migaloo metaverse in tandem. While many consider NFTs as 1 of 1 items, we believe NFTs should function as licensing assets. Consequently, when a creator produces content within our network, the original digital asset will automatically transform into NFTs,” said Bryan Song, Biz & Ops Team Lead at Project Migaloo. “These NFTs can then be replicated in our Web2 world and sold on Migaloo — enabling creators to claim profits generated, retrievable in the form of blockchain.”

“Migaloo” is set to implement a C2E (Create-to-Earn) system, enabling content creators to generate diverse works within the metaverse space. Users will have the opportunity to purchase and own these works, with transactions facilitated through NFTs and blockchain technology, ensuring transparency throughout the transaction and settlement processes.

Settlus is also striving to establish USDC as the primary currency for creator settlements, aiming to streamline and standardize financial transactions within the platform.

Notably, Project Migaloo represents only the first of Settlus’s forthcoming initiatives. The company is poised to introduce an array of innovative projects in the near future, signaling a concerted effort to redefine the parameters of digital ownership and creator economics.

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About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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