Josh Lee, the the founder of Osmosis, announced that KRAFTON, the team behind PUBG is launching Settlus, a new Cosmos-based chain. The main aim of this chain is to offer creators a transparent settlement system.
— josh lee (@dogemos) September 4, 2023
Settlus doesn’t merely see itself as a decentralized network; it strives to become the central destination for creators who want to exchange intellectual property, generate income from their creations, and simplify international transactions. At its core mission, Settlus aims to be the specialized blockchain solution for licensing Non-Fungible Tokens (NFTs).
Settlus is bringing its NFT licensing initiative for the upcoming metaverse “Project Migaloo”, and this was announced during the Circle Hacker House event, co-presented by AngelHack and Circle.
Bryan Song, the Business and Operations Team Lead at KRAFTON’s Metaverse Project Migaloo, explained their innovative approach, stating:
We’re not just building the Settlus blockchain; we’re also crafting the Migaloo metaverse alongside it. While the conventional view of NFTs is as unique, one-of-a-kind items, we see them as licensable assets.
So when a creator contributes content within our ecosystem, that original digital work automatically morphs into NFTs. These NFTs can then find their way into our Web2 world via Migaloo, letting creators harvest the profits they generate. And all of these earnings are retrievable through blockchain technology.
“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.”
Settlus wants to use USDC as the primary currency for the creator settlements, which would help streamline and standardize financial transactions within the platform.
What’s Migaloo? It’s one of the initiatives by Settlus that is going to implement a 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.