Krafton, the company behind PlayerUnknown’s Battlegrounds (PUBG), has announced its foray into the world of Web3 with Settlus, a blockchain project built on the Cosmos network. Settlus aims to provide content creators with a payment platform that simplifies transparent settlement processes.
The announcement of Settlus was made at the Korea Blockchain Week’s Circle Hacker House event, co-hosted by Circle and AngelHack. During the event, Circle CEO Jeremy Allaire highlighted PUBG’s massive user base of 30 million monthly active users. Settlus will be built using Cosmos’ software development kit and will allow network gas fees to be paid using stablecoins. The project also plans to launch a metaverse project called Migaloo, which will focus on user-generated content and allow creators to earn royalties from platform sales.
This is not the first time Krafton has shown interest in blockchain technology. In March 2022, the company announced a collaboration with Solana Labs to support the design and marketing of blockchain-based games and services. However, no Web3 products have been released since the announcement.
Settlus is scheduled to launch its testnet in early 2024, signaling Krafton’s commitment to exploring the potential of Web3 and blockchain technology in the gaming industry.
The rise of Web3 gaming has sparked a debate over whether these games are targeting players’ wallets more than traditional publishers. Web3 games often attract investors and financiers who are looking for monetary gain. However, traditional gaming has also embraced monetization strategies such as selling cosmetic items and loot boxes. For example, League of Legends generated $1.75 billion in revenue in 2020 mostly from cosmetic skin sales, while FIFA’s Ultimate Team mode brought in $1.62 billion in content revenue in 2021.
Web3 games, with their focus on play-to-earn models, offer users the opportunity to earn money in exchange for their time and engagement. These games are attempting to bridge the gap with traditional gaming by promising monetary gains to attract a larger user base.
However, Web3 gaming still has a long way to go in terms of user numbers. Popular Web3 game Axie Infinity reached a daily average of 11,072 users, while Roblox had an average of 23,864,489 daily users in April 2023. Web3 game developers are looking for alternative business models and better games to break the prejudice surrounding the cryptocurrency ecosystem and gain wider acceptance.
In another development in the Web3 gaming space, Animoca Brands has raised $20 million in funding for its Mocaverse project. The funding will be used to accelerate the development of Mocaverse, which aims to create a permissionless and interoperable loyalty system for Web3 gaming. The project will launch its non-transferrable NFT collection called Moca ID as part of the funding round, allowing owners to create on-chain identities and earn loyalty points.
The funding round was led by CMCC Global and featured notable names in the industry, including Sky Mavis founder Aleksander Larsen and Guild Games founder Gabby Dizon. Animoca Brands co-founder and executive chairman Yat Siu expressed confidence in the project’s potential to drive innovation and collaboration.
Overall, the gaming industry is witnessing the convergence of traditional gaming and Web3 gaming. Companies like Krafton and Animoca Brands are exploring the potential of blockchain technology and Web3 to create new experiences for players and empower content creators. As the industry continues to evolve, the debate over monetization strategies and the value of Web3 gaming remains a topic of discussion.
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