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In a strategic move, stablecoin issuer Circle has announced a collaboration with South Korean gaming and metaverse giants Krafton and Naver Z Corporation. The partnership, revealed today, is set to establish a 'Roblox-style' metaverse named Overdare, marking a significant leap in the realm of web3 gaming.
Henry Park, CEO of Overdare, stated: "We're excited to unveil our partnership with Circle, a company distinguished by its regulatory compliance and trustworthiness. Their robust support ensures that we are able to support the creator economy, and guarantee creators reliable access to their earnings.”
Krafton Enters Web3
Krafton, the South Korean gaming publisher recognized for games like PUBG: Battlegrounds and Defense Derby, recently unveiled a new project in collaboration with Naver Z, previously known as Project Migaloo, now renamed Overdare. The new web3 IP is designed to harness the power of Circle's programmable wallets, creating an ecosystem where game content creators can seamlessly develop in-game wallets for receiving payouts.
Roblox-Style Metaverse
Circle CEO Jeremy Allaire, in a post, highlighted the development of a "large-scale, Roblox-style" metaverse based on Circle's wallet infrastructure and the USDC stablecoin. The platform, set to launch in the second half of 2024, aims to provide users with artificial intelligence-generative tools, reshaping the landscape of digital entertainment.
The Overdare platform is anticipated to integrate the Cosmos-based layer-1 blockchain Settlus to establish a robust revenue distribution model for creators. This move is expected to enhance the overall user experience and incentivize content creation within the metaverse.
Krafton and Naver Z's joint venture has invested a substantial amount of 48 billion Korean Won (KRW) into Overdare, with Krafton contributing 40.8 billion KRW and Naver Z providing 7.2 billion KRW. Following the acquisition, Krafton will hold an 85% majority stake, leaving Naver Z with a 15% share.
Overdare promises to redefine mobile gaming by incorporating Unreal Engine 5 and generative AI technology. Users can engage in crafting web3 games across various genres, action RPGs, sports, and shooters. The platform also emphasizes community-building through avatar customization and in-app chat functionality.
A standout feature of Overdare is its Create-to-Earn (C2E) system, enabling users to purchase and possess digital assets created by others within the metaverse. This is facilitated by NFTs and blockchain technology, with Settlus serving as the blockchain mainnet for NFT licensing. Creators can earn revenue through the widely recognized USDC stablecoin.
Excitingly, Overdare is on the horizon with a soft launch, followed by a full global release later this year. The platform's unique blend of creativity, community, and cutting-edge technology is poised to reshape the landscape of mobile gaming within the evolving world of web3.
