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Circle partners with Krafton and Naver Z’s joint venture to build ‘Roblox-style’ metaverse

The BlockThe Block2024/02/26 05:49
By:The Block

Quick Take The user-generated content gaming platform currently under development plans to utilize Circle’s programmable wallets, with which users can receive USDC payouts, according to its statement. Circle CEO Jeremy Allaire said the gaming platform is working to launch a “large-scale Roblox-style metaverse” built on Circle’s wallet infrastructure.

Stablecoin issuer Circle Internet Financial announced its partnership on Monday with Overdare, a joint venture set up by South Korean gaming and metaverse giants Krafton and Naver Z Corporation.

With the partnership, Overdare plans to leverage Circle’s programmable wallets in developing its user-generated content gaming platform, according to a statement released Monday. Such an arrangement could help game content creators to create in-game wallets for receiving USDC +0.01% payouts.

In an X post , Circle CEO Jeremy Allaire said that a “large-scale, Roblox-style” metaverse based on Circle’s wallet infrastructure and USDC is under development. 

The platform, named Overdare, aims to provide users with artificial intelligence-generative tools, and is expected to launch in the second half of 2024, the company said in the statement. It intends to integrate the Cosmos-based layer-1 blockchain Settlus to establish its revenue distribution model for creators.

“We believe this partnership will be a catalyst in shaping the future of digital entertainment, ultimately fostering an innovative Web3 environment for all,” Allaire said in the statement.

Circle’s USDC is the second largest dollar-pegged stablecoin, with a market capitalization of $28.2 billion, according to The Block data .


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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