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Circle partners with Krafton and Naver Z’s Joint Venture to build Metaverse



Circle Internet Financial’s recent announcement reveals a partnership with Overdare, a joint venture consisting of major South Korean gaming and metaverse companies Krafton and Naver Z Corporation. 

The primary objective of this collaboration is to develop a user-generated content gaming platform named Overdare. 

This platform is envisioned to be a significant and expansive virtual environment, akin to Roblox, and will be constructed using Circle’s wallet infrastructure.

The partnership involves leveraging Circle’s programmable wallets, which allow users to receive payments in USDC (USD Coin), a stablecoin pegged to the US dollar. 

This integration of programmable wallets aims to facilitate seamless in-game transactions and provide a mechanism for content creators to receive payouts.

The large-scale Roblox-style metaverse, refers to a virtual world where users can create, share, and interact with content. Roblox is a popular user-generated content platform where players can design their own games and experiences. 

Overdare aims to replicate and potentially expand upon this concept, integrating it with Circle’s wallet infrastructure to enhance the financial aspects of user interactions within the metaverse.

Circle CEO Jeremy Allaire highlighted the utilization of Circle’s programmable wallets by Overdare. These wallets will enable users to receive USDC payouts, providing an innovative solution for in-game transactions and revenue distribution for content creators.

Additionally, the Overdare platform, scheduled to launch in the second half of 2024, has further features in store. 

It envisions providing users with artificial intelligence-generative tools, indicating the incorporation of AI algorithms to assist users in creating various elements within the gaming platform. 

The goal is to enhance the user experience and creative capabilities within the Overdare metaverse.

Moreover, Overdare intends to integrate the Cosmos-based layer-1 blockchain, Settlus, into its ecosystem. 

Cosmos is a blockchain framework that facilitates interoperability between different blockchains. By integrating Settlus, Overdare aims to establish a robust revenue distribution model for creators within its ecosystem. 

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

He added that Circle’s USDC, the second-largest dollar-pegged stablecoin with a market capitalization of $28.2 billion, will play a pivotal role in the project.

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