Korea’s Lotte Group Partners Multi-Chain Network Polygon on NFT Global Drive Scheme

UTC by Tolu Ajiboye · 3 min read
Korea’s Lotte Group Partners Multi-Chain Network Polygon on NFT Global Drive Scheme
Photo: Depositphotos

Lotte plans to push its NFT endeavors with the help of the scalable Ethereum-compatible network provided by Polygon. 

South Korean multinational conglomerate Lotte Group partnered with Polygon to expand its non-fungible token (NFT) business. According to reports, Lotto plans to use the popular blockchain to usher its NFT affairs onto the global market. Lotte’s marketing and NFT hub, Daehong Communications, also provided further information on the Polygon partnership.

The collaboration begins with rebranding the profile picture (PFP) digital collection of BellyGom NFTs or Lotte Homeshopping. According to Daehong, the rebranded collection will be called “BellyGom NFT Season 2. However, the company is still working on the project and has no date for the collection’s release. A Polygon spokesperson shed light on the broader Lotte NFT development, saying:

“Polygon and Daehong are [now] technical partners and counterparties that provide marketing support as needed. The actual operation of the [BellyGom] NFT project will not be run by the Polygon Foundation, but existing NFTs will be migrated to Polygon.”

The collaboration also sees both companies offer differentiated value and new experiences to NFT holders and owners.

Lotte-Polygon NFT Initiative Represents Latest Notch in Korean Company Digital Asset Agenda

Lotte has actively developed its NFT business via collaborations with numerous companies, including Lotte Group affiliates. The South Korean corporation began its stake investment in blockchain company Blocko last July.

Lotte seeks to expedite the global expansion of several NFT projects in collaboration with prominent domestic and foreign companies. The Seoul-based “chaebol” would embark on active cooperation with its latest partnership with Ethereum-scaling solution Polygon. Furthermore, Lotte also looks to establish a new NFT business model with the Polygon Foundation’s active support. In so doing, the company could achieve a quantum leap as a competitive entity in the Web3 global ecosystem.

Last April, South Korea’s Fair Trade Commission reported Lotte had more than 121 trillion Korean won, or $92.3 billion, in assets.

As the third-largest blockchain in NFT sales over the past month, Polygon has existing partnerships with several global brands. These include Adidas, Starbucks, and Prada.

Over the last 30 days, the Ethereum-compatible multi-chain blockchain surged 260.33% to US$36.5 million.

Polygon-Starbucks Odyssey NFT Initiative

Less than two weeks ago, reports said that Polygon-based Starbucks Odyssey NFTs had sold for thousands of dollars a pop. The Starbucks Odyssey NFT program pulled in more than 100K via airdrops in total traded volume in under three months.

Starbucks, VP of loyalty, strategy and marketing Ryan Butz weighed in on the Polygon collaboration at the time, saying:

“Building Starbucks Odyssey using technology that aligns with our sustainability aspirations and commitments is a top priority. We took a very thoughtful and thorough approach when evaluating which blockchain to utilize, and Polygon’s fast, low-cost, and carbon-neutral network is the perfect foundation for our first digital community.”

Also commenting on the development, Polygon co-founder Sandeep Nailwal described the blockchain as a natural choice for Starbucks. Furthermore, Nailwal also explained that the prominent infrastructure provider was the ideal entry point for Starbucks’ Web3 aspirations.

Altcoin News, Blockchain News, Cryptocurrency News, News
Related Articles