Lotte Corporation of South Korea collaborates with Polygon in global NFT effort
SNEAK PEEK
- Polygon is expanding its NFT business.
- Lotte and Polygan are now collaborating on their upcoming brand.
- Polygon and Daehong are technical partners and counterparties.
Lotte Group, the fifth largest conglomerate in South Korea with operations in manufacturing, hotels, and e-commerce, will leverage the Polygon blockchain in collaboration with Polygon to expand its business NFTs internationally. Lotte’s marketing and NFTs hub, Daehong Communications, announced on Monday that it was extending its non-fungible token business to international markets.
The collaboration will begin with rebranding BellyGom NFTs or Lotte Homeshopping’s digital collection of profile pictures (PFP) focused around a pink bear figure of the same name.
BellyGom NFTs, issued for the first time on the Klaytn network in August 2022, provide holders with advantages connected to Lotte’s goods and services. A discount at a hotel or a coupon for shopping, for instance.
According to Daehong’s press release, the renamed line will be known as “BellyGom NFT Season 2.” Daegjong also stated that the project is in progress and the release date has yet to be decided.
According to a Polygon representative, “Polygon and Daehong are technical partners and counterparties that give marketing help as needed.” “The Polygon Foundation will not operate the actual functioning of the [BellyGom] NFT project, but current NFTs will be moved to Polygon.”
According to data from Cryptoslam.io, Polygon is the third-largest blockchain in NFT sales over the previous 30 days, growing 260.33% to US$36.5 million. The Polygon platform allows other blockchain networks to join and grow and is compatible with Ethereum, the second-largest blockchain.
According to data from April 2022 provided by South Korea’s Fair Trade Commission, the Lotte Group has assets worth more than 121 trillion Korean won (US$92.3 billion).
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