Lotte plans to boost its NFT efforts with the help of the scalable Ethereum-compatible network provided by Polygon.
South Korean multinational conglomerate Lotte Group has partnered with Polygon to expand its non-fungible token (NFT) business. Lotto is reportedly planning to use the popular blockchain to bring its NFT affairs to the global market. Lotte’s NFT and marketing hub Daehong Communications also provided more information on the Polygon partnership.
The collaboration begins with the rebranding of the digital collection of profile pictures (PFPs) from BellyGom NFT or Lotte Homeshopping. According to Daehong, the renamed collection will be called “BellyGom NFT Season 2”. However, the company is still working on the project and has no release date for the collection. 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 [BellyGom] The 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.
The Lotte-Polygon NFT initiative represents the latest level in the digital asset agenda of Korean companies
Lotte has actively developed its NFT business through 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 accelerate the global expansion of various 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. In addition, Lotte is also looking to establish a new NFT business model with the active support of the Polygon Foundation. By doing so, the company could take a big leap as a competitive entity in the global Web3 ecosystem.
Last April, the South Korea Fair Trade Commission reported that Lotte had more than 121 trillion Korean won, or $92.3 billion, in assets.
As the third largest blockchain in NFT sales over the last month, Polygon has existing partnerships with various global brands. These include Adidas, Starbucks and Prada.
In the last 30 days, the Ethereum-supported multi-chain blockchain increased by 260.33% to $36.5 million USD.
Polygon-Starbucks Odyssey NFT Initiative
Less than two weeks ago, reports said Polygon-based Starbucks Odyssey NFTs had sold for thousands of dollars each. The Starbucks Odyssey NFT program earned over 100,000 through airdrops on total volume traded in less than three months.
Starbucks Vice President 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 take a very thoughtful and thorough approach when evaluating which blockchain to use, 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 blockchain as a natural fit for Starbucks. In addition, Nailwal also explained that the prominent infrastructure provider was the ideal entry point for Starbucks’ Web3 aspirations.
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Tolu is a Lagos-based blockchain and cryptocurrency enthusiast. He likes to demystify the crypto stories down to the basics so that anyone anywhere can understand them without too much prior knowledge. When he’s not up to his neck in crypto-stories, Tolu likes music, loves to sing, and is an avid movie buff.
