Korea’s Lotte Group Partners Multi-Chain Network Polygon on NFT Global Drive Scheme
Lotte plans to push its NFT efforts using 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 bring its NFT cases to the global market. Lotte’s marketing and NFT hub, Daehong Communications, also provided additional information on the Polygon partnership.
The collaboration begins with the rebranding of 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 release of the collection. A spokesperson for Polygon shed some light on the broader Lotte NFT development, saying:
“Polygon and Daehong are 1677507372 technical partners and counterparts who 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 notch in the Korean company’s digital asset agenda
Lotte has actively developed its NFT business through cooperation with a number of companies, including Lotte Group affiliates. The South Korean company began its equity investment in blockchain company Blocko last July.
Lotte seeks to accelerate the global expansion of several NFT projects in collaboration with prominent domestic and foreign companies. The Seoul-based “chaebol” would initiate active cooperation with its latest partnership with Ethereum scaling solution Polygon. Furthermore, Lotte also appears to be establishing a new NFT business model with the Polygon Foundation’s active support. By doing so, the company can achieve a quantum leap as a competitive entity in the global Web3 ecosystem.
Last April, South Korea’s 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 in the past month, Polygon has existing partnerships with several global brands. These include Adidas, Starbucks and Prada.
Over the past 30 days, the Ethereum-compatible multi-chain blockchain has increased by 260.33% to $36.5 million.
Polygon-Starbucks Odyssey NFT Initiative
Less than two weeks ago, reports said Polygon-based Starbucks Odyssey NFTs had been selling for thousands of dollars a pop. The Starbucks Odyssey NFT program pulled in more than 100,000 via airdrops in total traded volume in less than 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 ambitions and commitments is a top priority. We took a very thoughtful and thorough approach when evaluating which blockchain to use, and Polygon’s fast, affordable and carbon-neutral network is the perfect foundation for our first digital community.”
Polygon’s co-founder Sandeep Nailwal also commented on the development, describing 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 ambitions.
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