South Korea’s fifth largest conglomerate uses Polygon to take NFT Business Global

Quick take:

• Lotte Group has teamed up with Polygon to take its NFT campaign global.
• The Korean conglomerate said it will start by rebranding the BellyGom NFT collection as BellyGom NFT Season 2.
• The pink bear-inspired Homeshopping’s profile picture (PFP) NFT collection was first minted on the Klaytn blockchain in August 2022.

Lotte Group has announced a partnership with Polygon to take its NFT business global. The South Korean conglomerate’s marketing and NFT hub Daehong Communications said on Monday that the expansion will begin with a rebranding of the pink bear-inspired Homeshopping’s profile picture (PFP) NFT collection BellyGom to BellyGom NFT Season 2, which will be minted on the Polygon blockchain.

The popular NFTs were first minted on Klaytn, Korea’s leading blockchain network in August 2022.

The company launched Daehong Communications in July in collaboration with blockchain company Blocko to develop NFTs for Lotte Group and businesses affiliated with the conglomerate.

The new partnership seeks to take the project into international markets by leveraging the Layer 2 Ethereum scaling blockchain ecosystem.

“Based on this business agreement, Daehong Communications will accelerate the global development of various NFT projects with leading domestic and foreign companies through active cooperation with Polygon, an Ethereum expansion solution. With the active support of the Polygon Foundation, Daehong Planning plans to leap forward as a competitive Web 3.0 player in the global ecosystem by creating a new NFT business model instead of just issuing NFT, Daehong Communications wrote in a press release on Monday.

Under the agreement, existing NFTs from Daehong Communications will also be migrated to the Polygon blockchain. However, in an article by Forkast News citing a comment from a company spokesperson, the actual operation of BellyGom NFTs will not be run by the Polygon Foundation. “[The two companies] are technical partners and counterparts who provide marketing support as needed,” the spokesperson said.

Lotte Group is not the first multinational company to tie up with Polygon in an effort to take its NFT campaign global. American restaurant chain Starbucks has already launched an NFT-based customer loyalty program on Polygon, as social news aggregator platform Reddit last year grabbed headlines after its Polygon-based NFTs rose to a transaction volume of more than $10 million in three months.

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