South Korea’s Lotte Group Partners with Polygon to Expand into the Global NFT Market
In Brief
South Korean conglomerate, Lotte Group, has partnered with Polygon for its expansion into the global NFT market.
Lotte Homeshopping’s PFP collection BellyGom NFTs will be rebranded to provide further utility.
South Korea’s multinational conglomerate (MNC) Lotte Group has partnered with Daehong Communications and Polygon to kickstart the worldwide expansion of Lotte Group’s NFT project.
Daehong Communications is a subsidiary of Lotte Group and serves as the MNC’s marketing and NFT hub. The creative marketing firm has been actively working on NFT projects with various companies, including Lotte Group subsidiaries, since July, starting with an equity investment in blockchain-based voting service Blocko.
Daehong Communications’ partnership with Polygon will start with the rebranding of Lotte Homeshopping’s PFP collection BellyGom NFTs, which were first minted last August on the Klaytn network. Holders can enjoy benefits from Lotte’s products and services, such as hotel vouchers or shopping discounts.
The rebranded collection, called BellyGom NFT Season 2, will provide more utility, value, and experiences to holders, according to a press release. The roadmap for the new collection was revealed at the Bellygom NFT holder party held at Jamsil Lotte World on Feb 25.
With the support of the Polygon Foundation, Daehong Communications plans to emerge as a strong player in the global web3 market by developing a new NFT business model instead of simply issuing NFTs. However, the company did not elaborate further on the new NFT business model it hopes to develop.
A Polygon spokesperson told Forkast that Polygon and Daehong are technical partners that will provide marketing support as needed and that the operation of BellyGom NFTs will not be run by the Polygon Foundation. Existing NFTs will be migrated to the Polygon network instead.
Polygon has come a long way since being selected by The Walt Disney Company as one of the six tech startups in its Disney Accelerator program in July 2022. The Ethereum scaling solution continues working with global firms and brands on blockchain gaming, NFT, and web3 projects.
Earlier this month, Reddit and NFL released Super Bowl NFTs on Polygon, and Japanese game developer Square Enix recently partnered with Polygon to launch its upcoming web3 interactive digital collectible art experience called Symbiogenesis. In January, Polygon and Mastercard partnered to launch a web3 accelerator.
Last November, Meta partnered with Polygon to allow users to mint NFTs in-app. In September 2022, Starbucks teamed up with Polygon to launch Starbucks Odyssey, an NFT-based loyalty program with Starbucks in the United States.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
