The Lotte Group, a multinational conglomerate based in South Korea, has teamed with Polygon to grow its business dealing in non-fungible tokens (NFT).
Reports indicate that Lotto intends to employ widespread blockchain technology to launch its NFT operations onto the global market.
Daehong Communications, which serves as Lotte’s marketing and NFT hub, has also supplied additional information regarding the partnership with Polygon.
The two companies will begin working together by rebranding the digital collection of profile pictures (PFP) that either BellyGom NFTs or Lotte Homeshopping owns.
As per Daehong (1), the new name for the collection will be “BellyGom NFT Season 2.”
On the other hand, the company has not yet determined when the collection will be made available because they are currently working on the project.
A spokesman for Polygon provided some clarity on the more extensive Lotte NFT development by saying:
“At this time, Polygon and Daehong are functioning as technical partners and counterparties, offering marketing assistance as required. The Polygon Foundation will not be responsible for the day-to-day operations of the [BellyGom] NFT project; however, all previously existing NFTs will be transferred to Polygon.”
As a result of the agreement, both organizations will be able to provide holders and owners of NFTs with differentiated value and new experiences.
The Lotte-Polygon NFT Project Marks the Next Step in the Digital Asset Strategy for Korean Companies
Lotte has worked with a wide variety of businesses, including those affiliated with the Lotte Group, to grow its NFT business actively.
In July 2018, the South Korean conglomerate started investing in the blockchain company Blocko by purchasing a stake in the business.
By strategic partnerships with well-known businesses in Japan and worldwide, Lotte intends to accelerate the spread of many NFT projects worldwide.
With its most recent agreement with Polygon, which provides a scaling solution for Ethereum, the Seoul-based “chaebol” would begin active cooperation.
In addition, Lotte intends to build a new NFT business strategy with the active cooperation of the Polygon Foundation soon. By acting in this manner, the organization has the potential to make a significant leap forward as a competent entity inside the Web3 global ecosystem.
In April of last year, the Fair Trade Commission of South Korea claimed that Lotte has assets of 121 trillion Korean won, equivalent to $92.3 billion.
Polygon now has collaboration agreements with several well-known companies worldwide, and it was recently ranked the third-largest blockchain in terms of NFT sales. Prominent brands include Prada, Starbucks, and Adidas, among others.
The Ethereum-compatible multi-chain blockchain saw its value increase by 260.33%, reaching US$36.5 million over the past 30 days.
The initiative of the NFT between Polygon and Starbucks Odyssey
A report surfaced a little over a fortnight ago stating that Polygon-based Starbucks Odyssey NFTs had auctioned for several thousand dollars each.
In fewer than three months, the Starbucks Odyssey NFT program was able to amass more than 100,000 in total traded volume through airdrops.
Ryan Butz, who was Vice President of Loyalty, Strategy, and Marketing at Starbucks at the time, commented on the partnership with Polygon as follows:
“The development of Starbucks Odyssey, utilizing cutting-edge technology that aligns with the company’s environmental goals and pledges, is a major focus. We took a very serious and thorough approach when choosing which blockchain to use. The fast, low-cost, & carbon-neutral network offered by Polygon is the ideal basis for our first online community.”
Another person who has commented on the new development is the co-founder of Polygon, Sandeep Nailwal. He said that a blockchain is an obvious option for Starbucks.
Additionally, Nailwal elaborated on the fact that the well-known infrastructure provider served as the optimal starting point for Starbucks’ Web3 ambitions.