• 15 June, 2024
News

Lotte Group Partners with Polygon Blockchain to Expand NFT Business Globally

South Korea’s Lotte Group is expanding its non-fungible token (NFT) business globally through a partnership with Polygon blockchain. 

Daehong Communications, the marketing and NFT hub for Lotte Group, will rebrand BellyGom NFTs, Lotte Homeshopping’s PFP digital collection focused on a pink bear character of the same name. 

The rebranded collection, called “BellyGom NFT Season 2,” will utilize Polygon’s blockchain technology and Layer 2 scaling solution for Ethereum to broaden the Lotte Group’s NFT project. 

BellyGom NFTs, first minted in August 2022 on the Klaytn network, give holders benefits associated with Lotte Group’s products and services, such as hotel vouchers or discount coupons for shopping.

The actual operation of the BellyGom NFT project will not be run by the Polygon Foundation, but existing NFTs will be migrated to Polygon, according to a Polygon spokesperson.

The partnership between Daehong Communications and Polygon plans to offer new experiences and value for NFT owners and to develop NFT-based membership solutions with major brands. Polygon has already partnered with Starbucks, Adidas, and Prada.

“Polygon and Daehong are [now] technical partners and counterparties that provide marketing support as needed,” says a Polygon spokesperson “The actual operation of the [BellyGom] NFT project will not be run by the Polygon Foundation, but existing NFTs will be migrated to Polygon.”

Through this partnership, Lotte Group aims to become a leading player in the global NFT market. According to South Korea’s Fair Trade Commission, Lotte Group has more than 121 trillion Korean won (approximately $92.3 billion) in assets. 

Polygon’s blockchain technology provides the necessary security, scalability, and cost-effectiveness to achieve Lotte Group’s goal of expanding its NFT project globally.

Daehong Communications plans to leverage the partnership with Polygon to develop new NFT business models that offer differentiated value and experiences to NFT owners. The partnership has the potential to position Daehong Communications as a competitive player in the global ecosystem of Web 3.0.

Lotte Group, South Korea’s fifth-largest conglomerate, has operations in manufacturing, hotels, and e-commerce. 

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