Lotte Group partners with Polygon blockchain in expanding into the NFT market

Lotte Group partners with Polygon blockchain in expanding into the NFT market

South Korea’s Lotte Group announced its partnership with the Polygon blockchain network today, detailing its plans to expand its NFT business into the blockchain market. The alliance welcomes new features set to drive Lotte Group’s NFT business expansion into the global market. 

Lotte Group’s partnership with Polygon 

Lotte Group, one of South Korea’s largest conglomerates, intends to partner with Polygon, the third-largest blockchain network leading in NFT sales, with over $36.5 million in sales generated in January.

Lotte Group’s NFT and marketing center, Daehong, announced this partnership with Polygon on 27th Feb, showcasing fast facts for their global NFT drive. Among the new features is rebranding the BellyGom NFT to the ‘BellyGom NFT season 2’. The rebranding will allow token owners to access various benefits linked to Lotte Group.

Among the benefits of the BellyGom NFT rebranding is allowing holders to access benefits related to Lotte products. This includes discounts and coupons for Lotte products and services as well hotel vouchers. However, this will only benefit holders of the first minted tokens on the Klaytn network in August 2022. 

Lotte’s NFT hub Daehong Communications, announced these proceedings in a press release but still didn’t expound on the collection’s release date. 

A Polygon spokesman addressed Forkast stating that Daehong and Polygon are counterparties focused on providing needed marketing support. He explained further, “The actual operation of the [BellyGom] NFT project will not be run by the Polygon Foundation, but existing NFTs will be migrated to Polygon.”

Polygon’s market buzz

Moreover, the partnership seems promising based on Starbucks’ NFT success, which is built on the Polygon network. Selling for $2k each in the latest airdrop, the sales generated over $143k, creating a buzz around the Starbucks NFT collection and Polygon. 

Reports from last year detailed Polygon surpassing Ethereum in NFT sales from December last year to January 2023. One reason behind Polygon’s surge is the recent announcement of plans for launching the zero-knowledge Ethereum Virtual Machine (zkEVM) beta program on 27th March.

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