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Lotte Group Expands NFT Business with Polygon Blockchain Partnership

Lotte Group, one of South Korea’s largest conglomerates, has announced its plans to expand its non-fungible token (NFT) business onto the global market through a partnership with the Polygon blockchain. According to Daehong Communications, Lotte’s marketing and NFT hub, the partnership will begin with the rebranding of BellyGom NFTs, a digital collection centered around a pink bear character, on the Klaytn network.

The BellyGom NFTs were first minted in August 2022 and give holders benefits related to Lotte’s products and services, such as hotel vouchers or discount coupons for shopping. With the rebranded collection, called “BellyGom NFT Season 2,” Lotte hopes to expand its offerings to a global audience.

While Lotte and Polygon are now technical partners and counterparties, with Polygon providing marketing support as needed, the actual operation of the BellyGom NFT project will not be run by the Polygon Foundation. However, existing NFTs will be migrated to Polygon, which is currently the third-largest blockchain in NFT sales over the last 30 days, surging 260.33% to US$36.5 million during the period, according to data from Cryptoslam.io.

Polygon is also compatible with Ethereum, the second-largest blockchain, and has signed partnerships with global brands such as Starbucks, Adidas, and Prada. The collaboration with Lotte Group marks Polygon’s latest effort to expand its reach in the NFT market.

Lotte Group, with more than $92.3 billion in assets according to April 2022 figures from South Korea’s Fair Trade Commission, is a major player in various industries such as manufacturing, hotels, and e-commerce. As the company enters the NFT market, it will be interesting to see how it utilizes its existing assets and offerings to attract a global audience. While there is no date for the release of the rebranded BellyGom NFT collection, it is clear that Lotte Group is betting big on the future of NFTs.

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