Lotte Group, one of the largest business conglomerates in South Korea, has closed a new partnership with the Polygon blockchain network in order to expand its NFT offering. The goal is to reach a larger number of users through this new partnership and get global exposure by working with non-fungible tokens (NFTs). The information was released by Daehong Communications a few hours ago.
Lotte Group Closes Partnership with Polygon
Thanks to a new partnership with Polygon, Lotte Group will now expand its NFT offering and reach a larger number of users around the world. The goal is to rebrand the BellyGom NFT alongside Lotte Homeshipping’s profile picture (PFP). These are very popular bear characters that have become some of the most beloved NFTs in the country.
It is worth pointing out that the company has also released NFTs on the Klaytn network. These BellyGom NFTs give users a wide range of benefits. This is one of the best things related to NFTs and collections linked to specific brands. In this particular case, BellyGom NFTs offered holders multiple benefits that could be used on Lotte’s businesses and products. Some of these benefits included hotel vouchers and even discounts for shopping.
With the new rebranding of the BellyGom NFT product, users will now deal with BellyGom NFT Season 2. However, there are many other projects on which the company is working that could have a positive impact on the market. These projects, however, don’t have specific dates to be released or more details.
During a conversation, a Polygon spokesperson explained that Polygon and Dahong are technical partners. Moreover, the spokesperson mentioned that the BellyGom NFT project is not going to be running on top of Polygon but existing NFTs will be moved there.
On that matter, the spokesperson said:
“Polygon and Daehong are (now) technical partners and counterparties that provide marketing support as needed. The actual operation of the BellyGom NFT project will not be run by the Polygon Foundation, but existing NFTs will be migrated to Polygon.”
This is just one of the many NFT projects thinking about releasing new collections and products to the market. In the last few years, multiple companies have released projects linked to non-fungible tokens and many others are planning on doing so as well. There is a clear interest and potential in NFTs and business owners around the world want to be part of this market.
Hence, Lotte Group is one of the many different companies working with Polygon and with blockchain technology for NFTs. There are many interesting things that companies can do, especially if they want to offer better solutions and have a much more developed business.
Polygon Network and NFTs
Polygon is also one of the largest blockchain networks in the world. According to data shared by CoinGecko, one of the largest crypto aggregators in the market Polugon (MATIC) is the 9th largest blockchain network in the world. It currently has a market capitalization of $11 billion and it has been among the leading blockchain networks offering solutions for NFT projects in recent years.
Polygon aims at providing faster, cheaper, and more efficient network solutions for decentralized applications (dApps). It achieves this by using a combination of Plasma, Proof of Stake (PoS), and other scaling technologies.
By leveraging these solutions, Polygon can process thousands of transactions per second, making it a viable alternative to the Ethereum network. Moreover, it allows developers to deploy their dApps on a more user-friendly and scalable network, while still benefiting from the security and decentralization of the Ethereum blockchain.
Polygon is also an interoperability protocol that allows different blockchain networks to communicate and interact with each other. This means that developers can build dApps that can operate on multiple blockchain networks without the need for intermediaries or additional layers of complexity.
By enabling cross-chain communication, Polygon aims to create a seamless and interconnected blockchain ecosystem that can support a wide range of use cases and applications. Overall, Polygon aims to make blockchain technology more accessible, scalable, and inclusive, while still maintaining the fundamental principles of decentralization and security.