South Korea’s Fifth Largest Conglomerate Taps Polygon to Take NFT Business Global

The global expansion kicks off with the launch of BellyGom NFTs Season 2 on the Polygon blockchain.
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Quick take:

  • Lotte Group has teamed up with Polygon to take its NFT campaign global.
  • The Korean conglomerate said it will start by rebranding the BellyGom NFT collection to BellyGom NFT Season 2.
  • The pink bear-inspired Homeshopping’s profile picture (PFP) NFT collection was first minted on the Klaytn blockchain in August 2022.

Lotte Group has announced a partnership with Polygon to take its NFT business global. The South Korean conglomerate’s marketing and NFT hub Daehong Communications said Monday the expansion will begin with a rebranding of the pink bear-inspired Homeshopping’s profile picture (PFP) NFT collection BellyGom into BellyGom NFT Season 2, which will be minted on the Polygon blockchain.

The popular NFTs were first minted on Klaytn, Korea’s leading blockchain network in August 2022.

The company launched Daehong Communications last July in partnership with blockchain company Blocko to develop NFTs for the Lotte Group and businesses affiliated with the conglomerate.

The new partnership seeks to take the project into international markets by leveraging the Layer 2 Ethereum scaling blockchain’s ecosystem.

“Based on this business agreement, Daehong Communications will accelerate the global advancement of various NFT projects with leading domestic and foreign companies through active cooperation with Polygon, an Ethereum expansion solution. With the active support of the Polygon Foundation, Daehong Planning plans to leap forward as a competitive Web 3.0 player in the global ecosystem by creating a new NFT business model rather than simply issuing NFT,” Daehong Communications wrote in a press statement on Monday.

According to the agreement, existing NFTs by Daehong Communications will also be migrated to the Polygon blockchain. However, in an article by Forkast News citing a comment from a company spokesperson, the actual operation of the BellyGom NFTs will not be run by Polygon Foundation. “[The two companies] are technical partners and counterparties that provide marketing support as needed,” the spokesperson said.

Lotte Group is not the first multinational company to link up with Polygon in a bid to take its NFT campaign global. US restaurant chain Starbucks has already launched an NFT-based customer loyalty program on Polygon, which social news aggregator platform Reddit last year topped headlines after its Polygon-based NFTs soared to a transaction volume of more than $10 million in three months.


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