By Kimberly Crain
The South Korean-based manufacturing firm Lotte Group signs a partnership agreement with Polygon Network to increase its geographical presence for its non-fungible token (NFT). The business deal was closed on February 28, led by the Lotte marketing team in liaison with its NFT hub and Daehong Communications.
The team agreed to launch new brands and revamp the existing products to blend with the global market needs. The partnership agreement outlines the projects the partners will execute to attain their long-term objectives.
Lotte Group Expands to Global Markets
The team agreed to prioritize developing a unique identity for Lotte Home Shopping, including the BellyGom NFT. In the race to differentiate the product in a flooded market, the new partners agreed to design a digital collection profile image (PFP). They proposed to create a profile with bear-like features and change the color to pink.
The BellyGom NFTs were first traded at the Klaytn trading platform in 2022. During that time, the Lotte Group provided the BellyGom holders with after-trading support, including hotel vouchers and discounted prices.
A press release dated February 27 issued by the Daehong communication revealed that the refurbished NFT will be renamed “BellyGom NFT Season 2.” Additionally, the Daehong team confirmed that the proposed NFT is under development, and the official dates for the launch will be communicated after the completion of the projects.
Also read:Proposed Partnership Requirements
The team tasked Daehong and Polygon group to execute technical and marketing roles for the new project. In full support of this, a Polygon spokesperson confirmed that the BellyGom NFT would be integrated into its blockchain networks to lower the transaction cost and increase processing time. He argued that the Polygon Foundation would not be involved in the ongoing NFT project.
According to Cryptoslam.io, Polygon ranks third in NFT sales in a 30-day run. The report revealed that the NFT sales on the Polygon platform increased by 260.33% to soar to $36.5 million in a month.
Based on Cryptoslam.io analysis Polygon network creates a multi-chain ecosystem that connects with Ethereum, Texos, Ripple, and other blockchain platforms.
The multiple benefits of the Polygon network have inspired industrial heavyweights, including Starbucks, Prada, and leading fashion brands, to strike business deals with the blockchain firm.
Beyond this, Lotte maintains a stable financial health necessary to complete the ongoing projects. A report by the Korean Fair Trade Commission in 2022 estimated that Lotte Group holds $92.3 billion in assets.
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