Rakuten Group Partners with Polygon to Expand NFT Business

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

First minted in August 2022, the BellyGom NFT provides holders with benefits related to Rakuten products and services, such as hotel gift certificates or shopping gift certificates. With the series rebranding to “BellyGom NFT Season 2,” Rakuten hopes to expand its services to users worldwide.

Although Lotte and Polygon are currently partners and Polygon will provide marketing support as needed, the actual operation of the BellyGom NFT project will not be run by the Polygon Foundation. However, existing NFTs will migrate to Polygon, which is currently the third-largest blockchain in terms of NFT sales over the past 30 days, up 260.33% to $36.5 million, according to 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 partnership with Rakuten marks Polygon’s latest attempt to expand its presence in the NFT market.

According to data from the Korea Fair Trade Commission in April 2022, Lotte Group has total assets of more than US$92.3 billion and is a major player in various industries including manufacturing, hospitality and e-commerce. As the company enters the NFT market, it will be interesting to see how the company leverages its existing assets and services to attract global users. Although there is no release date for the rebranded BellyGom NFT series, it is clear that Rakuten Group has high hopes for the future of NFTs.

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