Large South Korean Retailers Shut Down NFT Operations
Several South Korean retailers including Lotte and Hyundai are shutting down their non-fungible token (NFT) operations “one after the other” in a major blow to the sector.
Per Herald Kyungjae, Lotte Home Shopping, the e-commerce arm of the retail giant Lotte, is closing down its NFT trading platform.
Lotte launched the NFT Shop platform just over two years ago, in May 2022. The firm announced on June 12, that it will end its NFT shop “services” on July 2.
Customers could access the trading platform via the Lotte Home Shopping mobile app. The firm envisaged the platform as “part of its mid- to long-term strategy to build a metaverse platform,” the media outlet noted.
Unlike most NFT trading platforms, NFT Shop used fiat KRW as its “transaction currency,” in a bid to promote accessibility and convenience among non-crypto holders.
The company attempted to boost the popularity of the shop by releasing a line of NFTs of its own, featuring its corporate character Bellygom.
Lotte Home Shopping teamed up with the Lotte Group-owned crypto startup Daehong Communications for the venture.
The firms released the NFTs on the Polygon (MATIC) blockchain network. Lotte Home Shopping later went on to expand its NFT partnership with Daehong.
We are proud to announce the partnership between Lotte and Pudgy Penguins (@pudgypenguins).
Pudgy Penguins, the most relevant Web3 IP out there is expanding their value into WEB2 too.
Stay tuned for our special collaboration with Bellyland (@bellygom_nft)
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