Retailers in South Korea withdrawing NFT related activities

Big time players in South Korea’s retailing sector are pulling down the shutters regarding their non-fungible token (NFT) related activities. These include brands such as Hyundai and Lotte, which is withdrawing its e-commerce wing, Lotte Home Shopping, an NFT trade platform.   

It has been only two years since Lotte commenced its NFT dealings, all for naught. It will go off the radar on the 2nd of July, 2024. 

Customers could connect with the platform through its mobile application, with the company having great visions regarding the venture.  

As opposed to other NFT trade platforms, NFT Shopping utilized fiat KRW as its payment currency to try to further increase availability and ease for non-crypto users. It introduced an array of its NFTs, coming with its corporate image, Bellygom.   

Lotte Home Shopping took the initiative of linking up with Daehong Communications, which is a Lotte based crypto startup, for promoting the business.  

The entities introduced the NFTs on the Polygon (MATIC) blockchain network. 

Lotte Home Shopping was instrumental in creating NFTs incorporating its online influencer, Lucy, and the successful movie The Witch Part 2: The Other One. It intends to allow secondary selling on OpenSea, the biggest NFT trading platform. 

Daehong will be coming in for all of its balance NFT dealings, along with Bellygom NFT. 

Similar to Lotte, Hyundai too commenced its NFT wallet solution business two years back. Its departmental store will also be downing its shutters. 

Big player, Shinsegae, is now keeping a low front regarding its NFT dealings.