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Lotte subsidiary partners with Aptos to build Web3 hub

The partnership is aimed at creating a Web3 hub for Lotte, a South Korean multinational conglomerate corporation that oversees roughly 90 business units.



South Korean advertising firm Daehong Communications, a subsidiary of Lotte Group, has partnered with Aptos Foundation to undertake Web3-powered strategic global expansion. 

The partnership between Daehong and Aptos marks the commencement of the creation of a Web3 hub for Lotte, a South Korean multinational conglomerate corporation that oversees roughly 90 business units. In an announcement shared with Cointelegraph, Daehong revealed plans to introduce loyalty programs, NFT-based profile picture projects, and entertainment, among other initiatives within Lotte Group’s Web3 hub.

Daehong also laid the groundwork for upcoming nonfungible token projects and use cases for other subsidiaries of Lotte Group. Future Web3 initiatives will include loyalty programs for improving fan engagement and new payment services that aid collectibles preservation and eradicating counterfeit tickets.

In addition, Daehong intends to enhance the value of Web3 projects through global expansion, starting with an ecosystem collaboration between NFT and digital collectible projects BellyGom and the South Korean national football B team, Baeho Eleven. In this initiative, some of the BellyGom NFTs will be transferred to Aptos, allowing users to receive rewards from the project via the Aptos mainnet.

Users will be able to repurpose the rewards to purchase goods available on Aptos. The blockchain will also power Baekho Eleven’s official loyalty program during the Qatar Asian Cup.

Aptos provides blockchain services to the public while focusing on creating valuable usability. The ecosystem is home to over $400 million in investments from top investors such as a16z, Jump Crypto, Apollo Global, Franklin Templeton, Dragonfly, PayPal Ventures and Coinbase Ventures. It has a current market capitalization of $3.7 billion.

Related: Aptos token rises 11.6% after Microsoft deal to marry AI with blockchain

Last year, Aptos’ new user base increased by 900% after the blockchain partnered with Indian social media platform Chingari. The app was previously powered by Solana but migrated to Aptos seeking an enhanced user experience following Solana’s ongoing but temporary network outages.

Aptos network activity prior to partnering with Chingari. Source: Aptos Analytics

Sumit Ghosh, co-founder and CEO of Chingari, told Cointelegraph that the integration with Aptos has enabled instant on-chain features, such as virtual gifts, leading to a surge of new users in recent weeks.

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