Animoca Brands and Daehong Communications Collaborate to Boost Lotte Group’s Web3 Business September 26, 2023 September 26, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsSeptember 26, 2023 by Kelly Cromley

Animoca Brands and Daehong Communications Collaborate to Boost Lotte Group’s Web3 Business

Animoca Brands, a Hong Kong-based company known for its efforts in advancing digital property rights within the realms of gaming and the open metaverse, has joined forces with Daehong Communications, the marketing and advertising arm of South Korea’s Lotte Group. Their strategic partnership, marked by a memorandum of understanding (MOU), sets the stage for the development of Lotte Group’s Web3 business. The initial focus of this collaboration will be on the Lotte Group’s NFT initiative, Bellygom, and Animoca Brands’ marquee NFT project, Mocaverse.


Empowering Lotte Group’s Web3 Ecosystem:

The primary objective of this partnership is to foster the growth of Daehong Communications and Lotte’s Web3 ecosystem, commencing with Bellygom, Lotte Homeshopping’s NFT initiative, which is operated by Daehong Communications. The collaboration between Animoca Brands and Daehong Communications will explore the potential of blockchain-related technologies, products, and services to create a comprehensive product portfolio. This portfolio aims to offer a seamless virtual experience within the Lotte group, spanning gaming, loyalty programs, and ticketing services.


Expanding Web3 Presence:

Daehong Communications is eager to expand its Web3 presence, both domestically and internationally. The focus lies in enhancing gamified experiences within Bellygom’s second collection called BellyLand. This endeavor will involve leveraging Animoca Brands’ blockchain-based game titles and forming partnerships with key projects such as Mocaverse. Animoca Brands recently secured $20 million in funding to advance the Mocaverse project, including its on-chain identity system (Moca ID) and the associated loyalty point system for Web3 gaming, culture, and entertainment.


Interoperability and Shared Benefits:

As part of their collaboration, Animoca Brands and Daehong Communications will explore opportunities for mutual benefit and interoperability between their respective programs. Mocaverse, a crucial component of this partnership, will provide access to domain naming systems that can function as decentralized identifiers for Bellygom and the broader Lotte ecosystem. Moreover, both entities are actively exploring new blockchain-based business prospects in the domains of loyalty programs and ticketing.


Daehong’s Commitment to Innovation:

Daehong Communications, as an affiliate of the Lotte Group, is dedicated to driving innovation within the group. This includes supporting initiatives related to NFTs and blockchain technology. With a strong focus on technology-driven marketing solutions, Daehong is positioned as a leader in the industry.


Animoca Brands’ Role in Web3:

Animoca Brands plays a vital role in the Web3 landscape by leveraging blockchain technology to provide digital property rights to consumers globally, contributing to the establishment of the open metaverse. The company boasts a diverse portfolio of products, including original games like The Sandbox, PHANTOM GALAXIES™, Life Beyond, and Crazy Defense Heroes. It also collaborates with renowned sports and entertainment franchises such as The Walking Dead, Power Rangers, MotoGP™, and Formula E.


Investments in Web3:

Animoca Brands has actively invested in Web3, amassing a portfolio of over 450 Web3 investments directly and through Animoca Ventures. Notable investments include Yuga Labs, Axie Infinity, Polygon, ConsenSys, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games, Alien Worlds, and more. This strategic approach positions Animoca Brands as a significant player in the Web3 ecosystem.


In conclusion, the collaboration between Animoca Brands and Daehong Communications represents a substantial step in advancing Lotte Group’s Web3 initiatives, particularly within the realm of NFTs and blockchain technology. The synergy between these entities holds the promise of enhancing gamified experiences, expanding virtual ecosystems, and driving innovation in the digital landscape.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.