Lotte, Hyundai and other South Korean retailers are abandoning non-fungible tokens (NFTThis marks a shift in the digital strategy of this company.
Companies are following a significant change. slowdown in the NFT marketThey are then prompted to focus their business plans back on their core competencies.
According According to local South Korean media, Lotte Home Shopping announced that it was closing its NFT Shop platform.
Lotte will launch its NFT service on the platform by May 2022. The firm announced that after only two years it will close the NFT operations on July 2
The metaverse platform was originally part of Lotte’s plan to create a mobile shopping app.
Lotte NFT Shop is unique because it uses fiat currency, KRW, as the transaction currency. This allows non-crypto customers to access its services.
In addition to launching new lines with the corporate character Bellygom, and working on projects in collaboration with Lucy its virtual influencer as well as 2022 horror film collaborators Lucy “The Witch: Part 2. The Other One.”
Opensea – the largest NFT trading site in the World – is also preparing to offer secondary NFTs.
Lotte Home Shopping has now completely withdrawn from the NFT market.
Daehong Communications is a cryptocurrency startup that belongs to the Lotte Group. It will receive all remaining NFT interests including Bellygom NFT.
Hyundai Department Store has also decided to step away from NFT. Hyundai’s NFT platform was launched in the same calendar year that Lotte’s NFT service. It offered various discounts and incentives to customers. As the company exits the Korean market, these services will be discontinued.
Shinsegae is another major player in South Korea’s retail industry. It has reduced the number of NFT products it offers. According to an industry source, many retailers entered into the NFT market with enthusiasm but have now scaled back their activities as the momentum of the NFT market has waned.
“Instead, they are focusing on strengthening the competitiveness of their core business areas,” The Insider added
South Korea’s new stance towards NFTs has led to the trend of large retail companies exiting the NFTs markets.
Notably, top ten countries in the world financial Regulator is a regulator that can be used to regulate the flow of water. seeking to classify certain NFTs As virtual assets
South Korean authorities have mandated that all businesses who issue NFTs (also known as virtual assets) must report their transactions to them.
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Source: crypto.news