Animoca Brands Corporation Ltd and Daehong Communications, a leading marketing and advertising firm based in South Korea that is a part of Lotte Group, have entered into a Memorandum of Understanding (MOU) for a strategic commercial partnership.
As an affiliate of the Lotte Group, Daehong is committed to driving innovation within the group by supporting various initiatives, including the promotion of NFTs and blockchain technology.
Daehong is partnering with Animoca to foster the growth of both Daehong and Lotte's Web3 ecosystem, starting with Bellygom, Lotte Homeshopping's NFT venture managed by Daehong.
The collaboration will feature strategic alliances with Animoca Brands and its flagship NFT project, Mocaverse.
Building a product portfolio
The partnership aims to exploit various blockchain technologies to assemble an expansive product portfolio, enhancing the virtual experience within the Lotte Group in gaming, loyalty and ticketing sectors.
Daehong intends to broaden its Web3 footprint domestically and internationally, with a focus on gamified experiences in Bellygom's new collection, BellyLand, using Animoca Brands' blockchain gaming titles and key partnerships like Mocaverse.
Animoca Brands recently secured US$20 million to further develop Mocaverse, including its on-chain identity system (Moca ID) and an affiliated Web3 gaming loyalty point system.
Both companies will seek mutually beneficial opportunities and interoperability between their respective programs. Additionally, Mocaverse will offer domain naming systems as decentralized identifiers, useful for Bellygom and the wider Lotte ecosystem. The collaboration also extends to exploring new blockchain initiatives in loyalty and ticketing.