Polygon Labs and SK Telecom (SKT) have said that they signed a strategic partnership agreement to develop SKT’s Web3 ecosystem. SK Telecom dominates the South Korean wireless market, already hosting millions of subscribers. The agreement signing ceremony happened at SK Telecom’s headquarters in Seoul.
Boosts To SK Telecom’s NFT Marketplace And Web3 Wallet
This agreement will see the two firms work together on a new Web3 network. SK Telecom will add support for the Polygon blockchain to its NFT marketplace TopPort and Web3 wallet. It will operate with Polygon Labs to discover lucrative Web3 startups and support their incubation process.
TopPort powers NFT transactions utilizing the Korean won (KRW), increasing its appeal to the local audience. Perfectly designed with creators in mind, the platform provides a smooth strategy for creating NFTs, managing them, and directing sales to different groups of users.
Also boosting its presence, TopPort has formed strategic partnerships with prominent South Korean entities including Kakao Entertainment, the Kansong Art Museum, and JYP Entertainment, increasing its reach to potential users and prolific content creators.
Introduced in the previous year, the NFT marketplace TopPort has taken a step forward. It not only empowers its indigenous creators to mint NFTs based on the Polygon blockchain but also embraces compatibility and scalability with all the other NFT platforms within the Polygon ecosystem. Further enhancing the landscape, SKT’s forthcoming Web3 wallet, anticipated for launch in the latter half of 2023, will provide backing for the Polygon network and usher in the capability of NFT trading.
Polygon Labs’ CEO Marc Boiron said:
“Polygon Labs has been developing optimal blockchain technology for Web3 popularization, and we see this collaboration with SKT as an important step in providing Web3 experiences to more consumers.”
By leveraging Polygon, SKT can guarantee that its users can enjoy top-speed and cost-effective transactions backed by Ethereum’s native security and decentralization. Currently, many major global brands are already using Polygon-based solutions for their Web3 endeavors and initiatives.
.@SKtelecom and Polygon Labs have inked a strategic collaboration to spearhead the development of SKT's Web3 ecosystem. 🌐
The collaboration aims to fuse SKT's telecom prowess with Polygon's blockchain scaling infrastructure so SKT users can enjoy experiences unique to web3… pic.twitter.com/klElt8Nnlg
— Polygon (Labs) (@0xPolygonLabs) August 17, 2023
Supporting Startups For Global Web3 Growth
The two firms will also join hands to support the continuous growth of the Web3 sector by finding and nurturing Web3 startups advanced by SKT. Specifically, Polygon Labs aims to consider investing in promising Web3 startups that are recommended and supported by SKT via its subsidiary Polygon Ventures.
Also, the two firms will support the global entry of competitive Web3 startups in Korea and the entry of globally leading decentralized apps (dApps) into the domestic market. The Vice President and Head of Web3 CO at SKT, Oh Se-hyun, stated:
“By combining our experience in blockchain services and Polygon Lab’s blockchain infrastructure and ecosystem, we will be able to create valuable business opportunities and boost the Web3 ecosystem.”
Partnerships between Polygon Labs and SKT display the increasing momentum of Web3 adoption in Korea, across Asia, and the entire world. As the traditional tech giants align constantly with blockchain pioneers, Asia is expected to emerge as a massive hub for decentralized innovations and digital transformation.
