Arbitrum Awards Record Developer Grant to South Korea’s Lotte Group

by

Arbitrum, a secondary layer on the Ethereum network, is teaming up with South Korea’s Lotte Group to broaden its aspirations in the metaverse realm.

Through its largest-ever developer grant, the Arbitrum Foundation has selected Lotte as the key driver for blockchain advancement in the Caliverse, a metaverse gaming platform developed by Lotte.

Lotte Group Secures Funding from Arbitrum

At CES 2025 in Las Vegas, Nevada, Offchain Labs, creators of Arbitrum, revealed plans for a cutting-edge 3D entertainment platform called Lotte Caliverse. Powered by AI and built on blockchain technology, this exciting new experience is yet to reveal its specific funding details.

As a crypto investor, I found it worth mentioning that the grant was given in Arbitrum’s native token, ARB. This approach is typical of the Arbitrum Foundation, as they aim to stimulate expansion throughout their ecosystem by using this method.

So far, Lotte has been the biggest grant recipient from the Arbitrum Foundation. We’re pleased to be working together with a partner whose goals align well with ours,” stated John Park, who heads the Arbitrum Foundation in Korea.

Lotte started exploring the metaverse back in 2022. Last year, they announced their collaboration with Arbitrum. Integrating Arbitrum’s blockchain into Caliverse is an important move that connects conventional companies with modern blockchain innovations.

Caliverse functions as a sandbox for emerging technologies like artificial intelligence, virtual reality, and cryptocurrency. Its users can delve into captivating virtual realms, engage in advanced shopping scenarios of the future, and connect with content from renowned brands such as 7-Eleven and Tomorrowland.

Through Arbitrum’s integration, Caliverse users will soon have the ability to make cryptocurrency payments for various services. In contrast, within the game itself, transactions will utilize on-chain systems. This partnership could potentially spark renewed corporate interest in metaverse endeavors. Although the concept experienced a surge in popularity some years back, it has faced difficulties in maintaining its momentum.

Steven Goldfeder, CEO of Offchain Labs, remarked that Arbitrum’s blockchain is the perfect setting for Lotte Caliverse due to its rapid 250ms block confirmations, which offer top-tier performance in virtual realms and gaming environments. By adopting Arbitrum for Lotte Caliverse, in-game transactions will be effortlessly integrated on the blockchain, reducing lag and offering users a streamlined, user-friendly experience.

Lotte’s grant signifies an important step forward, but it’s worth noting that the Arbitrum Foundation has a rich background in backing innovative projects. Specifically, on January 11, 2024, they granted AOFverse, a metaverse-centric platform, further funding for their project.

In simpler terms, the AOFverse’s project was designed to improve the on-chain metaverse interactions. Collectively, these advancements suggest that Arbitrum is planning a wider takeover in the realm of blockchain-based virtual worlds.

Arbitrum has been widely preferred as a flexible Layer-2 solution for the Ethereum blockchain due to its popularity. In the gaming industry, its influence has expanded substantially, leading to a 72% yearly increase in network usage in 2024.

As stated by Offchain Labs, the Arbitrum platform presently supports 119 different game titles and 23 gaming-centric blockchains through its Arbitrum Orbit suite. This toolkit empowers developers to construct tailored blockchains utilizing Arbitrum’s technology.

The alliance between blockchain technology and Lotte combines Lotte’s expertise in entertainment and retail with blockchain’s efficiency, opening up a new chapter of interactive virtual experiences. For Arbitrum, this partnership solidifies its status as the go-to blockchain infrastructure for gaming and metaverse platforms, marking an exciting step towards introducing brands to immersive metaverse-style experiences.

Contrary to expectations, ARB’s value has decreased by almost 10% since the market opened on Wednesday, now standing at approximately $0.827 according to BeInCrypto’s latest data.

Read More

2025-01-08 09:57