Arbitrum, the largest layer-2 network on Ethereum, has provided its largest developer grant ever to Lotte Group, a prominent South Korean conglomerate famous for its diverse portfolio, including shopping malls and media properties. Offchain Labs, the team behind Arbitrum, announced that this funding secures Arbitrum's role as the primary blockchain provider for Caliverse, Lotte's metaverse gaming platform.
The announcement was made during CES 2025, a technology tradeshow taking place in Las Vegas, Nevada. While the precise amount of the grant hasn't been disclosed, it is technically awarded by the nonprofit Arbitrum Foundation, which offers grants in $ARB tokens to promote development in its ecosystem.
John Park, the Head of Korea at the Arbitrum Foundation, remarked: "Lotte is Arbitrum Foundation's largest grant recipient to date, and we’re excited to align with partners who share our vision."
The integration of Lotte Group with Arbitrum may indicate a renewed interest from traditional businesses in developing blockchain-based virtual environments. Lotte previously expressed interest in metaverse solutions in 2022 and began a strategic partnership with Arbitrum last year.
Caliverse serves as a space where Lotte explores trends such as artificial intelligence, virtual reality, and cryptocurrencies. Users can engage with various media and futuristic shopping experiences. Currently, many offerings come from renowned brands, including 7-Eleven and the Tomorrowland music festival, as well as fashion and beauty companies like Givenchy, MCM, and L’Occitane.
With the new integration, blockchain users will soon be able to pay for services within Caliverse using cryptocurrency, with the possibility of running in-game transactions on-chain.
According to Offchain Labs, the Arbitrum network saw a 72% increase in gaming activity in 2024, now hosting 119 game titles and 23 gaming-centric blockchains through its Arbitrum Orbit stack—a toolkit for developers to create customized blockchains.
Steven Goldfeder, co-founder and CEO of Offchain Labs, stated: "Arbitrum’s blockchain is the ideal home ground for Lotte Caliverse, offering exceptional block times that ensure top-notch performance in virtual environments. With Arbitrum powering Lotte Caliverse, on-chain transactions will enhance user experience by minimizing delays and raising standards for virtual interactions."
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