SK Telecom (SKT) and Polygon Labs have announced they have signed a strategic collaboration agreement to build SKT’s Web3 ecosystem. SK Telecom dominates the South Korean wireless market, boasting millions of subscribers. The agreement signing ceremony occurred at SK Telecom’s headquarters in Seoul.
Enhancements to SKT’s NFT Marketplace and Web3 Wallet
The agreement will see the two companies collaborate on a new Web3 ecosystem. SK Telecom will add support for the Polygon blockchain to its NFT marketplace TopPort and Web3 wallet. It will work with Polygon Labs to discover promising Web3 startups and support incubation.
TopPort supports NFT transactions using the Korean won (KRW), broadening its appeal to the local audience. Designed with creators in mind, the platform offers a streamlined approach to NFT creation, management, and direct sales to a diverse audience. Further bolstering its presence, TopPort has forged strategic alliances with prominent South Korean entities such as the Kansong Art Museum, Kakao Entertainment, and JYP Entertainment, enhancing its reach to potential users and prolific content creators.
Launched last year, NFT marketplace TopPort will not only allow its native creators to mint Polygon-based NFTs but will also become compatible and scalable with all other NFT platforms in the Polygon ecosystem. SKT’s Web3 wallet, scheduled to be released in the second half of 2023, will also support the Polygon network and introduce NFT trading.
“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,” said Polygon Labs’ CEO Marc Boiron.
By leveraging Polygon, SKT will be able to ensure that its users can enjoy high-speed and cost-efficient transactions backed by Ethereum’s native security and decentralization. Today, many major global brands are already using Polygon-based solutions for their Web3 forays and initiatives.
Supporting Startups for Global Web3 Expansion
The two companies will also jointly support the continuous growth of the Web3 ecosystem by discovering and nurturing Web3 startups advanced by SKT. In particular, Polygon Labs plans to consider investing in promising Web3 startups recommended by SKT through its subsidiary Polygon Ventures.
In addition, the two companies will support the global entry of competitive Web3 startups in Korea and the entry of globally leading decentralized apps (dApps) into the domestic market.
“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,” said Oh Se-hyun, Vice President and Head of Web3 CO at SKT.
Collaborations between SKT and Polygon Labs show the accelerating momentum of Web3 adoption in Korea, across Asia, and the world. As traditional tech giants align with blockchain pioneers, Asia is poised to emerge as a major hub for decentralized innovations and digital transformation.