Seoul, South Korea - SK Telecom (NYSE: SKM) and Polygon Labs, a software development company focused on blockchain scaling infrastructure, have collaborated to develop SK Telecom's Web3 ecosystem.
The strategic alliance aims to strengthen the NFT market, integrate Polygon's network into SK Telecom's planned Web3 wallet, and nurture promising Web3 startups to promote the decentralized Internet's growth.
Why it matters:
This partnership signals the continued growth and maturation of the Web3 space and is a concrete example of how global brands are increasingly turning to Polygon-based solutions for their Web3 ventures.
The Key Points
The partnership between SK Telecom and Polygon Labs represents a joint effort to advance the growing Web3 ecosystem.
By integrating Polygon's optimal blockchain technology into SK Telecom's platform, the collaboration aims to provide broader access to Web3 experiences and NFT trading.
The move aligns with SK Telecom's efforts to ensure fast and cost-effective transactions backed by Ethereum's built-in security.
- New collaboration: The agreement, signed at SK Telecom's headquarters, outlines collaboration on the new Web3 ecosystem, where SK Telecom will support Polygon's blockchain for its NFT marketplace and upcoming Web3 wallet.
- NFT Marketplace Integration: SK Telecom's NFT marketplace, Topport, will enable creators to issue Polygon-based NFTs and ensure compatibility with other NFT platforms in the Polygon ecosystem.
- Web3 Wallet and High-Speed Transactions: SK Telecom's Web3 wallet, to be launched in 2023, will integrate Polygon's network to enable fast and low-cost transactions.
- Startup support: The two companies will work together to identify and support Web 3.0 startups, with Polygon Labs considering investments through its Polygon Ventures subsidiary.
The Big Picture
The alliance emphasizes support for Web 3.0 startups in fostering domestic initiatives and facilitating global expansion.
This reflects a broader recognition of the potential of decentralized applications and the importance of investing in this emerging technology.
Mr. Oh Se-hyeon, Vice President and Head of the Web3.0 Business Unit at SK Telecom, highlighted the synergies between the two companies, saying that by combining their expertise in blockchain services and infrastructure, they will be able to create valuable business opportunities and strengthen the Web3.0 ecosystem.
Similarly, Mark Boiron, CEO of Polygon Labs, characterized collaboration as essential in extending the Web3 experience to more consumers.
It also highlights the important role that major companies like SK Telecom and Polygon Labs play in shaping the decentralized Web's future.