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Ethereum Layer-2 network Arbitrum has partnered with South Korea’s Lotte Group to expand its metaverse ambitions.
In its largest development grant program to date, Arbitrum Foundation has selected Lotte to promote blockchain development for Caliverse, Lotte’s metaverse gaming platform.
Lotte Group Receives Funding From Arbitrum
Lotte Caliverse will be an AI-driven 3D entertainment experience on the blockchain. This announcement was made during the event CES 2025 in Las Vegas, Nevada, where Offchain Labs, the developer behind Arbitrum, confirmed the grant without disclosing the specific value.
The notable point is that the subsidy is granted with Arbitrum’s ARB Token. This is standard practice of the Arbitrum Foundation, which aims to drive development throughout its ecosystem.
“Lotte is the largest grant recipient to date from the Arbitrum Foundation. We are proud to collaborate with partners close to our vision,” said John Park, Chief Representative of Arbitrum Foundation in Korea.
Lotte’s first step into the metaverse in 2022, and announcement first time about the partnership with Arbitrum took place last year. Arbitrum’s decision to integrate blockchain into Caliverse marks an important step in connecting traditional businesses with emerging blockchain technologies.
Caliverse is a playground for new technology trends, including artificial intelligence, virtual reality and cryptocurrency. Users of the platform can explore immersive virtual worlds, engage in futuristic shopping experiences, and interact with brand content from global corporations such as 7-Eleven and Tomorrowland.
With Arbitrum’s integration, Caliverse users will soon be able to make cryptocurrency payments for services. Meanwhile, in-game transactions will be based on an on-chain system. Therefore, this partnership could revive corporate interest in metaverse projects. Although the concept peaked in popularity a few years ago, it has had difficulty maintaining momentum.
“Arbitrum’s blockchain is the ideal platform for Lotte Caliverse, providing industry-leading 250ms block generation times ensuring high-quality performance in virtual worlds and gaming experiences. With Arbitrum now powering Lotte Caliverse, in-game transactions will be integrated on-chain, eliminating latency and delivering a smooth, user-friendly experience,” said Steven Goldfeder, CEO of Offchain Labs, comments.
Although Lotte’s grant marks a turning point, the Arbitrum Foundation has a history of supporting innovative projects. On January 11, 2024, the Foundation granted a grant to AOFverse, another metaverse-focused platform.
AOFverse initiative to improve on-chain metaverse experiences. All these developments together signal Arbitrum’s strategy of further expansion in blockchain-based virtual environments.
Arbitrum has become a popular choice as one Layer-2 Ethereum blockchain thanks to its versatility. The network’s gaming prominence has grown significantly, with the network recording 72% YoY growth in 2024.
According to Offchain Labs, Arbitrum currently hosts 119 game titles and 23 gaming-focused blockchains through its Arbitrum Orbit stack. This toolkit allows developers to build custom blockchains using Arbitrum’s technology.
The partnership between blockchain and Lotte combines the efficiency of blockchain with Lotte’s retail and entertainment expertise, paving the way for a new era of virtual interaction. For Arbitrum, this partnership solidifies its position as the preferred blockchain infrastructure for gaming and metaverse platforms, with the agreement aimed at introducing brands to a metaverse-like experience.
Despite the announcement, ARB’s price has dropped nearly 10% since the start of Wednesday’s trading session. According to data from TinTucBitcoin, it is currently trading at $0.827.
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