Major players in South Korea’s retail sector are discontinuing their NFT-related activities. Brands such as Hyundai and Lotte are retracting their NFT ventures, including Lotte Home Shopping’s NFT trading platform.

Lotte started its NFT operations two years ago but will shut down the platform on July 2, 2024. Customers accessed it via a mobile app, and the company had ambitious plans for the initiative.

Unlike other NFT platforms, NFT Shopping used fiat KRW for payments to make it more accessible to non-crypto users, featuring NFTs branded with its corporate mascot, Bellygom. Lotte Home Shopping partnered with Daehong Communications, a Lotte-affiliated crypto startup, to promote the business and launched NFTs on the Polygon (MATIC) blockchain network.

Lotte Home Shopping created NFTs featuring its online influencer, Lucy, and the movie "The Witch Part 2: The Other One," with plans for secondary sales on OpenSea, a leading NFT trading platform. Daehong will handle Lotte's remaining NFT operations, including Bellygom NFTs.

Similarly, Hyundai, which started its NFT wallet solution business two years ago, will also cease its operations. Major retailer Shinsegae is also scaling back its NFT activities.