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Arbitrum, the largest layer-2 network on top of Ethereum, plans to deepen ties with Lotte Group, the multibillion-dollar South Korean conglomerate known for its vast portfolio of shopping malls, media companies and entertainment properties.
According to Offchain Labs, the developer behind Arbitrum, and the Arbitrum Foundation, the non-profit that stewards the project's development, a financial deal is in the works to cement Arbitrum as the main blockchain infrastructure provider for Lotte's metaverse gaming platform. A representative for the Arbitrum Foundation told CoinDeskt
Offchain Labs shared the news at CES 2025, the technology tradeshow happening this week in Las Vegas, Nevada. A representative for the company declined to disclose the exact size of the grant "at this stage." It was technically awarded by the non-profit Arbitrum Foundation, which periodically doles out grants in $ARB tokens to help spur development in the Arbitrum ecosystem.
Lotte's Arbitrum integration could signal renewed interest from traditional companies in building blockchain-based virtual worlds—the "metaverse" concept that earned mainstream buzz a few years ago but has since become less top-of-mind for many technologists and investors. Lotte first showed interest in releasing metaverse-related products in 2022 and announced that it was entering a "strategic partnership" with Arbitrum last year.
Caliverse is mainly a venue where the South Korean megacompany experiments with emerging tech trends like artificial intelligence, virtual reality and crypto. Caliverse users can explore virtual worlds featuring differing kinds of media content and futuristic shopping experiences. The app currently features content from a grab-bag of big brands, ranging from 7-Eleven to the Tomorrowland music festival. Much of the content on Caliverse comes from fashion and beauty companies like Givenchy, MCM, and L’Occitane.
Users can currently shop for those brands or experience concerts and other kinds of media within the Caliverse app. The new integration with Arbitrum would mean that blockchain users could pay for certain services using crypto, and systems like in-game transactions could start running on-chain.
The Arbitrum blockchain has become a popular choice among gaming platforms, with the network experiencing a 72% year-over-year growth in 2024 for gaming, according to Offchain Labs. According to a press release the company shared with CoinDesk, Arbitrum currently hosts 119 game titles and 23 gaming-focused blockchains through its Arbitrum Orbit stack, a customizable toolkit that lets developers create their own blockchains based on Arbitrum’s technology.