Arbitrum, a Layer-2 network built on Ethereum mainnet, announced a collaboration with South Korea’s Lotte Groups. This is to deepen ties with the country and fulfill its metaverse ambitions. The foundation has chosen Lotte Group to enhance blockchain development for Caliverse, Lotte’s metaverse gaming platform.
Lotte Group Secures Funding for Metaverse Gaming Platform
Lotte’s impending metaverse gaming platform, Caliverse, will be an AI-powered 3D entertainment experience on the blockchain. The announcement, which came during the CES 2025 in Las Vegas, was confirmed by Offchain Labs, the developers behind Arbitrum.
However, the exact value of the grant remains undisclosed. The grant was issued using Arbitrum’s native token, ARB. Seeking to enhance growth in its ecosystem, this has been the standard practice for the Ethereum-based network.
Lotte’s metaverse journey began in 2022, with the first announcement of its partnership with Arbitrum coming late last year. Lotte’s decision to integrate Arbitrum’s blocking into Caliverse marks a step in bridging the gap between traditional business and blockchain technology.
Caliverse: Metaverse Playground for Emerging Tech Trends
Caliverse is a hub for emerging tech trends, including artificial intelligence, virtual real estate, and cryptocurrency. Users can explore virtual worlds, have virtual shopping experiences, and interact with content from global giants in the metaverse industry.
Following the integration of Arbitrum, Caliverse users will be able to make crypto payments for services rendered. Additionally, in-game transactions would be improved thanks to the on-chain systems that are in place.
While Arbitrum’s grant to Lotte is a major step, Arbitrum is known for its willingness to support merging innovative projects. One such project is the AOFverse, a metaverse-focus platform in which the Arbitrum Foundation awarded a grant in early 2024.
Because of its flexibility and scalability qualities, Arbitrum has been a popular choice as a layer-2 Ethereum blockchain network. Arbitrum’s popularity has grown immensely in the gaming industry, with the network recording a 72% growth in 2024. According to Offchain Labs, Arbitrum currently hosts over 119 game titles and about 23 game-focused blockchains.
Read more: Coinbase Premium Index Turns Positive After Many Weeks – US Demand for BTC Surges
