SKT Partners with Polygon Labs to Foster Web3 Ecosystem

SK Telecom and global blockchain company Polygon Labs have joined hands to create a Web3 ecosystem.

SK Telecom and Polygon Labs announced on the 17th that they signed a strategic partnership memorandum of understanding (MOU) for Web3 ecosystem cooperation at the SK-T Tower in Euljiro, Seoul. The signing ceremony was attended by Oh Se-hyun, head of SKT Web3 CO, and Mark Boyeran, CEO of Polygon Labs.

Web3 refers to a decentralized web that uses distributed technologies such as blockchain, allowing users to own and protect personal information and data without being dependent on platforms. In Web3, individual user data is not stored on centralized servers but in personal online data stores, which individuals directly own and manage.

Polygon Labs operates the Polygon blockchain network. Polygon is regarded as the "internet of blockchains" due to its excellent blockchain performance, scalability, and compatibility with Ethereum. Polygon Labs is also well known for conducting Web3 projects with numerous global companies.

In the MOU signed on this day, both parties agreed that SKT’s alternative non-fungible token (NFT) marketplace “TopPort,” launched last year, and the Web3 wallet scheduled for release in the second half of this year will support the Polygon blockchain network. Polygon Labs will assist SKT’s Web3 services in integrating with the Polygon global ecosystem. Additionally, the two companies agreed to jointly discover and incubate domestic Web3 startups.

With this MOU, NFT creators using TopPort will be able to trade NFTs on the Polygon network. Furthermore, NFTs issued on TopPort can be traded on other NFT marketplaces operating on Polygon, thereby achieving global compatibility and scalability.

The two companies will also cooperate to ensure that SKT’s Web3 wallet, scheduled for release in the second half of this year, can be used across various decentralized applications (dApps) in the Polygon ecosystem. They plan to promote trading TopPort NFTs using Polygon’s cryptocurrency Matic.

SKT and Polygon also agreed to promote the sustainable growth of the Web3 ecosystem through discovering, incubating, and supporting Web3 startups. In particular, Polygon Labs plans to actively consider investing in promising Web3 specialized companies recommended by SKT through its subsidiary, Polygon Ventures.

Mark Boyeran, CEO of Polygon Labs, said, “Polygon Labs has developed optimal blockchain technology for the popularization of Web3, and we expect collaboration with SKT to be an important opportunity to provide Web3 experiences and services to more consumers.”

Oh Se-hyun, head of SKT Web3 CO, stated, “The blockchain service technology and experience accumulated by SKT over the past several years, combined with Polygon Labs’ infrastructure technology and ecosystem, can become the cornerstone for the popularization of Web3 in the future.”

This content was produced with the assistance of AI translation services.