Many of the retailers in South Korea, such as Hyundai and Lotte have been closing their Non-fungible token (NFT) businesses. They've been shutting down, due to a drop in the NFT industry. The Lotte Home Shopping, is shutting down its NFT program for trading.
This shutting down of the NFT shop by Lotte Home Shopping, shows that they've completely halted from the Non-fungible token industry. The company is giving the interest of its left NFT platform to Daehong. And this will consist of their Bellygom NFT.
This decision by Lotte to halt their NFT program, is happening as the Hyundai Department Stores have concluded on exiting the NFT sector. Hyundai established in the NFT industry in 2022, and provided users with free donations, and lots of price cut.
Shinsegae, is yet a major retailer that has recently reduced their NFT contributions. Analysts stated that retailers who entered the NFT market when it was surging, are starting to shut down as the NFT sector has lost momentum presently; shifting their concentration to other of their businesses.