SKT (NYSE:SKM, “SKT”) and Polygon Labs, an international software development company that builds blockchain scaling infrastructure, today announced that they have signed a strategic collaboration agreement to build SKT’s Web3 ecosystem.

The agreement signing ceremony took place at SKT’s headquarters located in Seoul and was attended by Oh Se-hyun, Vice President and Head of Web3 CO of SKT, and Marc Boiron, CEO of Polygon Labs.

The agreement will see the two companies collaborate on a new Web3 ecosystem. SKT will add support for the Polygon blockchain to its NFT marketplace TopPort and Web3 wallet, and will work together with Polygon Labs to discover promising Web3 startups and support incubation.

“Polygon Labs has been developing optimal blockchain technology for Web3 popularization, and we see this collaboration with SKT as an important step in providing Web3 experiences to more consumers,” said Polygon Labs’ CEO Marc Boiron.

Launched last year, NFT marketplace TopPort will not only allow its native creators to mint Polygon-based NFTs, but will also become compatible and scalable with all other NFT platforms in the Polygon ecosystem.

SKT's Web3 wallet, which is scheduled to be released in the second half of 2023, will also support the Polygon network and introduce NFT trading.

By leveraging Polygon, SKT will be able to ensure that its users can enjoy high-speed and cost-efficient transactions backed by Ethereum’s native security and decentralization. Today, Polygon-based solutions are already being used by many major global brands for their Web3 forays and initiatives.

The two companies will also jointly support the continuous growth of the Web3 ecosystem as a whole by discovering and nurturing Web3 startups advanced by SKT. In particular, Polygon Labs plans to consider investing in promising Web3 startups recommended by SKT through its subsidiary Polygon Ventures.

In addition, the two companies will support the global entry of competitive Web3 startups in Korea and the entry of globally leading decentralized apps (dApps) into the domestic market.

“By combining our experience in blockchain services and Polygon Lab’s block chain infrastructure and ecosystem, we will be able create valuable business opportunities and boost the Web3 ecosystem,” said Oh Se-hyun, Vice President and Head of Web3 CO at SKT.