#Lotte Group Receives Massive Funding#

Lotte Group has secured the largest-ever grant from the Arbitrum Foundation, which will be used to support the development of its metaverse gaming platform, Caliverse. Arbitrum, the second-largest Layer 2 network on Ethereum, said through its developer Offchain Labs that the grant will solidify its position as the primary blockchain infrastructure provider for Caliverse. Lotte Group is a multi-billion dollar South Korean conglomerate known for its vast shopping malls, media companies, and entertainment portfolio. Caliverse is Lotte Group's playground for experimenting with emerging technology trends like AI, VR, and crypto, where users can explore virtual worlds with diverse media content and future shopping experiences. The integration with Arbitrum means blockchain users will be able to use cryptocurrencies to pay for certain services, and systems like in-game transactions can begin to operate on-chain. The Arbitrum blockchain has become a popular choice for gaming platforms, with the network's gaming business expected to grow 72% year-over-year by 2024. The massive grant signals a renewed interest from traditional companies in building blockchain-based virtual worlds, and it also foreshadows a return of the metaverse concept.