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SK Telecom and Polygon Labs have signed a strategic collaboration agreement to develop SKT's Web3 ecosystem.

The agreement signing ceremony was formalized at SKT's headquarters in Seoul, South Korea. It was attended by the Vice President and Head of Web3 CO of SKT, Oh Se-hyun, as well as the CEO of Polygon Labs, Marc Boiron.

Under the agreement, two companies will 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 with Polygon Labs to explore promising Web3 startups and offer incubation support.

"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 Boiron.

Since last year, TopPort has enabled its native creators to mint Polygon-based NFTs and will soon become compatible and scalable with all other NFT platforms in the Polygon ecosystem.

SKT's forthcoming Web3 wallet, scheduled for release in the second half of 2023, will also integrate support for the Polygon network, facilitating NFT trading.

By leveraging Polygon, SKT aims to provide its users with high-speed and cost-efficient transactions backed by Ethereum's security and decentralization. Currently, Polygon-based solutions are already being utilized by many major global brands for their Web3 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 investments in promising Web3 startups recommended by SKT through its subsidiary, Polygon Ventures.

Furthermore, the partnership intends to support the global entry of competitive Web3 startups in Korea and the introduction of leading decentralized apps (dApps) into the domestic market.

"By combining our experience in blockchain services and Polygon Lab's blockchain infrastructure and ecosystem, we will be able [to] create valuable business opportunities and boost the Web3 ecosystem," said Oh.

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