Lotte Department Store to open Next Museum for NFT art exhibition

[Source : Lotte Department Store]

Lotte Department Store will hold a non-fungible token (NFT) art exhibition for the first time in the retail industry as part of its efforts to better communicate with and appeal to consumers in their 20s and 30s that have recently emerged as new big spenders.

The first NFT exhibition space “Next Museum” will open at Lotte World Mall in Seoul on Dec. 23 to showcase various artworks using fruits, according to Lotte Department Store on Monday. Yoon Byung-rock, famous for his paintings of apples, will unveil his new artwork and NFT artwork, together with pixel artist Joo Jae-bum, Park Xohee and BBM.

The exhibition is to apply digital technologies to existing artworks. NFT artworks will be displayed on the digital signage installed in the mall.

Next Museum will command a space of 300 square meters on the second floor. Various goods will also be offered in collaboration with major brands and artists, with NFT content.

The retail industry has been active in the NFT business to lure more customers, mostly those in their 20s and 30s.

“Lotte World Mall has continuously made efforts to make an impression to millennials with the opening of global brands’ mega shops and various pop-up stores. With the new spatial content using NFT, the store will provide an opportunity for new experience for them and cement its lead as a shopping and retail mecca,” said an official from Lotte Department Store.