Gyeongnam Pharmaceutical Square Forms Strategic Partnership with Bitok

[Asia Economy Reporter Jang Hyowon] Gyeongnam Pharmaceutical Square (CEO Park Seongjae) announced on the 10th that it has signed a strategic partnership with Bitok (CEO Yoon Seongmin), the developer of the hybrid metaverse social platform iSOBOX.

Gyeongnam Pharmaceutical Square was established for the purpose of diversifying the business of its parent company, Gyeongnam Pharmaceutical, and is currently issuing and operating the new distribution platform in B2E (Buy to Earn) format called No Money Market and Lemong PFP, a secondary creation of BAYC by Yuga Labs.

No Money Market is a B2E-type distribution platform that breaks away from the traditional distribution platforms that only sold products. It provides consumers with the company’s flagship products such as Lemona, and rewards consumers’ purchases and activities with non-fungible tokens (NFTs), enabling a new concept of distribution platform where users can receive economic rewards while shopping.

The Lemon Token (LEMN), which is rewarded as part of the B2E system, is currently listed on global exchanges such as Gate.io and MEXC, and is scheduled to be listed domestically. Additionally, No Money Market was operated as a closed mall as part of the benefits for Lemong LEMONG PFP NFT users, but it is now preparing to be revamped into a commerce-type comprehensive mall with a grand opening planned, featuring a wider range of product categories.

Bitok is a startup developing the metaverse social platform iSOBOX, created by talents with game development capabilities from companies such as Netmarble, Nexon, and Smilegate. iSOBOX is implemented based on 2.5D to make the metaverse easier and more fun to enjoy. It can be easily and comfortably run on low-spec smartphones, and its app responsiveness is excellent, allowing it to be used worldwide.

iSOBOX is a hybrid metaverse social platform where anyone can easily create general items and NFTs to decorate their own space. Users can create communities to communicate with acquaintances in an isometric form “space,” and a separate app that allows users to directly “create” avatars and interior items displayed within the space is scheduled to be provided in the first half of next year. Furthermore, blockchain wallet integration will be offered to enable NFT exhibitions within the space, allowing users to express their unique space personality with digital assets.

iSOBOX is scheduled to launch its beta version in the first half of 2023.

Through this strategic agreement, Gyeongnam Pharmaceutical Square plans to link No Money Market with iSOBOX and actively utilize its IP to mutually expand business. Gyeongnam Pharmaceutical Square will use a brand promotion hall built exclusively for Gyeongnam Pharmaceutical Square within the iSOBOX space. This promotion hall will display the company’s “Lemong” NFTs and place various digital items of products, serving as an omnichannel that connects virtual and real by linking metaverse digital promotion and product sales pages. To share Gyeongnam Pharmaceutical Square’s vision, iSOBOX plans to deliver various messages to users by leveraging the advantages of the metaverse.

Park Seongjae, CEO of Gyeongnam Pharmaceutical Square, stated, “You can expect synergy regarding the expansion of the WEB 3.0 market of the two platforms through future collaboration with iSOBOX.”

Yoon Seongmin, CEO of Bitok, said, “This strategic partnership seems to be a great opportunity for Bitok’s iSOBOX metaverse social platform to grow to the next level. We will prepare well for the launch scheduled for the first half of next year to maximize the synergy between the two companies.”