To spice up customers’ exercise, SK Telecom has launched a digital forex for digital purchases in its metaverse dubbed Ifland.
One of many largest telecommunication firms in South Korea is taking one other step in direction of the adoption of metaverse applied sciences.
SK Telecom, a Korean telecom supplier with over 30 million clients, introduced in a press launch on Monday, Oct. 16, 2023, the launch of an financial system to its metaverse platform Ifland, with a brand new digital forex named “Stone.”
In line with the Seoul-headquartered firm, the digital forex can be utilized to buy digital objects with “excessive collectible values” and to sponsor hosts of occasions or meetups. With the launch of Stones, SK Telecom desires to herald extra customers as influencers can now generate revenue by receiving donations from subscribers.
“Going ahead, along with creators, we’ll develop ifland right into a metaverse platform that gives a wealthy number of high-quality content material to customers.”
Yang Maeng-seog, Vice President and Head of Metaverse CO at SK Telecom
On the similar time, Ifland additionally gives the so-called “free forex” referred to as “Factors,” which will be earned by attending occasions or finishing digital missions.
Along with Stones, SK Telecom launched digital objects linked to non-fungible tokens (NFTs) by means of TopPort, an NFT market powered by SK Telecom. The objects can be utilized for avatar customizations (e.g., particular costumes, hair equipment) or different in-metaverse actions.
SK Telecom is understood in South Korea for its ardour for web3-related investments. In July 2022, the telecommunication big joined forces with different blockchain firms to construct a digital pockets that shops cryptocurrencies, NFTs, and digital credentials. In late 2021, SK Telecom’s funding arm, SK Sq., acquired a 35% stake (for almost $75 million) in Korbit, a South Korean cryptocurrency alternate.