SK Telecom, a leading Korean telecommunications provider with a user base of over 30 million customers, has unveiled an economic framework within its metaverse platform, Ifland. The initiative encompasses the introduction of a novel virtual currency aptly named “Stone.”
Following the introduction of “Stones” on the Ifland platform, users can now access virtual items of “high collectible values.” The digital currency also facilitates the sponsorship of event hosts and meetups through donations. SK Telecom’s vision behind this initiative is to attract a broader user base and stimulate the expansion of Ifland into a diverse metaverse platform enriched with top-tier content.
The multi-tiered currency system aims to enhance user engagement and support content creators, enabling them to monetize their interactions with subscribers and followers.
Furthermore, SK Telecom (SKT) has expanded the offering on its Ifland metaverse platform by introducing an impressive 16,000 new virtual items, resulting in 20,000 distinct offerings.
The strategy is to curate diverse content and drive user engagement by collaborating with partners, including luxury fashion brands and art studios, ensuring a rich assortment of high-quality experiences for the platform’s expanding community.
The fresh additions span an array of themes, such as camping and party-themed assets, and encompass motion items featuring famous dance choreographies and emotive expressions.
Yang Maeng-seog, Vice President and Head of Metaverse CO at SK Telecom, spoke to the media through a statement. “Going forward, together with creators, we will grow ifland into a metaverse platform that provides a wide variety of high-quality content to users,” he said.
Apart from the virtual currency “Stone,” there’s a complementary “free currency” named “Points.” Users can earn Points by participating in events and accomplishing virtual missions, providing a means to acquire in-metaverse goods and services without any financial outlay.
The acquisition of “Stones” can be achieved via in-app purchases. The virtual currency “Points,” accessible through various means like participation in events and mission completion, continues to be a complementary, free offering within the Ifland metaverse experience.
Further, SK Telecom is extending its metaverse endeavors into the realm of non-fungible tokens (NFTs). The company has embedded the metaverse platform with TopPort, its dedicated NFT marketplace. Here, users can delve into the world of NFTs, purchasing these unique digital assets to enhance their avatars’ appearances and personalize their virtual abodes within the “if Home” environment.
In 2022, SK Telecom collaborated with various blockchain entities, pooling efforts to create a digital wallet that houses cryptocurrencies, NFTs, and digital credentials. The company’s investment arm, SK Square, procured a 35% stake valued at nearly $75 million in Korbit, a prominent South Korean cryptocurrency exchange, in late 2021.
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