Korean telecommunications powerhouse introduces digital currency specifically designed for its metaverse
SK Telecom, a leading telecommunications company in South Korea, is embracing metaverse technologies with the launch of its virtual currency called “Stone” in the metaverse platform, Ifland. This move aims to increase user engagement and activity within the platform.
With over 30 million customers, SK Telecom is taking a significant step towards the adoption of metaverse technologies. In a press release on October 16, 2023, the Seoul-based company announced the introduction of an economic system to its metaverse platform, Ifland, with the introduction of a new virtual currency called “Stone.”
The virtual currency “Stone” can be used to purchase virtual items with high collectible values and to support event hosts and meetups within the metaverse. This allows influencers to generate profits by receiving donations from subscribers, attracting more users to the platform.
Additionally, Ifland also offers a “free currency” called “Points,” which can be earned by participating in events or completing virtual missions. These Points provide users with another avenue to engage with the platform and its activities.
Furthermore, SK Telecom has launched virtual items linked to non-fungible tokens (NFTs) through their NFT marketplace, TopPort. These virtual items, such as special costumes and hair accessories, can be used for avatar customizations and other in-metaverse activities.
SK Telecom has gained a reputation in South Korea for its strong interest in web3-related investments. In July 2022, the telecommunications giant collaborated with other blockchain companies to develop a digital wallet capable of storing cryptocurrencies, NFTs, and digital credentials. In late 2021, SK Telecom’s investment arm, SK Square, acquired a 35% stake in Korbit, a South Korean cryptocurrency exchange, for approximately $75 million.
SK Telecom’s move to introduce its virtual currency and virtual items in Ifland demonstrates its commitment to embracing metaverse technologies and providing engaging experiences for its users. This strategic approach aligns with the company’s previous investments in the cryptocurrency and blockchain space.
Overall, SK Telecom’s launch of the virtual currency “Stone” and virtual items in Ifland showcases its dedication to innovation and its goal of creating a thriving metaverse ecosystem for its users.
