To spice up customers’ exercise, SK Telecom has launched a digital foreign money for digital purchases in its metaverse dubbed Ifland.
One of many largest telecommunication firms in South Korea is taking one other step in the direction of the adoption of metaverse applied sciences.
SK Telecom, a Korean telecom supplier with over 30 million prospects, 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 foreign money named “Stone.”
In accordance with the Seoul-headquartered firm, the digital foreign money 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 usher in extra customers as influencers can now generate revenue by receiving donations from subscribers.
“Going ahead, along with creators, we are going to 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 identical time, Ifland additionally affords the so-called “free foreign money” generally known as “Factors,” which may be earned by attending occasions or finishing digital missions.
Along with Stones, SK Telecom launched digital objects linked to non-fungible tokens (NFTs) by way 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 large 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 practically $75 million) in Korbit, a South Korean cryptocurrency alternate.