South Korean telecom firm has launched a digital currency in its metaverse

by Max Nevskyi

3 years ago

SK Telecom, a prominent South Korean telecommunications firm boasting a customer base of over 30 million, is pushing forward in its embrace of metaverse technologies. On Monday, October 16, 2023, the company made an official announcement regarding the implementation of an economic framework within its metaverse platform Ifland, introducing a fresh virtual currency called "Stone."

You may also be interested in: NHN, a South Korean IT company, set to create games on the Sui network.

As per the South Korea-based firm's statement, this digital currency can be employed for acquiring virtual items of significant collectible worth and for supporting event hosts or meetups. Through the introduction of Stones, SK Telecom aims to attract a larger user base, enabling influencers to earn income by receiving contributions from their subscribers.

Going forward, together with creators, we will grow ifland into a metaverse platform that provides a rich variety of high-quality content to users.Yang Maeng-seog, Vice President and Head of Metaverse CO at SK Telecom

Simultaneously, Ifland also provides what is referred to as "Points," a form of "free currency" that can be earned by participating in events or accomplishing virtual missions.

Furthermore, alongside Stones, SK Telecom has introduced virtual items associated with non-fungible tokens (NFTs) via TopPort, an NFT marketplace powered by SK Telecom. These items can be utilized for avatar customization, such as special costumes and hair accessories, as well as for various activities within the metaverse.

SK Telecom has gained recognition in South Korea for its enthusiastic involvement in web3-related investments. In July 2022, the telecommunications giant collaborated with other blockchain firms to develop a digital wallet capable of storing cryptocurrencies, NFTs, and digital credentials. Additionally, in late 2021, SK Telecom's investment arm, SK Square, acquired a 35% stake in Korbit, a South Korean cryptocurrency exchange, for nearly $75 million.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Tier I

Sector: #18291

25%

50%

75%

100%

Tier II

Survivors rescued:

0 / 600

Survivors

0/0

Transmit Signal

Broadcast this sector's coordinates to other rescuers.

Other news

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

Li Weicheng34 minutes ago

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

Tenzin Dorje35 minutes ago

AnchorWatch Launches Bitcoin Custody Service in Nevada

AnchorWatch Trust Company has launched a Bitcoin custody service in Nevada, providing key control options and optional insurance.

Bayarjavkhlan Ganbaataran hour ago

Blockchain Association Calls for Clearer DeFi Regulations

The Blockchain Association has called on the US Treasury to clarify regulations surrounding DeFi software and foreign stablecoin issuers under the proposed GENIUS Act.

Mohamed Farouk2 hours ago

Cardano's Innovative Catalyst Pilot Program Emphasizes Real Adoption

Cardano has launched a pilot program under Project Catalyst, selecting 12 teams to address the issue of crypto grant funding leading to actual product usage.