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."

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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.

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