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

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

user avatar

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

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

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.

Other news

Shopify and Coinbase Introduce New Payment Protocol for Merchants

Shopify and Coinbase have launched a Commerce Payments Protocol enabling eligible merchants to accept USDC through Shopify Payments.

user avatarLeo van der Veen

Shopify's Commerce Payments Protocol Sees Over 42 Million Payments

Shopify's Commerce Payments Protocol has recorded over 42 million net settled payments and 448,000 tracked payments as of October 2, highlighting its significant activity and potential.

user avatarLi Weicheng

Chainalysis Investigates Security Breach

Chainalysis is investigating a security breach and has engaged external cybersecurity specialists to enhance its defenses.

user avatarAisha Farooq

Bitcoin's Relevance Grows as Small Businesses Face Economic Challenges

Bitcoin's relevance grows as small businesses face economic challenges due to rising costs and inflation.

user avatarTenzin Dorje

Hanwha Investment Securities and Chainlink Join Forces for Asset Tokenization

Hanwha Investment Securities announced a partnership with Chainlink to adopt data standards for a global real-world asset tokenization platform.

user avatarBayarjavkhlan Ganbaatar

Bitcoin White Paper Marks 18 Years: Future of Security Funding in Question

The Bitcoin white paper, authored by Satoshi Nakamoto, celebrates its 18th anniversary on October 31, 2026, raising questions about the future of network security funding.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.