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

Bitmine Immersion Technologies Reports Significant Ethereum Holdings

Bitmine Immersion Technologies has filed an update with the SEC revealing significant Ethereum holdings of approximately 605 million ETH and total investments around $15 billion.

Lucas Weissmannan hour ago

Stellar's Bell Upgrade Introduces Key Infrastructure Enhancements

Stellar's Bell upgrade introduces significant infrastructure improvements, including muxed contract addresses and support for post-quantum signature verification.

Maya Lundqvist2 hours ago

Strive Acquires 6,182 Bitcoin Amid Market Volatility

Strive disclosed the purchase of 6,182 bitcoin between October 17 and October 23, 2023, raising its total holdings to 43,000 BTC amid market volatility.

Filippo Romano2 hours ago

US Imposes Ban on Imports of Foreign-Made Humanoid Robots

The US Federal Communications Commission has imposed a ban on the import of new foreign-made humanoid robots for national security reasons.

Katerina Papadopoulou3 hours ago

Shanghai's STAR 50 Index Plummets by 40% Amid Market Turmoil

The STAR 50 index in Shanghai has plummeted by 40% in under four months, losing about 480 billion in market value amid concerns over AI profitability.