October 17, 2023

S. Korean Telecom Giant Launches Digital Currency for Its Metaverse

SK Telecom

SK Telecom

SK Telecom, one of the largest telecommunication companies in South Korea with over 30 million customers, has taken a step towards the adoption of metaverse technologies.

In a press release, the company announced the launch of an economic system for its metaverse platform, Ifland, which includes a new virtual currency named “Stone.” This digital currency aims to increase user activity and enable virtual purchases within the metaverse.

The Seoul-headquartered company has announced the launch of its own digital currency called Stones. The currency can be used to purchase virtual items that have high collectible value and to sponsor hosts of events or meetups. With the launch of Stones, SK Telecom aims to attract more users. Influencers can now generate profits by receiving donations from subscribers.

In this regard, Vice President and Head of Metaverse CO at SK Telecom
Yang Maeng-seog said: “Going forward, together with creators, we will grow Ifland into a metaverse platform that provides a wide variety of high-quality content to users.”

Ifland provides a “free currency” called “Points” that can be earned by participating in events or completing virtual missions. In addition to Stones, SK Telecom has launched virtual items that are connected to NFTs through TopPort, an NFT marketplace powered by SK Telecom. These items can be used for avatar customization, such as special costumes and hair accessories, or for other in-metaverse activities.

SK Telecom is renowned in South Korea for its significant investments in web3-related projects. In July 2022, the telecommunication giant partnered with other blockchain companies to develop a digital wallet that securely stores cryptocurrencies, NFTs, and digital credentials. In late 2021, SK Telecom’s investment arm, SK Square, acquired a 35% stake (worth almost $75 million) in Korbit, a South Korean-based cryptocurrency exchange.

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