SK Telecom Ventures into Metaverse with New Digital Currency

South Korea’s telecommunications behemoth, SK Telecom, is delving deeper into the metaverse Ifland, introducing a digital currency to enhance user engagement. SK Telecom, which boasts a clientele of over 30 million, unveiled on Monday, Oct. 16, 2023, the integration of an economic framework into its metaverse platform, Ifland. This new system will be powered by a virtual currency dubbed “Stone.”

The Seoul-based enterprise envisions Stone as a medium for purchasing virtual collectibles and for sponsoring event hosts within Ifland. By introducing Stones, SK Telecom aims to attract a broader user base, especially influencers, who can now monetize their content through donations from their followers.

Yang Maeng-seog, Vice President and Head of Metaverse CO at SK Telecom, expressed optimism about the venture, stating, “Together with creators, we aim to evolve Ifland into a metaverse platform abundant in high-quality content for our users.”

Furthermore, Ifland has introduced a “free currency” named “Points.” Users can earn these by participating in events or accomplishing virtual tasks.

In tandem with the Stone launch, SK Telecom has also rolled out virtual items tethered to non-fungible tokens (NFTs) via TopPort, an NFT marketplace under the SK Telecom umbrella. These virtual items, ranging from unique avatar outfits to hair accessories, can be utilized for various in-metaverse activities.

SK Telecom’s foray into the world of web3 is not new. In July 2022, the company collaborated with several blockchain entities to craft a digital wallet capable of storing cryptocurrencies, NFTs, and digital credentials. Moreover, in late 2021, SK Telecom’s investment division, SK Square, secured a 35% stake in Korbit, a prominent South Korean cryptocurrency exchange, for an investment nearing $75 million.

The introduction of Stone and the integration of NFTs into Ifland signifies SK Telecom’s commitment to pioneering in the metaverse and web3 domains. As the boundaries between the virtual and real worlds continue to blur, such initiatives by major corporations underscore the potential and future of the metaverse.

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