SK Telecom has recently introduced a new digital currency called “Stone” in its metaverse platform Ifland to encourage user engagement.
As one of the leading telecommunication companies in South Korea, SK Telecom is making strides in embracing metaverse technologies. With over 30 million customers, the Korean telecom provider announced the launch of an economic system within Ifland through a press release on Monday, October 16, 2023.
The introduction of Stones, the virtual currency, aims to allow users to purchase virtual items with high collectible values and support event hosts or meetup organizers. This move is expected to attract more users to the platform, as influencers can now make a profit by accepting donations from their followers.
Alongside Stones, Ifland also offers “Points,” a free currency that can be earned by participating in events or completing virtual missions. Additionally, SK Telecom has unveiled virtual items tied to non-fungible tokens (NFTs) through TopPort, an NFT marketplace powered by the company. These items can be used for avatar customizations and other in-metaverse activities.
SK Telecom’s interest in web3-related ventures is well-known in South Korea. The telecommunications giant previously collaborated with blockchain companies to develop a digital wallet for storing cryptocurrencies, NFTs, and digital credentials. Moreover, its investment arm, SK Square, acquired a 35% stake in Korbit, a South Korean cryptocurrency exchange, for nearly $75 million in late 2021.
The move to introduce a digital currency in Ifland reflects SK Telecom’s commitment to enhancing user experience and driving engagement within its metaverse platform.