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SK Telecom launches virtual currency for its Metaverse platform Ifland



SK Telecom is taking a significant step into the metaverse space with the introduction of its digital currency, “Stone,” on the Ifland platform. This move is aimed at fostering an active metaverse community and engaging its massive user base of over 30 million customers.

SK Telecom is a South Korean wireless telecommunications operator and former film distributor that is part of the SK Group. It is the largest wireless carrier in South Korea, with 27.019 million subscribers as of Q4 2017.

Ifland is a metaverse platform developed by SK Telecom, a South Korean telecommunications company. 

The platform provides users with a personalized 3D virtual space where they can express themselves and socialize with others in the world of metaverse.

Ifland metaverse 

Ifland was launched in Korea in July 2021 and has since expanded globally, with the global version supporting English, Chinese (Traditional Chinese, Simplified Chinese), and Japanese.

The introduction of the “Stone” digital currency into the virtual space will expand the Ifland experience with additional tools to keep users engaged. 

SK Telecom said that the “Stone” digital currency introduces a robust economic system to Ifland, distinguishing between paid and free items. 

It also noted that users can purchase “Stones” through in-app purchases on platforms like the App Store, providing them access to high-value virtual items and the ability to sponsor influencers. 

Another advantage of the digital currency itemized by the firm is that it empowers influencers within Ifland to profit from subscriber donations and user sponsorships, fostering a dynamic and engaging metaverse community.

Additionally, Ifland provides reqrad for users as points for attending events and completing missions in the virtual world. These points can be used to acquire basic items and enjoy various aspects of the platform’s metaverse.

Apart from the new digital currency, SK Telecom has integrated non-fungible tokens (NFTs) into Ifland through its NFT marketplace, TopPort. 

This integration allows users to utilize NFT-linked virtual items for avatar customization and other metaverse activities.

Speaking about the innovative steps taken by SK Telecom, Yang Maeng-seok, responsible for SKT Metaverse CO, noted that the steps will create a sustainable engagement ecosystem “where premium content production and consumption occur together.” 

Read also; Polygon Labs and SK Telecom form partnership to shape the future of Web3


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