According to CryptoNews: South Korea's SK Telecom, a telecommunication behemoth with an expansive network of over 30 million customers, has initiated the economic system of its Metaverse platform, Ifland, by introducing an innovative virtual currency known as "Stone." The announcement, made in a press release on Monday, October 16, 2023, marks a major stride in the adoption of Metaverse technologies by the company.
The digital asset Stone can be employed on Ifland to procure high-value virtual collectibles and to sponsor events or meet-ups. This is part of SK Telecom's strategy to encourage user engagement and empower influencers to monetize their received donations from subscribers.
Yang Maeng-seog, Vice President and Head of Metaverse CO at SK Telecom, announced plans to elevate Ifland into a Metaverse platform that offers a plethora of high-quality content to users, fostering the platform's growth in partnership with content creators.
Meanwhile, Ifland also offers a freely available currency called "Points" to incentivize user participation in events or successful completion of virtual assignments.
SK Telecom didn't stop at Stones; it also launched NFT-linked virtual items through its NFT marketplace, TopPort. These items allow users to customize their avatars and engage in other in-Metaverse activities.
SK Telecom’s proactive involvement in web3-related investments is well-known in South Korea. In 2022, the company collaborated with several blockchain firms to develop a digital wallet, capable of storing cryptocurrencies, NFTs, and digital credentials. Additionally, SK Telecom's investment wing, SK Square, seized a 35% stake worth nearly $75 million in Korbit, a South Korean cryptocurrency exchange, toward the end of 2021.