SK Telecom (SKT), a leading South Korean telecommunications company, has made a significant move towards capturing the growing metaverse market by introducing a virtual currency to its metaverse service, ifland. This new currency, known as ‘stones’, allows influencers and creators on the platform to monetize their content by receiving payments from users who sponsor them to hold events.
In a statement, SKT explained that users can acquire ‘stones’ through in-app purchases and then use them to purchase items with high collectible values or to sponsor hosts of events and meetups. This innovative approach provides a direct way for creators to earn income from their engagement with users, providing new opportunities for monetization within the metaverse.
To enhance the variety of items available on the platform, SKT has added about 16,000 new items, bringing the total to 20,000. Furthermore, the company plans to introduce even more unique and differentiated items through partnerships with a range of companies, including luxury fashion brands and art studios. This collaboration with well-known brands will likely attract more users to the platform, as it offers exclusive content and experiences that they cannot find elsewhere.
To further incentivize user participation, SKT also plans to introduce another line-up of products that can be purchased using in-house promotional points earned from participating in events and completing missions. This not only offers more opportunities for users to engage with the platform but also rewards them for their active participation.
In addition to the introduction of the virtual currency, SKT has also launched a series of non-fungible tokens (NFTs) by linking ifland to its NFT marketplace, TopPort. This integration allows users to purchase NFTs within ifland and use them to decorate their ‘if homes’ and avatars. NFTs have gained significant popularity in the digital art world, and SKT’s move to incorporate them into their metaverse service complements the growing trend of merging virtual experiences with digital assets.
SKT’s ambition to make ifland a leading global metaverse space is evident through its recent expansion. In November 2022, the metaverse platform was launched in 49 international markets, with SKT securing distribution and content partnerships with local partners in several countries. This strategic move enables SKT to tap into new user bases and leverage local expertise to tailor the platform to different markets, thus fostering global growth and adoption.
As the metaverse concept continues to gain momentum, SK Telecom’s introduction of a virtual currency and other features to its ifland service demonstrates its commitment to innovating within the metaverse space. By providing influencers and creators with a way to monetize their content, while also offering users unique and collectible items, SK Telecom is well-positioned to capture a significant share of the metaverse market. The company’s expansion into international markets further reinforces its ambition to become a leading player in the global metaverse industry.