Virtual Currency Launch by Korean Telecom Titan for Metaverse

South Korea’s SK Telecom is entering the metaverse sphere by launching a digital currency named “Stone” for its virtual platform Ifland. This initiative, announced on Monday October 16, 2023, aims to boost user engagement and monetize virtual interactions.

With a customer base of over 30 million, SK Telecom has introduced Stone to facilitate the purchase of high-value collectible virtual items and support event or meetup hosts. This move enables influencers to generate revenue by receiving donations from subscribers. Yang Maeng-seog, Vice President and Head of Metaverse CO at SK Telecom, emphasized, “Going forward, together with creators, we will grow Ifland into a metaverse platform that provides a rich variety of high-quality content to users.”

In addition to Stone, Ifland continues offering “Points,” a free currency earned through event participation or completing virtual missions, enriching the economic dynamics within the virtual realm.

Beyond digital currency, SK Telecom has made a step into non-fungible tokens (NFTs) by enabling the purchase of virtual items through TopPort, an NFT marketplace it operates. This move follows SK Telecom’s web3-related ventures in 2022, including a digital wallet development for cryptocurrencies and a notable investment in South Korean cryptocurrency exchange Korbit.

Through these steps, SK Telecom not only solidifies its position in the burgeoning metaverse domain but also underscores its vision to remain at the forefront of digital innovation.