SKT introduces virtual currency on its metaverse platform

SK Telecom (SKT) yesterday introduced a virtual currency on its ifland metaverse platform, creating an economic system that would allow influencers and creators to monetize their content by receiving payments from users who sponsor them to hold events.

The virtual currency, called "stones,'' can be acquired through in-app purchases of items with high collectible values as well as through sponsorships of events or meetups.

In a statement, the South Korean telecom operator explained that ifland creators can also make money by creating items like costumes. Costumes can be produced at "ifland Studio" and can be uploaded to the costume stores after going through the platform’s evaluation and review process.

“The economic system was introduced to create a cycle that boosts both content creation and consumption,” said Yang Maeng-seog, vice president and head of metaverse CO at SKT. “Going forward, together with creators, we will grow ifland into a metaverse platform that provides a rich variety of high-quality content to users.”

The new virtual currency will coexist with Ifland's in-house promotional points that can be earned via attendance, completion of missions and event participation. SKT plans to introduce a separate lineup of products that can be purchased and events that can be participated in only with points, to create a more interesting experience for ifland’s frequent users.

Related:SKT strikes metaverse deal with Singtel as it takes ifland global

Meanwhile, SKT added around 16,000 new items to the platform, increasing the number fivefold to 20,000, with plans to add differentiated items through partnership with a range of companies, including luxury fashion brands and art companies.

The telco operator also launched a number of non-fungible token (NFT) items by linking ifland to its NFT marketplace TopPort. NFTs purchased in ifland can be used to decorate "if homes" or avatars. They can also be stored and searched within SKT’s Web3 wallet "T wallet."

SKT took its metaverse global last November, launching Ifland in 49 countries through telco partners such as NTT Docomo in Japan and Singtel in Singapore. Its collaboration with Singtel brought ifland to Indonesia, Thailand and the Philippines.