Retail in Asia


SK Telecom’s ifland allows in-metaverse currency

SK Telecom will begin to distribute and circulate in-metaverse currency on its virtual gaming platform ‘ifland’ in the third quarter. Through this, the company intends to encourage greater user engagement.

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Users are also able to create and contribute to an ‘internal economic system’. Points are awarded to players who participate in ongoing activities, have high attendance and complete missions. These points may also be converted into cash on the platform. In addition, the points can be utilised to to sponsor other users who host metaverse meetings on ifland.

With the new 3D content platform, the enhanced ifland will offer revenue-generating models where users may create costumes or other products to sell to others in the metaverse.

According to SK Telecom, once the incentive systems are enabled and allow other economic activities, industry observers anticipate a phenomenal increase in the number of creators and influencers on metaverse platforms.

Throughout the second half of this year, the mobile carrier also intends to introduce ifland in Asia, Europe, North America, and the Middle East. The business has been collaborating with the major telecommunications service providers in each region to talk about local content for ifland’s and regional consumer marketing plans.

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“Ifland has been loved by a wide range of users, many companies and organizations over the past year and it has been able to grow into a representative social metaverse,” said Yang Maeng-seok, head of SK Telecom‘s metaverse business. “We will enrich the metaverse ecosystem by introducing upgraded functions and content.”