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SK Telecom's 'ifland' Expands with New Virtual Economy

Source: SK Telecom

Seoul, South Korea - SK Telecom (NYSE: SKM) has launched an economic system in its metaverse service, "ifland," with a new virtual currency and an expanded range of items.

Why it matters: 

Understanding the mechanics and potential of platforms like "ifland" could be critical to allocating capital in this emerging market as virtual environments become more complex and economically viable.

The Key Points.

  • Virtual currency: 'Stone,' a paid virtual currency, is now part of 'ifland' and can be obtained through in-app purchases. A free currency called 'Points' can be used to buy essential items in the game.
  • Revenue generation for influencers: Influencers and content creators can earn 'Stones.' This helps to increase user activity and content output in 'ifland.'
  • Item diversification: Approximately 16,000 new items, such as costumes and decorations, have been added in various categories. This will increase user engagement.
  • NFT Capability: 'ifland' integrated non-fungible tokens (NFTs) by connecting to the NFT marketplace 'TopPort,' allowing users to purchase, store, and use NFTs on the platform.

What they say

Yang Maeng-seog, vice president and head of Metaverse CO at SKT, said: "The economic framework is aimed at stimulating both content creation and consumption.

What comes next

SK Telecom has plans to expand its product range through collaborations with various companies, such as those in the luxury fashion and art industries. 

In addition, there will also be the organization of events to increase user engagement.