SK telecom launches Virtual Currency 'Stone' in its ifland metaverse.

Highlights

• Economic system based on a virtual currency named ‘Stone’ was introduced to boost the ifland ecosystem.
• SKT increased the number of ‘ifland’ items by five times by adding around 16,000 new items.

October 16, 2023 - SK Telecom (NYSE:SKM, “SKT”) today announced that it officially introduced an economic system to its metaverse service ‘ifland’ and added around 16,000 new items to the existing 4,000 items to further vitalize the service and enrich user experience.

ifland virtual currency ‘Stone’ to establish a profit structure

To open the economic system, the company introduced a virtual currency named ‘Stone,’ which can be acquired through in-app purchases. Stones can not only be used to purchase items with high collectible values but also to sponsor hosts of events or meetups.

ifland’s free currency, ‘Points’ can be earned via attendance, completion of missions, and event participation and used to get basic items. The company plans to introduce a separate lineup of produces that can be purchased and events that can be participated only with Points to create a more interesting experience for ifland’s frequent users.

Paving the way for ifland’s influencers and creators to monetize their content

ifland’s influencers can now generate profit by receiving Stones from users who sponsor them to hold events at their ‘if home’ or in ‘if square’.

SKT expects that by enabling users to give Stones to influencers they want to sponsor, more meetups will be held by influencers, followed by more active participation of users.

ifland creators can also make money by creating items like costumes. Costumes can be produced at ‘ifland Studio’ and uploaded to the costume stores after going through ifland’s evaluation and review process.

SKT expects that the adoption of the economic system will create a virtuous cycle that promotes the works and activities of creators and influencers and provides users with a wider variety of items and a better experience.

Adding diverse decorative and motion items for greater fun and better communication

For ‘if home,’ SKT launched new items in four different themes: camping, party, space and latest home styling. For instance, the camping theme offers items like fishing pond, tent and camping car; and the party theme includes large swimming pool, mirror ball, speaker and party costumes.

A large number of motion items such as choreography of popular idols and emotional expressions, are also added to further enrich communication and interaction between ifland users.

Users can also meet K-pop stars via volumetric technology. SKT has created volumetric figures of the members of the K-pop bands Secret Number and Kingdom and plans to add more figures going forward.

SKT will also introduce differentiated items through partnership with diverse companies, including luxury fashion brands and art companies.

Linking ifland to NFT marketplace ‘TopPort’

SKT launched a large 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.’

The company also released a variety of self-designed NFTs – e.g. special costumes, hair accessories, etc. – that reflect the unique characteristics of ‘ifland’.

In celebration of the launch of the economic system and new items, SKT will be holding various events to invite more users to experience the new and improved world of metaverse.

“The economic system was introduced to create a virtuous 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 post SK telecom launches virtual currency ‘Stone’ in its ifland metaverse appeared first on HeshMore.