SK Telecom introduces paid currency to metaverse ifland

South Korea's SK Telecom Co. has introduced an economic system to its metaverse service "ifland." With this, users can now purchase items with the currency or support other users.

SK Telecom announced on Monday that it has activated the ifland service and launched an economic system to create revenue within ifland. To achieve this, it has distinguished between for-fee and free currencies and introduced a new for-fee currency called "Stone."

Stone can be purchased through in-app payments in the app store. The free currency, known as "Points," can still be obtained through attendance, completing missions and participating in events, as before.

Stone can be used to purchase distinct high-value items or to support hosts. Users can use it to visit specific ifHomes or participate in large meet-up events held in ifSquare. Points can be used for basic item purchases and more.

With the latest introduction of this economic system, ifland influencers can now increase their revenue. Creating income through costume and item production is also possible.

SK Telecom has also added over 16,000 new premium contents. These include four themed custom items for users' personal spaces in ifHome: camping, parties, space and home styling. Various motion goods have also been added, including famous idol group dances, challenges, and emotional expressions that users can find in ifland.

ifland is also integrated with the non-fungible token (NFT) marketplace TopPort, which introduced NFT-related items to ifland. Purchasing NFT items in ifland allows users to use them as avatars' costumes or decorations in ifHome.

The company plans to provide NFTs for cultural assets like Kansong Art Museum's celadon, national treasures that users can easily access and store in ifland.

Write to Seung-Woo Lee at leeswoo@hankyung.com