SK Telecom Co. announced the official launch of its own virtual currency designed for its ifland Metaverse platform. The company created an economic system based on the digital currency it named “Stone.”

SK Telecom further revealed that aside from the economic system for its iFland metaverse, it also added about 16,000 new items to the existing 4,000 to further build up the service and upgrade the virtual user experience.

The Telecom’s Goal for the New Service on iFland

The company set up a new economic system for its ifland metaverse, and through this service, users will be able to easily buy items with the “Stone” currency. This added feature will also provide support to other users.

The Korea Economic Daily reported that the telecom firm activated the service on its metaverse platform and rolled out an economic system to generate revenue within its virtual platform. SK Telecom introduced the new currency so users can easily differentiate between paid and free items on the platform. The Stone is mainly used for the free goods on ifland.

Advantages of SKT’s Stone Digital Currency

The South Korean telecom firm said that users can obtain “Stones” through in-app purchases on some app marketplace platforms such as Apple’s App Store. Having this virtual currency will give users access to high-value digital items, as per CryptoTV Plus.

Another benefit is it enables influencers in the Ifland virtual world to earn profits from user sponsorships and subscriber donations. This advantage will surely encourage users to engage more in the metaverse community.

“The economic system was introduced to create a virtuous cycle that boosts both content creation and consumption,” SK Telecom’s vice president and head of the metaverse, Yang Maeng Seog, said in a press release. “Going forward, together with creators, we will grow ifland into a metaverse platform that provides a rich variety of high-quality content to users.”

Photo by: SK Telecom Press Release