SK Telecom’s Ifland metaverse adds cashable in-app economy

The Ifland metaverse, run by South Korean telecommunications giant SK Telecom (SKT), is allowing users to earn money by hosting meetups in the virtual world, the company announced Monday.

Fast facts

• SKT has adopted an “ifland point” system to usher in its metaverse economy — any Ifland users can earn points by logging in at a specific time and completing missions. There also are points given as daily rewards, attendance rewards and surprise rewards. 

• Users can donate their points to other users who host virtual meetups on Ifland. These hosts are eligible to liquidate earned points to their private accounts.

• Currently, users can only cash-out donation points they received through hosting meetups, SKT told Forkast.

• Ifland’s newest upgrade also includes “ifland studio,” where users can create their own costumes for avatars. The costumes will be tradable with points in the future.

• Ifland says there will be three more large-scale updates to further expand the metaverse ecosystem.

• SK Telecom, the telecommunications arm of conglomerate SK Group, hosts nearly half of all mobile communication users in South Korea as of 2021, according to the Korea Information Society Development Institute (KISDI).

• The company is also developing a digital wallet for crypto management and Web3 access.

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