[Comprehensive] "Catch Zepeto" SKT Declares Metaverse World... Also Considering Dedicated Cryptocurrency

On the 19th, SKT held a press conference in Ifland, a metaverse space, becoming the first domestic company to do so, and announced plans to usher in the era of metaverse popularization.

[Asia Economy Reporter Eunmo Koo] "A leap into a bigger metaverse (extended virtual world)." (Yu Sang-young, Head of MNO Business)

"We aim to establish it as a part of the lifestyle where anyone can connect and meet new people." (Jeon Jin-soo, Head of Metaverse CO)

SK Telecom has unveiled a blueprint to make its metaverse platform ‘ifland’ the mecca of the contactless era. By introducing an economic system that can generate revenue within ifland, the platform aims to evolve into a 'metaverse world' where various small gatherings, as well as business activities such as commerce, entertainment, and sports, are possible. The issuance of a dedicated currency is also currently under consideration.

On the morning of the 19th, SK Telecom held a press conference in the metaverse space, the first among domestic companies, to announce these service expansion plans. Appearing as an avatar, Head Yu emphasized, "ifland focuses on communication, which SK Telecom excels at, in the rapidly growing metaverse market," adding, "It will play a significant role in popularizing the early metaverse market." This is an official challenge to Zepeto, which has already established itself as a global platform.

Specialized in 'Gatherings' from K-pop Fan Meetings and Conferences to Han River Fireworks Festival

SK Telecom’s ifland is a metaverse specialized in interest-based 'gatherings.' Going forward, SK Telecom plans to lead social trends in the contactless era by hosting large-scale events such as university festivals and K-pop fan meetings on ifland. In particular, the entertainment industry is viewed as a representative sector that can maximize synergy with the metaverse, and the platform will be developed as a space where stars and fans can communicate.

A new campus culture for the contactless era will also be introduced. Following the country’s first metaverse freshman entrance ceremony held in March this year, a cheering competition for the Korea-Yonsei University rivalry will be held in the metaverse next month. Major domestic fireworks events hosted by Hanwha will also be exclusively provided as mixed reality content. Additionally, SK Telecom plans to offer various everyday content such as ‘metaverse dating coaching,’ ‘music talk concerts,’ and ‘indie salons.’

In particular, SK Telecom has set a strategy to differentiate ifland as a practical communication tool where a large number of people can interact in one space, unlike existing metaverse platforms like Roblox and Zepeto. While existing platforms focus on ‘fun’ elements centered on entertainment and are mainly used by teenagers, ifland aims to leverage the strengths of a telecommunications company to focus more on communication such as gatherings and meetings.

Head Jeon explained, "(ifland is) not entirely new," but added, "The goal is to establish it as a part of the MZ generation’s lifestyle where anyone can easily connect and meet new people." He also emphasized the difference, stating, "Up to 131 people can enjoy the space simultaneously, making it optimal for large conferences or meetings with a certain scale."

SK Telecom is strongly expressing its intention to preoccupy the metaverse market, which is expected to grow in the future, through ifland. This is based on the judgment that the ‘metaverse economy,’ where people enjoy and consume in virtual worlds, has become an unstoppable trend. Naver Z’s metaverse platform Zepeto, featuring 3D avatars, has surpassed 200 million cumulative users. Roblox, which American teenagers reportedly use more than YouTube, saw its user base triple last year compared to the previous year.

It is anticipated that new markets will be formed as new technologies such as virtual currency, Internet of Things (IoT), cloud, and smart health connect around these metaverse platforms. Market research firm Strategy Analytics (SA) forecasts that the global metaverse market will grow from the current $46 billion (about 51 trillion KRW) to $280 billion (about 311 trillion KRW) by 2025.

Evolving into a Metaverse World... Introducing Economic System and Considering Dedicated Currency

SK Telecom plans to introduce an economic system to evolve ifland into a 'metaverse world.'

First, a market system where users can buy and sell items within ifland will be introduced. Users can design and create costumes and items to express their individuality, as well as trade them. A space creation platform that allows customization according to users’ tastes and purposes will also be applied. The intention is to realize the value of an open platform where users not only visit standardized metaverse spaces but also create worlds themselves and experiment with various possibilities within them.

Plans to issue a dedicated currency used in ifland have also been hinted at. Yang Maeng-seok, SK Telecom’s head of metaverse business, explained, “Currency is an essential element to make ifland a metaverse world,” adding, “We are internally reviewing a currency that will be used within ifland, and depending on the level of activation within the service, we will also consider linking with other platforms or external services.”

Since its launch last month, ifland has received hundreds of partnership requests from companies. Yang said, “We are preparing broadcasting stations, entertainment programs, new product launches, talk concerts featuring celebrities, and large-scale business forums on ifland,” and conveyed the atmosphere that “specific discussions are underway with hundreds of partnership candidates.” SK Telecom plans to prioritize initiatives that appeal to the MZ generation and various attempts that cannot be done in reality.

In this process, SK Telecom also plans to actively nurture and utilize 'ifriends,' influencers within ifland. Ifriends are influencer groups who create content and communicate in real-time with other users on ifland. SK Telecom will select the first and second generations of ifriends to lead metaverse culture through various activities such as hosting ifland gatherings, visiting other gatherings, building communities, and promoting ifland.

Yang added, “We will support marketing and promotion so that the selected individuals can showcase their talents and skills, and also provide opportunities for monetization in the future,” emphasizing, “They will become a new occupational group that gains fame and income while active in the metaverse world.”

Alongside this, SK Telecom has stated it will thoroughly respond if negative gatherings are formed within ifland or if harmful elements such as profanity or derogatory remarks occur. Text filtering will be applied to block profanity and derogatory phrases, and operators will monitor 24/7 to respond immediately when problems arise.

Oculus Quest Version Coming Soon... Targeting Expansion to Over 80 Countries Globally Within the Year

SK Telecom is expanding its service area to virtual reality (VR) devices and other platforms to grow the metaverse ecosystem. Following the Android OS version release in July, the iOS version was launched on the 10th. The Oculus Quest OS version will also be released within the year.

Global market expansion will be actively pursued within the year. The service will be launched on various overseas app markets to expand services for global customers. The initial target is over 80 countries, focusing on major countries by continent.

Head Yu stated, "While the initial focus is on metaverse gatherings, we will strengthen social community functions and ultimately evolve into a metaverse world where various corporate services such as commerce, entertainment, manufacturing, and sports can conduct business within ifland," emphasizing, "We will focus on nurturing the metaverse industry from various perspectives."