SKT Builds Virtual Currency Economy System in 'Ifland'... Buy and Sell Avatar Clothes

Mof Interactive Equity Investment and Collaboration
Providing Metaverse Avatar and Space Creation Platform
Introducing Crypto Economy... Transactions

SK Telecom announced on the 13th that it has signed a strategic cooperation and equity investment agreement with Mof Interactive. (From left) Jo Ik-hwan, SKT Metaverse Development Manager; Yang Maeng-seok, SKT Metaverse CO Head; Kim Jeong-yeol, CEO of Mof Interactive; and Yoo Jae-ho, SKT Portfolio Management Manager, are seen signing the agreement at the 'ifland' Cherry Blossom Land.

[Asia Economy Reporter Cha Min-young] SK Telecom will introduce a cryptocurrency-based trading system within this year on its metaverse (extended virtual world) platform 'ifland,' allowing individual users to create and sell avatar costumes.

On the 13th, SK Telecom announced that it will sign a strategic cooperation and equity investment agreement with 3D graphics platform specialist developer Mof Interactive on the metaverse platform ifland.

Mof Interactive, the partner in this collaboration, is a Unity-based 3D specialist developer possessing core metaverse-related technologies and has been a key partner cooperating with SK Telecom since the early launch of ifland. They also have experience leading game projects such as ‘Tinywiny.’

Through this business agreement, both companies plan to accelerate the development speed of core features to be introduced on ifland and quickly showcase the planned functions. The investment amount and equity details will not be disclosed as per mutual agreement.

Within this year, SK Telecom will sequentially promote ▲ the introduction of gamification elements and strengthening of community functions ▲ provision of a platform for users to directly create avatars and lands (spaces) ▲ adoption of a crypto economy. They also plan to enhance ifland’s core communication features.

Any ifland user will be able to create and sell avatar costumes and lands (spaces) directly. An NFT (non-fungible token) marketplace will be launched, enabling individuals to create and earn revenue from props, avatars, costumes, and spaces usable within ifland. Furthermore, they plan to collaborate with famous intellectual properties (IPs) to allow the purchase and use of premium products.

Yang Maeng-seok, Head of SK Telecom’s Metaverse CO, stated, “We will continue to expand cooperation with leading companies in the metaverse field and establish ifland as a global service.”

Kim Jeong-yeol, CEO of Mof Interactive, said, “We will do our best to make ifland a communication tool that becomes closer to the daily lives of many users and is actively utilized in corporate business.”