South Korean Company SK Telecom Expands Ifland Metaverse

South Korean telecommunications giant SK Telecom has established a partnership with Morph Interactive to build its Ifland metaverse platform.

Jul 15, 2022
by Anvi Saini
South Korean Company SK Telecom Expands Ifland Metaverse
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According to the agreement, the two companies will collaborate to create costumes, avatars, props, and spaces that will be used to expand the Ifland metaverse realm. In addition, the alliance will see the telecom giant invest in Morph Interactive in order to accelerate its growth and expansion.

SK Telecoms targets Gen-Z and Millenials

SK Telecom is one of the leading South Korean firms interested in making strides into the crypto and NFT markets. With the launch of the Ifland platform, the telecom business will be able to cater to the fast-rising Gen-Z and millennial markets.

The collaboration with Morph Interactive will also bring mini-games and other game features to the metaverse. It will let users design costumes, avatars, and spaces to encourage engagement and communication in Ifland. Since the introduction of Ifland in July 2021, SK Telecom has been effectively aligned with Morph Interactive.

Kim Jung-youl, Chief Executive Officer of Morph Interactive, remarked that the collaboration agreement will allow Ifland to quickly transition into a successful metaverse for both users and businesses on a worldwide scale. In addition, SK Telecoms will conduct events in Ifland like concerts, festivals, fan meetings, discussions, and lectures.

The Head of SK Telecom’s metaverse platform, Yang Maeng-Seok, commented on the development as follows:

“We will continue to expand cooperation with leading Metabus-related companies and establish ourselves as a global service. The plan is also to introduce the NFT marketplace in the metaverse gradually.”

More Crypto-Friendly Policies in South Korea

The South Korean government, led by President Yoon Suk-yeol, intends to create a welcoming climate for cryptocurrency and non-fungible tokens (NFTs). As many businesses want to capitalize on this potential, the government is enacting crypto-friendly rules.

South Korean companies such as SK Group, LG, and Samsung are also contributing to the country's NFT and crypto innovations. SK Group is currently intending to launch its cryptocurrency through its investment arm, SK Square.

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