SK Telecom’s Ifland Metaverse Allows Users To Make Money

The Ifland metaverse, operated by South Korean telecommunications behemoth SK Telecom (SKT), is now allowing users to earn money by hosting virtual meetups, the company announced on Monday.

To launch its metaverse economy, SKT has implemented an “ifland point” system in which any Ifland user can earn points by logging in at a specified time and performing missions. Points are also awarded as daily prizes, attendance awards, and surprise rewards.

Users can contribute their points to other users who conduct virtual meetups. These hosts can transfer earned points to their personal accounts.

Users can only cash out donation points earned by hosting meetups. The latest update now includes “ifland studio,” where users may design avatar clothes. In the future, the costumes will be marketable for points.

According to Ifland, three additional large-scale updates will be released to develop the metaverse ecology further.

According to the Korea Information Society Development Institute (KISDI), SK Telecom, the telecommunications subsidiary of conglomerate SK Group, will host about half of all mobile communication customers in South Korea by 2021.

In addition, the company is working on a digital wallet for crypto management and Web3 access.

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