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.
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- 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.
See related article: South Korea’s SK Telecom to build its first Web3 wallet