SK Telecom (SKT) introduced a virtual currency to its metaverse service ifland, creating a mechanism for influencers and creators to monetise their content by receiving payments from users sponsoring them to hold events.

In a statement, the operator explained its currency called ‘stones’ can be acquired through in-app purchases, and be used to purchase items with high collectible values as well as to sponsor hosts of events or meetups.

SKT added about 16,000 new items to the platform, taking the total to 20,000, with plans to introduce differentiated items through partnership with a range of companies, including luxury fashion brands and art studios.

The company also plans to introduce a separate line-up of produces that can be purchased using in-house promotional points earned from participating in events and completing various missions.

In addition, the operator launched a number of non-fungible tokens (NFTs) by linking ifland to its NFT marketplace TopPort. NFTs purchased in ifland can be used to decorate ‘if homes’ and avatars.

With the goal to make the service a leading global metaverse space, in November 2022 SKT launched the platform in 49 international markets, with the operator forging distribution and content deals with local partners in several countries.