Just-In: South Korean Giant SK Telecom Plans To Expand Its Metaverse

South Korean telecommunications giant SK Telecom on Wednesday said it has signed a strategic cooperation agreement with Morph Interactive, a 3D motion graphics company, to rapidly expand its metaverse platform Ifland.

The two companies will collaborate to develop props, avatars, costumes, and spaces that can be used in Ifland metaverse. Moreover, the telecom firm will make equity investments in Morph Interactive under the agreement.

SK Telecom Plans Metaverse Push With Morph Interactive

SK Telecom is among many leading companies in South Korea advancing its presence in the crypto and NFT markets. With the Ifland metaverse platform, SK Telecom intends to cater to the millennial and Gen-Z crowd.

The cooperation with Morph Interactive will help introduce game elements and mini-games in the metaverse. Moreover, the users will be able to create avatars, costumes, and spaces to interact and communicate in Ifland. Morph Interactive has been a key partner of SK Telecom since the launch of Ifland in July last year.

SKT’s metaverse platform head Yang Maeng-seok, told South Korean publication Aju Business Daily:

“We will continue to expand cooperation with leading Metabus-related companies and establish ourselves as a global service.”

The company also intends to eventually introduce a NFT marketplace into its metaverse.

In addition, Morph Interactive’s CEO, Kim Jung-youl, believes the collaboration will help develop Ifland into a successful metaverse for its users and corporations globally. SK Telecom also plans to hold events such as forums, lectures, festivals, concerts, and fan meetings in Ifland.

South Korea braces for crypto explosion

Crypto adoption in South Korea is set to flourish under the crypto-friendly regulations and NFT push promised by South Korean President Yoon Suk-yeol.

South Korean companies including SK Group, Samsung, and LG are introducing products and contributing to crypto and NFT developments in the country. SK Group through its investment arm SK Square has planned to launch its own cryptocurrency.

Samsung and LG have launched specially designed smart television models to provide an immersive NFT experience. Moreover, users will be able to trade NFT artworks on the TV sets.