South Korea’s SK Telecom to Expand its Metaverse Project to Europe

May 10, 2022

Reading Time: 2 minutes

Due to the massive support from the government and other local businesses, the South Korean Telecom company is keen to widen its metaverse project beyond its country’s region.

The South Korean Telecom giant SK Telecom has announced its plans to expand its Ifland metaverse project to Europe through a collaboration with German’s Deutsche Telekom, the largest telecom company in Germany.

For a while, the Telecom giant has been promoting the project Ifland, a project unveiled in July 2021; however, statistics revealed earlier this year showed an increment in users, which prompted the company to plan its expansion into international markets.

SK telecom will now launch its German version of Ifland metaverse by the end of the year; however, a successful launch of this project will prompt its expansion into other European countries. A report from a local news outlet says that SK Telecom recorded substantial earnings in the first quarter, with the metaverse project seeing nearly 1.35 million users in March.

According to the head of SK Telecom’s Metaverse, Yang Maeng-Seok, Ifland metaverse could be a new means of communication and community meetings.

“With the open platform, we can directly create avatars and spaces, and we plan to expand into 80 countries in the second half of the year, providing support and content transactions based on the crypto-economic system.”

For improvement in its metaverse project, SK Telecom recently formed a coalition with Morph Interactive for the introduction of costumes, spaces, props, and avatars.

Under the leadership of President Yoon Suk-yeol, South Korea has recorded a reasonable increase in crypto users; recently, the president announced that it would postpone the crypto tax and repeal the 2017 ICO ban. As time passes, the world will witness more crypto adoption from the country due to its crypto-friendly president.

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