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This South Korean Metaverse Giant Plans To Expand Into Europe


coingape.com 10 May 2022 11:48, UTC
Reading time: ~2 m

South Korea’s SK Telecom said it plans to expand its rapidly-growing Ifland metaverse into Europe through a German partnership.

During a first-quarter call, South Korea’s largest telecom operator said it will introduce an open platform and crypto-economic system for  Ifland. Moreover, the company aims to expand its Ifland metaverse to 80 countries in the second half of the year.

SK Telecom’s metaverse goals are supported by the South Korean government and other local companies.

SK Telecom Plans Taking Metaverse to Europe

SK Telecom has already started to expand Ifland into international markets. The company signed a deal with Deutsche Telekom- Germany’s largest telecom operator- to introduce a German version of its Ifland metaverse by the end of the year.

The expansion into other European countries may follow after a successful launch in Germany.

SK Telecom reported solid earnings in the first quarter, with the Ifland metaverse seeing an average 1.35 million users in March, local news outlets reported.

Yang Maeng-Seok, head of SK Telecom’s Metaverse, thinks the Ifland metaverse could serve as 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.

In line with advancing its metaverse, the company recently partnered with Morph Interactive to introduce props, avatars, costumes, and spaces.

Crypto Market Expands in South Korea

The crypto market in South Korea is witnessing massive growth under South Korean President Yoon Suk-yeol. Recently, Yoon Suk-yeol has decided to delay the crypto tax and repealed the 2017 ICO ban. The government’s support of the crypto community will increase crypto adoption in the country.

South Korean giants such as SK Group are leading the crypto adoption as they delve into metaverse, NFTs, and cryptocurrencies.


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