SK Telecom buys stake in Morph Interactive to expand ifland metaverse

SK Telecom buys stake in Morph Interactive to expand ifland metaverse

South Korean mobile carrier, SK Telecom (SKT), has reportedly agreed to buy a stake in Morph Interactive, a 3D motion graphics firm based in Seoul, South Korea as part of the company’s push to develop its metaverse platform.

The telecommunications arm of SK Group stated that the investment will help speed up the advancement of its emerging metaverse platform, ifland, where users and clients can have digital interactions in a virtual setting.

The terms of the deal, including the acquisition cost as well as the total amount for the 3D motion graphics firm’s stake, have not been made public. Morph Interactive is dedicated to real-time 3D visual effects on the game engine of Unity, as well as AR and VR technologies.

The firm has been working with SKT for the development of its ifland metaverse platform since its early stage when it was launched in July 2021.

Yang Maeng-seok, Head of SKT’s metaverse business, stated that the strategic investment will play a crucial step in providing ifland’s users with more fun factors.

The telecom firm stated that users will be allowed to use props such as darts and dice, and will be able to participate in mini-games that will be introduced to expand the platform’s game elements.

The platform will also be opening a shop that allows users to create avatar costumes and areas to decorate their avatars and customize them.

By the end of this year, ifland also plans on issuing its own digital asset for the crypto economy.

Kim Jung-youl, CEO, Morph Interactive, stated that the firm will do its best in making ifland a communication medium that grows close to its users’ daily lives and can also be actively utilized in corporate business.

Ifland is one of the two major South Korean metaverse platforms alongside Zepeto, which is being developed by internet giant Naver. Its global version was launched last month during the Mobile World Congress 2022 held in Barcelona, Spain.

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