SK Telecom Ends Metaverse Project ifland
Date: 2024-12-27 Author: Gabriel Deangelo Categories: BUSINESS
Launched in 2020, the metaverse allowed users to create avatars and explore virtual worlds. At its peak, the platform had over 4 million monthly active users, but interest in Web3 gradually faded, and by the end of its life cycle, the audience had shrunk to 3 million people.
The decline in popularity of ifland prompted SK Telecom to reallocate resources. As early as 2022, the company began investing in research and development in the field of artificial intelligence (AI). These efforts have yielded impressive results: in 2023, the company's revenue reached a record high of $ 13.2 billion. The development of AI technologies allowed SK Telecom to strengthen its position in the South Korean market and expand its presence in neighboring markets.
The closure of ifland will be an important step for the company, freeing up funds and resources for further development of the AI direction. One of the key projects will be an update to the AI assistant called A. The new version of the assistant, designed for the corporate segment, will be released in 2025 and will receive additional features, including call summaries. In the future, it is planned to launch its improved version, known as Aster, in the European and North American markets.
SK Telecom is not the only company that is winding down projects in the metaverse field. For example, telecommunications giant KT Corporation has closed its Genieverse and Meta Lounge platforms, and Kakao has completed work on Colorverse. This indicates a decrease in interest in metaverses amid growing attention to AI.
Despite the completion of the ifland project, SK Telecom continues to actively develop in other technological areas. Previously, the company presented a mobile crypto wallet in collaboration with CryptoQuant and Team Blackbird. In addition, SK Telecom has developed a blockchain solution for document storage, demonstrating the company's commitment to integrating advanced technologies into its services.
