rewrite this title and make it good for SEO SK Telecom to Shut Down “ifland” Metaverse, Shifts Focus to AI – Cryptoflies News

SK Telecom, South Korea’s largest mobile operator, has decided to shut down its metaverse platform “ifland” to shift focus toward artificial intelligence (AI).

The company confirmed that “ifland” will be fully closed by March 31, 2025, with services gradually being discontinued leading up to that date. 

SK Telecom also stated it will refund users for any paid content, including virtual items like “stones” and customizations.

An official from SK Telecom explained: “We will further accelerate the transition to a global AI company by utilizing the accumulated metaverse capabilities to strengthen AI competitiveness.”

To support its AI ambitions, SK Telecom recently invested $3 million in Twelve Labs, a startup specializing in AI video analysis.

The closure of “ifland” comes after nearly four years of operation, following its launch in 2021. Over this period, SK Telecom introduced several initiatives for the platform. 

In 2022, the company sought to expand “ifland” globally, aiming to build international partnerships and offer localized content.

In 2023, SK Telecom made another push to expand, adding 16,000 new virtual items, integrating non-fungible tokens (NFTs) via “TopPort,” and introducing a virtual currency called “Stone.” During the same year, the company announced international collaborations with telecom and tech giants to create tailored experiences.

The shutdown isn’t surprising, as other companies have also scaled back their involvement in the Web3 space. 

Earlier this month, Nike’s NFT studio RTFKT revealed plans to wind down operations by January 2025. Similarly, Kraken plans to close its NFT marketplace by February 2025. Other companies, including Immutable, Lacoste, Reddit, Starbucks, and GameStop, have also made similar moves.