SK Telecom Announces Plans to Launch a Web3 Wallet
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SK Telecom Announces Plans to Launch a Web3 Wallet

SK Telecom (SKT) partners up with AhnLab Blockchain Company and Atomix Lab to launch a Web3 wallet.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

SK Telecom (SKT), South Korea’s largest mobile operator, said it is teaming up with AhnLab Blockchain Company (ABC)’s blockchain arm and Atomix Lab to develop and launch a Web3 wallet, which will allow users to store, trade, and receive blockchain-powered currencies and tokens including cryptocurrencies, non-fungible tokens (NFTs), as well as soulbound tokens (SBTs).

Web3 – What Does It Bring?

Web3, often called “the latest generation of internet”, embraces decentralization as its central concept, and as opposed to its predecessors Web1 and Web2, it is being developed and owned by its users. As such, Web3 is expected to prevent large tech companies from monopolizing the web and restrict their control over users’ personal information.

So what is a Web3 wallet? In simplest terms, a Web3 wallet is a digital wallet capable of storing digital assets and enabling users to access the Web3 space. It can be viewed as a digital platform that allows users to store and manage assets like Ethereum, NFTs, and SBTs.

“The current online environment is transitioning to the Web3 era, in which users own and manage all data directly. It will be a starting point,” said Oh Se-Hyeon, SK Telecom’s digital asset CO manager.

Kang Seok-Kyun, CEO of ABC, said his company intends to apply multiple key competencies including “multi-platform support of ‘ABC Wallet’ currently to security threats in the Web3 environment, to the digital wallet joint project”.

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SK Telecom Continues Working on its Metaverse Platform

SK Telecom, which serves 47% of all mobile communications users in South Korea, launched its own Metaverse platform last year, dubbed “Ifland”.

The telecom giant said it plans to transform Ifland into an innovative Metaverse platform using sophisticated Metaverse technologies and solutions to bring the best possible user experience.

After launching their app, Ifland users can make changes to their status and avatars and choose from a variety of Metaverse rooms to enter, which are recommended based on their usage preferences.

They are able to enter one of 18 different virtual spaces such as outdoor stages, rooftops, and conference halls, with more to come. Ifland also has features that allow Metaverse enthusiasts to play with different settings of their virtual spaces and change things like weather, time, wallpapers, and more.

Ifland Comes to Europe Later this Year

Earlier this year, SKT announced its partnership with the European telecom giant Deutsche Telekom to bring its metaverse platform to Europe.

The South Korean company said it will launch Ifland in Germany by the end of 2022, before expanding into other European countries.

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