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SK networks partners with and invests in Com2Verse to enter the _verse market


- Strategic business partnership to build a _verse ecosystem … accompanying a 4 bllion won investment
-  Establishing a virtual space stronghold for business in the _verse of Com2Verse
-  Leveraging blockchain and _verse to innovate existing businesses and prospect for new business models

While there has been an upsurge of interest among industries in the new digital world combining artificial intelligence, next-generation communication, blockchain and other cutting-edge technologies, _verse is getting the limelight as a post-smartphone, next-generation communication channel and new economic paradigm. Against this backdrop, SK networks which which is prospecting for promising business opportunities for the future by accelerating the transition to a business-focused investment corporation is joining hands with Com2Verse, a _verse-specialized firm, in search of _verse-leveraging business opportunities.

SK networks (President & CEO Sang Kyu Park) announced that the company signed off an ‘MOU on strategic business partnership and investment for establishing a _verse ecosystem’ with Com2Verse (President & CEO Kyoung-il Lee) on the 23rd in a virtual auditorium located in the all-in-one _verse space under development by Com2Verse. The MOU will enable SK networks to build business zones of its head office and subsidiaries in the Com2Verse _verse and operate a variety of business processes and customer services in those zones. SK networks also provided seed money worth 4 billion won to further facilitate business collaboration with Com2Verse.

Com2Verse is a _verse subsidiary incorporated by Com2uS in partnership with Wysiwyg Studios and NP in April this year. Com2uS has aggressively invested in emerging businesses areas such as blockchain, _verse, and non-fungible token (NFT) with particular focus on technology firms possessing IP rights and VFX solutions to secure access to _verse content. Facilitated by such strategic moves, Com2Verse is forging partnerships with industry leaders in finance, culture, life, healthcare, and entertainment domains to deploy services and content with a view to implementing real-life services in virtual space.

SK networks’ decision to invest in and partner with Com2Verse was inspired by the highly rated industrial potential of _verse which is expected to grow rapidly and deemed to be critical to virtual worlds to be implemented in the future enabled by blockchain technology. According to Bloomberg, the valuation of the _verse market is estimated to reach 923 trillion won by 2024 and 1,800 trillion won by 2030, thanks to the unlimited growth potential boosted by its potential extension to many other business areas in the future. Accordingly, not only global high-tech firms but also many different Korean businesses are taking note of the market as a new source of value.

SK networks vows to actively utilize its existing business lines and subsidiaries including Walkerhill, SK rent-a-car and SK magic to roll out practical businesses in virtual worlds. Real-life businesses will be implemented by virtual space-exclusive services on SK networks’ premises in the _verse space made available by Com2Verse. At the same time, new business strategies combining existing business lines and the unique strengths of the virtual _verse space will be studied from multiple perspectives.

SK networks plans to leverage its partnership with Com2Verse to bolster up _verse businesses subsequently and thereby deliver differentiated values to customers. Furthermore, collaboration initiatives utilizing a variety of blockchain solutions including Com2uS’ proprietary Mainnet will be deployed to identify extensive business opportunities and enable business sustainability.

An official at SK networks said, “In addition to our endeavor last year to expand blockchain collaboration network with blockchain-specialized venture capital Hashed and blockchain technology startup Block Odyssey, we have built a base as an insider in the blockchain ecosystem by investing in Com2Verse and forging business partnerships to pry open the _verse market which is one of the promising business areas of the future,” and added, “SK networks will combine its existing business lines with blockchain to create new values in the _verse world.”

[Photo Caption] SK networks signed off an ‘MOU on strategy business partnership and investment for establishing a _verse ecosystem’ with Com2Verse. President & CEO Lee Kyoung-il at Com2Verse and Blockchain Business Division Director Lee Won-hee(left) at SK networks held the MOU signing ceremony in a virtual auditorium in the all-in-one _verse under development by Com2Verse.