Metaverse hype fizzles out as Korean tech giants pull plug

A visitor tries out a virtual reality device at the Metaverse Expo 2024 at Coex in southern Seoul on June 26. [NEWS1]

[NEWS IN FOCUS]

The Metaverse hype that surged during the Covid-19 pandemic has largely fizzled out as Korean tech companies have shut down the virtual meetup services they launched during its heyday, aiming to disrupt social media and gathering culture to influence.

Metaverse platforms aimed at the business-to-consumer market failed because they were promoted as a replacement for reality as users craved social interaction during the Covid-19 pandemic lockdown.

The latest departure involves SK Telecom’s metaverse platform ifland, which is expected to end its services on March 31 next year.

Along with Naver’s Zepeto, ifland was touted as one of the mainstream metaverse platforms that made consistent efforts to keep users loyal to its services, until recently trying to lure them in with K-pop-related content.

It was launched during the Covid-19 pandemic in July 2021, when the excitement around Metaverse was at its peak. With social distancing measures in place, users flocked to virtual worlds, driven by the expectation that the metaverse would become a ubiquitous part of their daily lives.

A notice of discontinuation of SK Telecom’s metaverse platform ifland after March 31, 2025.[SCREEN[SCREEN[BILDSCHIRM[SCREEN