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SK Networks invests W4b in metaverse developer Com2Verse

SK Networks and Com2Verse hold a virtual ceremony for signing a memorandum of understanding on Com2Verse’s metaverse platform on Monday. (SK Networks)
SK Networks and Com2Verse hold a virtual ceremony for signing a memorandum of understanding on Com2Verse’s metaverse platform on Monday. (SK Networks)
SK Networks has invested 4 billion won ($3 million) in Com2Verse, a metaverse-specialized subsidiary of South Korean game developer Com2uS, to explore business opportunities in the world of metaverse, officials said Tuesday.

The two companies signed a memorandum of understanding to join forces in setting up and strengthening a metaverse ecosystem. The signing ceremony took place in the Com2Verse metaverse platform’s virtual auditorium on the previous day.

According to officials, SK Networks will install business zones in Com2Verse’s metaverse platform to provide various services for customers. SK Networks’ business areas include car and water purifier rentals, as well as hotels.

SK Networks said the investment decision was made based on the high evaluation of the metaverse industry’s growth potential. The metaverse is founded upon blockchain, a core technology in realizing the future virtual world.

Com2Verse said the company is pushing for building an investment partnership worth 40 billion won with other local firms to co-develop the metaverse ecosystem. When Com2uS established Com2Verse in April, Hana Financial Group, Kyowon Group, Kyobo Bookstore and Doctor Now made investments in the metaverse subsidiary without disclosing the exact amount.

“Following our efforts in expanding the blockchain-related cooperative network since the end of 2021, we entered the field of metaverse through the Com2Verse investment and the push for joint businesses. Now we have laid the foundation for the company to become an insider in the blockchain ecosystem,” said Lee Won-hee, head of SK Networks blockchain business division. “We will create new values in the world of metaverse by combining SK Networks’ existing businesses with blockchain.”

SK Networks signed a memorandum of understanding with local firm Hashed Ventures to invest 26 billion won to discover blockchain technology startups with promising outlooks in February. Later in the month, SK Networks announced that the company invested 10.8 billion won in Block Odyssey, a company specialized in providing blockchain-based logistics solutions and a non-fungible token issuing service.

By Kan Hyeong-woo (hwkan@heraldcorp.com)
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