South Korean ICT start-up I&OK said that it has inked an agreement with global artificial intelligence-based company iStaging to establish a joint venture called iStaging Asia.

The signing event was held at I&OK's office in Seoul on July 3, with top executives including I&OK CEO Song Min-jae and iStaging’s CEO Johnny Lee in attendance.

Under the agreement, iStaging Asia aims to collaborate with leading retail and financial companies in Korea to operate metaverse businesses.

“I&OK is a perfect partner due to its innovative ideas and outstanding organization skills, and great understanding of the latest IT technology,” iStaging’s CEO Johnny Lee said, explaining his reason for choosing I&OK.

Taipei-based iStaging is a globally renowned company that has won international recognition in the field of artificial intelligence, virtual reality and augmented reality.

The company has been providing augmented and virtual reality solutions in various fields for over 100,000 corporate clients across 50 countries.

It has also expanded its presence in the luxury market by providing metaverse platforms to European fashion houses, including Louis Vuitton and Dior.

"iStaging is equipped with innovative metaverse technologies that allow its customers to create virtual spaces with smartphones in just one minute and easily edit them on the cloud," I&OK CEO Song said, while expressing his excitement at introducing Korean customers to iStaging's cost-effective and high-quality metaverse technology through the joint venture.

Additionally, I&OK seeks to expand its presence in the intellectual property industry.

On the same day as the agreement, I&OK also secured an exclusive contract with Hong Kong-based IP firm Sorcerer Entertainment, to secure a monopoly on the Mega Camp business in Korea.

Jointly launched by Sorcerer Entertainment and Mesuca this year, Mega Camp utilizes characters from Disney and Marvel to create a unique camping site and recreational experience.

The camping sites have been rapidly expanding into numerous countries in Asia including China, Malaysia, Korea, Taiwan and Singapore.