KT Corp., a South Korean telecom giant, said Wednesday it has teamed up with local virtual reality (VR) content and visual effects companies to develop "metaverse" services in a move to boost its efforts in virtual platforms.

The metaverse refers to virtual environments, in which users interact with one another often through virtual or augmented reality technology, and is found in the form of online games or social networking services.

KT said in a statement it has formed the "Metaverse One Team," which is joined by nine other companies, including mixed reality content developer Dilussion Inc. and visual effects company WYSIWYG Studios, as well as the Korea VR•AR Industry Association.

The group will collaborate in metaverse technology to foster the local industry and expand such services.

Last month, KT also joined a broader cross-industry alliance in metaverse technology, which includes non-tech companies, such as auto giant Hyundai Motor Co. (Yonhap)