group of MBA students in South Korea. The network was revolutionary, pioneering user experiences, such as community gifting and public threads, that other networks would adapt years later. Cyworld underwent rapid growth, and in 2003, was acquired by SK Telecom, a billion dollar Korean mobile communications enterprise. Cyworld employed a relatively unique revenue model of selling virtual items (“microtransactions”) to over twenty million users. However, by 2006, the social networking market was changing…
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