South Korea’s Jeju Island Launches NFT-Powered Cards to Boost Local Tourism
Jeju Island, a subtropical area of South Korea with its personal distinctive authorized framework, is ready to difficulty NFT-powered customer playing cards in 2025 to draw youthful, tech-savvy vacationers. The island plans to make use of these digital playing cards, which can be linked to NFTs, to supply reductions and journey subsidies to guests.
The island has been attempting to leverage crypto-powered development since 2018 however has confronted challenges as a consequence of South Korea’s strict laws on ICOs and NFTs. Nonetheless, Jeju officers are actually pushing for change.
As reported by Maeil Kyungja, the initiative is aimed toward interesting to the Millennial and Gen Z demographics, encouraging them to discover Jeju and enhance the chance of return visits. The NFT playing cards can be issued within the second half of this 12 months, with a pilot program for home guests set to start later in 2025.
Moreover, the area plans to combine its NFT venture with the native blockchain-based stablecoin, Tamna Jeon, which was launched in 2019 to help the native economic system. The stablecoin is already used for rechargeable pay as you go playing cards providing incentives to each retailers and prospects.
Jeju Island plans to supply home vacationers digital tourism resident playing cards, which can present varied advantages similar to journey subsidies, memberships, and reductions on native points of interest. The journey subsidies can be paid within the island’s native forex.
The Jeju Island Governor Oh Younger-hoon had beforehand stated, “This 12 months, we’re steadily making preparations to concentrate on digital transformation. The core of all that is Web3. We will apply Web3, together with the usage of NFTs, to all areas of the federal government. This can be a step ahead.”
Jeju Island’s resolution to difficulty NFTs comes amidst South Korea’s blended regulatory stance on NFTs. Whereas strict laws have hindered their use in gaming, the island’s plans present how NFTs are being embraced for tourism and native financial improvement.
