Jeju Island, a well-known travel spot in South Korea, plans to debut visitor cards linked with non-fungible tokens (NFT) this year. The goal is to entice tech-friendly tourists who belong to the Millennial and Gen Z generations. With this NFT-linked card, vacationers can enjoy special deals and travel incentives.
Jeju Island NFT Targets Crypto Expansion
Locals might likewise benefit from travel grants, special deals, and reduced prices at regional attractions. These travel grants can be used with the area’s local money.
In addition to its digital advancements, Jeju Island is actively promoting the region to attract more young people to discover it. The aim is to boost repeat visits as well. The launch of this initiative will commence mid-2025, initially focusing on a trial run for domestic travelers.
Beyond this unveiling, we’re also considering linking our NFT initiative with Tamna Jeon, a locally-based stablecoin running on blockchain technology. Introduced in 2019, it plays a significant role in bolstering the local economy by being used for rechargeable prepaid cards that motivate both merchants and consumers.
The blockchain that will power this digital collectible card remains unknown.
In 2019, the island launched the Blockchain Hub City Development Research Service, which was aimed at investigating innovative uses of blockchain technology. Over a span of two years, it successfully extended these initiatives to various public sectors, including traffic management systems and tax refund processes for overseas visitors.
Four years ago, the island aimed to transition into a cashless international metropolis and introduced Tamna Jeon as part of this initiative. Currently, efforts are being made to incorporate other digital currencies such as Bitcoin, with its current price being approximately $98,704, a 24-hour volatility of 1%, and a market capitalization of $1.95 trillion, with a 24-hour trading volume of $29.85 billion.
South Korea’s NFT Regulations Cripple Businesses
These recent actions represent an effort by Jeju Island to broaden its cryptocurrency infrastructure within its governance, according to Jeju Island Governor Oh Young-hoon.
2021 marks our steady progress towards prioritizing digital advancement, with Web3 serving as the foundation. By utilizing Web3 technologies such as Non-Fungible Tokens (NFTs), we aim to integrate this across every sector within the government, marking a significant leap forward.
Jeju Island has been actively pursuing cryptocurrency-driven growth, but has encountered hurdles along the way. Many of these difficulties stem from the stringent rules regarding Initial Coin Offerings (ICOs) and Non-Fungible Tokens (NFTs) in South Korea. Yet, local officials are now advocating for a more lenient policy shift.
In mid-2024, the Financial Services Commission (FSC) released new directives for Non-Fungible Tokens (NFTs). These instructions are designed to differentiate NFTs from conventional digital currencies. Back then, the FSC pointed out that certain NFTs could potentially lose their uniqueness and behave more like cryptocurrencies.
As an analyst, I find myself growing increasingly attentive towards the realm of digital collectibles, particularly cryptocurrencies that can be swiftly traded and swapped. Recently, regulatory apprehension has led to a more stringent stance, which has compelled certain NFT-based ventures in South Korea to cease operations.
On July 2nd, Lotte’s NFT Store, unique for utilizing Korean Won (KRW) in transactions, was compelled to shut down.
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2025-01-06 14:18