Jeju Island, a subtropical area of South Korea with its personal distinctive authorized framework, is ready to concern 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 shall be linked to NFTs, to offer reductions and journey subsidies to guests.
The island has been attempting to leverage crypto-powered development since 2018 however has confronted challenges attributable to South Korea’s strict laws on ICOs and NFTs. Nonetheless, Jeju officers at the moment are pushing for change.
As reported by Maeil Kyungja, the initiative is geared toward interesting to the Millennial and Gen Z demographics, encouraging them to discover Jeju and improve the probability of return visits. The NFT playing cards shall be issued within the second half of this yr, with a pilot program for home guests set to start later in 2025.
Moreover, the area plans to combine its NFT mission with the native blockchain-based stablecoin, Tamna Jeon, which was launched in 2019 to help the native financial 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 comparable to journey subsidies, memberships, and reductions on native sights. The journey subsidies shall be paid within the island’s native forex.
The Jeju Island Governor Oh Younger-hoon had beforehand mentioned, “This yr, we’re progressively making preparations to deal with digital transformation. The core of all that is Web3. We are able to apply Web3, together with the usage of NFTs, to all areas of the federal government. This shall be a step ahead.”
Jeju Island’s resolution to concern NFTs comes amidst South Korea’s combined 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 growth.
