Jeju Island, a subtropical area of South Korea with its personal distinctive authorized framework, is ready to subject 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 making an attempt to leverage crypto-powered development since 2018 however has confronted challenges as a result 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 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 assist the native financial system. The stablecoin is already used for rechargeable pay as you go playing cards providing incentives to each retailers and clients.
Jeju Island plans to supply home vacationers digital tourism resident playing cards, which is able to present varied advantages equivalent to journey subsidies, memberships, and reductions on native points of interest. The journey subsidies shall be paid within the island’s native forex.
The Jeju Island Governor Oh Younger-hoon had beforehand stated, “This yr, we’re regularly making preparations to give attention to digital transformation. The core of all that is Web3. We will apply Web3, together with using NFTs, to all areas of the federal government. This shall be a step ahead.”
Jeju Island’s determination to subject 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 improvement.
