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Korean Holiday Island to Issue NFTs to Draw in Young Mainland Visitors
- Jeju Island, a top tourist destination in South Korea, is set to issue NFTs as digital tourist cards to attract younger visitors from the mainland.
- These digital collectibles will provide benefits like discounts and subsidies for local activities.
- The initiative aims to begin in the first half of 2025 on a trial basis, with a potential full release in the second half if successful.
- South Korea is a global leader in crypto and blockchain adoption, with around 30% of the population holding or trading digital assets.
The days of every image drawn up in MS Paint being converted into an NFT may be over – but the sphere is far from dead as some may proclaim.
NFTs are essentially a sub-sector of tokenisation, a thriving industry with near-limitless utility.
And now, the South Korean government aims to leverage the potential of NFTs in a move that could spur action from other nations looking to boost youth tourism.
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Jeju Island Introduces NFT-Based Digital Tourist Card for Young Travellers
One of South Korea’s hottest tourist destinations, Jeju Island, is looking to boost younger demographics from the nation’s Mainland by releasing a traveller NFT.
Essentially, visitors will receive a digital tourist card (in the form of an NFT) that will come with several benefits.
These might include discounts or even subsidies for tourism activities, like attending local museums, gardens and restaurants.
The NFT release will kick off in the first half of 2025 on a trial basis which, if successful, will move to full release in H2.
South Korea Leads Blockchain Adoption with Innovative Use Cases
South Korea has swiftly become one of the world’s leading crypto and blockchain adopters, with statistics showing approximately 30% of the nation holds or has traded digital assets.
In particular, Jeju Island already has a history with Web3 tech, having released a COVID-19 tracking app back in 2021 (yes, it really was four years ago).
Related: JPMorgan: ‘Debasement Trade’ Elevates Gold and Bitcoin in Investor Portfolios
The novel idea provides insight into unique and beneficial ways that governments can utilise blockchain technology without exposing themselves to the volatility of the crypto market.
Other nations will be able to sit on their hands and watch how Jeju Island’s initiative unfolds. This will let tourism authorities get a better idea of how appealing NFTs are to younger generations and whether it’s financially logical to build and deploy similar systems.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
