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coinpedia 2025-01-06 04:57:54

South Korea’s Jeju Island Launches NFT-Powered Cards to Boost Local Tourism

The post South Korea’s Jeju Island Launches NFT-Powered Cards to Boost Local Tourism appeared first on Coinpedia Fintech News Jeju Island, a subtropical region of South Korea with its own unique legal framework, is set to issue NFT-powered visitor cards in 2025 to attract younger, tech-savvy tourists. The island plans to use these digital cards, which will be linked to NFTs, to provide discounts and travel subsidies to visitors. The island has been trying to leverage crypto-powered growth since 2018 but has faced challenges due to South Korea’s strict regulations on ICOs and NFTs. However, Jeju officials are now pushing for change. As reported by Maeil Kyungja, the initiative is aimed at appealing to the Millennial and Gen Z demographics, encouraging them to explore Jeju and increase the likelihood of return visits. The NFT cards will be issued in the second half of this year, with a pilot program for domestic visitors set to begin later in 2025. Additionally, the region plans to integrate its NFT project with the local blockchain-based stablecoin, Tamna Jeon, which was introduced in 2019 to support the local economy. The stablecoin is already used for rechargeable prepaid cards offering incentives to both merchants and customers. Jeju Island plans to offer domestic tourists digital tourism resident cards, which will provide various benefits such as travel subsidies, memberships, and discounts on local attractions. The travel subsidies will be paid in the island’s local currency. The Jeju Island Governor Oh Young-hoon had previously said, “This year, we are gradually making preparations to focus on digital transformation. The core of all this is Web3. We can apply Web3, including the use of NFTs, to all areas of the government. This will be a step forward.” Jeju Island’s decision to issue NFTs comes amidst South Korea’s mixed regulatory stance on NFTs. While strict regulations have hindered their use in gaming, the island’s plans show how NFTs are being embraced for tourism and local economic development.