South Korea’s Jeju Island Said to Use NFT-Backed Visitor Cards to Attract Younger Tourists

Jeju Island, a self-governing province in South Korea, will reportedly incorporate non-fungible tokens (NFTs) expertise into its tourism technique. According to a latest report by South Korean publication Maeil Kyungjae (MK), the island’s authorities are launching an NFT-backed initiative to spice up tourism. Starting in 2025, they plan to introduce NFT-powered digital customer playing cards providing unique advantages to cardholders throughout their keep, the report claimed.

Key Details on Jeju’s Upcoming Digital Visitor NFTs

Jeju Island plans to launch NFT-based customer playing cards within the second half of 2025, leveraging the functionalities of blockchain expertise, in response to a report by South Korean publication Maeil Kyungjae (MK). These digital playing cards will supply guests reductions, membership perks at well-liked points of interest, and journey subsidies for home vacationers.

While the particular blockchain platform for these playing cards has but to be disclosed, they may allow vacationers to securely report their journey particulars—reminiscent of places, photographs, and movies—on a associated platform. The knowledge saved on the playing cards will stay tamper-proof, offering a safe and personalised expertise.

Designed to enchantment to tech-savvy Millennials and Gen Z travellers, the initiative goals to spice up tourism to the self-governing island, the report acknowledged. Before their full launch, the playing cards are stated to endure pilot testing, although particulars on pricing, availability, and different specifics stay beneath wraps.

Jeju Island’s History with Web3

The plan to launch NFT-powered customer playing cards shouldn’t be Jeju Island’s first foray into Web3 exploration. In 2019, Jeju Island started researching blockchain options as a part of the ‘Global Blockchain Hub City Creation Research Service,’ a challenge introduced on August 13, 2019, with a reported funds of 170 million KRW (roughly Rs. 1 crore). The initiative aimed to assist the general public expertise blockchain expertise firsthand.

In 2022, the island additionally outlined plans to introduce a blockchain-based vitality utilization platform to trace residents’ energy-saving and spending actions on a distributed ledger. With a historical past of providing blockchain-based public service options, Jeju Island’s introduction of NFT customer playing cards is one other step in its ongoing exploration of blockchain expertise. Position of South Korea in Web3

South Korea is actively growing rules for the quickly rising digital asset sector. Reports from June and July 2024 revealed that regulators in South Korea have categorised NFTs as digital property, much like cryptocurrencies. The Financial Services Commission (FSC) stated acknowledged that as a result of NFTs can function a type of fee as a result of their underlying monetary worth, they need to be thought of digital property.

The nation has expressed a robust curiosity in increasing into Web3 sectors, together with the metaverse. In 2022, South Korea introduced plans to speculate over $177 million (roughly Rs. 1,372 crore) into metaverse tasks, aiming to generate job alternatives within the house.

While cryptocurrency buying and selling is allowed in South Korea, exchanges should adjust to Know Your Customer (KYC) rules. Cryptocurrencies usually are not acknowledged as authorized tender. As of December 2024, reports point out that South Korea’s crypto consumer base has surpassed 15 million.