South Korea’s Jeju Island to Launch NFT-Powered Tourism Cards by 2025

Jeju Island, South Korea’s most well-known vacationer vacation spot, is embracing blockchain expertise to remodel its tourism sector.

Beginning within the second half of 2025, the self-governing province plans to roll out NFT-based digital customer playing cards, providing reductions, journey subsidies, and particular membership perks at in style points of interest.

NFT Customer Playing cards

Reports from native retailers point out that the initiative targets Millennials and Technology Z vacationers in a bid to spice up the island’s tourism business by offering a tech-driven expertise.

The NFT playing cards will leverage blockchain expertise to retailer customer knowledge, corresponding to journey historical past, photographs, and movies, on a safe and tamper-proof platform. Whereas particulars concerning the blockchain platform and card pricing usually are not but out there, a trial part will precede the complete rollout to check this system’s viability.

This initiative builds on Jeju Island’s historical past of exploring blockchain expertise. As an example, again in 2019, the island launched a government-backed analysis undertaking to place itself as a world blockchain hub. Subsequent initiatives included a COVID-19 contact tracing app in 2021 and an vitality utilization monitoring platform in 2022, each powered by blockchain.

South Korea’s Net 3 Focus

The transfer additionally aligns with South Korea’s broader deal with Net 3 and digital innovation. South Korea first began exploring NFTs in 2021 to look at the mixing of this sector into its tax system. The next yr, NFTs had been used to boost funds for presidential campaigns in Seoul.

Extra not too long ago, the nation’s monetary watchdog, the Monetary Providers Fee (FSC), issued guidelines on NFTs whereby it outlined instances through which these tokens needs to be thought of crypto property.

As well as, South Korea has dedicated vital assets to the metaverse. It had beforehand announced plans to take a position greater than $187 million to foster job creation and technological development.

Final month, South Korea’s buying and selling quantity noticed an enormous spike amid political stress. Because of this, the nation experienced a dramatic surge in crypto adoption. By the tip of 2024, the nation’s crypto person base had exceeded 15.5 million.