The renowned travel hotspot, Jeju Island in South Korea, is adopting blockchain technology as a means of revolutionizing its tourism industry.
From mid-year 2025 onwards, the autonomous region intends to introduce digital visitor cards based on Non-Fungible Tokens (NFTs). These cards will provide discounts, travel incentives, and exclusive benefits at well-known tourist destinations.
NFT Visitor Cards
According to local news sources, the initiative aims to attract younger travelers, specifically those from the Millennial and Generation Z generations, by offering a high-tech travel experience. This is part of an effort to stimulate growth in the island’s tourism sector.
The NFT cards will utilize blockchain technology to keep traveler information, including past trips, photos, and videos, safe and unalterable. As of now, specifics about the blockchain platform and pricing for the cards are still undisclosed. However, a trial period is planned before the official launch, to evaluate the program’s effectiveness.
This endeavor further develops Jeju Island’s legacy of investigating blockchain solutions. For example, as early as 2019, the island introduced a research project backed by the government with the aim of establishing itself as a leading global hub for blockchain technology. In 2021, it launched a contact tracing app for COVID-19, and in 2022, it unveiled an energy consumption monitoring platform – both relying on blockchain technology.
South Korea’s Web 3 Focus
This action aligns with South Korea’s broader emphasis on Web 3 and digital advancement. In fact, South Korea delved into NFTs as early as 2021, investigating how this field could be incorporated into their taxation system. The subsequent year saw the use of NFTs for fundraising in Seoul’s presidential campaigns.
Lately, the nation’s financial regulatory body, the Financial Services Commission (FSC), has provided instructions about Non-Fungible Tokens (NFTs). In these guidelines, they clarified situations where these tokens would be classified as cryptocurrencies.
Furthermore, South Korea has pledged substantial funds towards the development of the metaverse. Earlier, they declared their intention to invest over 2 billion won (approximately $187 million) with the aim of boosting employment opportunities and technological advancements.
In the past month, South Korea witnessed a significant increase in trading volume due to political unrest, which in turn led to a substantial rise in cryptocurrency adoption. Consequently, by the end of 2024, more than 15.5 million individuals in the country had become crypto users.
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2025-01-07 08:22