South Korea’s Jeju Island to launch NFT-powered Vistor Card later this year
South Korea’s popular tourist destination, Jeju Island, is set to launch visitor cards powered by non-fungible tokens (NFT) this year. This innovation aims to attract younger, tech-savvy tourists in the Millennials and Gen Z age bracket. With this NFT-linked card, tourists can access exclusive discounts and travel subsidies.
Jeju Island NFT Targets Crypto Expansion
Domestic tourists could also receive travel subsidies, memberships, and discounts on local attractions. The travel subsidies will be redeemed in the region’s local currency.
Beyond the digital upliftment, this new development will give the region, Jeju Island is also trying to encourage young people to explore the place. It also intends to use this as a medium to increase the likelihood of return visits. The card issuance will kick off in the second half of 2025, starting with a pilot program for domestic visitors.
In addition to this launch, a plan is to integrate this NFT project with the Tamna Jeon, the local blockchain-based stablecoin. This token has existed since 2019 and helps to support the local economy. It is utilized for rechargeable prepaid cards that incentivize merchants and customers.
The blockchain that will power this digital collectible card remains unknown.
In 2019, the island debuted the Blockchain Hub City Development Research Service to explore advanced blockchain applications. Within two years, it had successfully expanded its initiatives across the public sector in areas such as traffic management systems and VAT refunds for foreign tourists.
Four years ago, the island attempted to become a cashless international city. This led to the introduction of Tamna Jeon. As it stands, the focus is on integrating other cryptocurrencies like Bitcoin BTC $109 452 24h volatility: 1.4% Market cap: $2.18 T Vol. 24h: $72.51 B .
South Korea’s NFT Regulations Cripple Businesses
These new initiatives come as the island seeks to expand the crypto ecosystem based on its jurisdiction. Jeju Island Governor Oh Young-hoon says:
“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 has put effort into crypto-powered growth but has met with obstacles on the way. Most of these challenges are attributed to the strict regulations surrounding Initial Coin Offering (ICO) and NFTs in South Korea. However, the authorities in this region are now pushing for a change.
In the middle of 2024, the Financial Services Commission (FSC) issued new guidelines for NFTs. The guidelines aim to distinguish NFTs from traditional cryptocurrencies. At the time, the FSC noted that some NFTs might lose their uniqueness and act more like cryptocurrencies.
The regulator became more concerned about digital collectibles like cryptocurrencies, especially those easily traded and exchanged. In a short while, this stance forced some NFT-based businesses in South Korea to fold up.
Lotte’s NFT Shop, which differentiated itself from others when it used Korean won (KRW) as its transactional currency, was forced to close on July 2.
next