Jeju Island (an autonomous region off the coast South Korea) is looking to adopt NFTs in order to rejuvenate the local economy. They are seeking growth in the tourism, agricultural, and fishing industries.
The island, with a certain degree of legal autonomy, actively envisages becoming an “NFT city” As a catalyst to economic progress.
Oh Young-hoon declared this at a recent Technology Forum. “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 Leaps into the Future
Jeju has been using cryptocurrencies since 2018 to boost its economy despite South Korea’s strict regulations regarding ICOs. Play-to-Earn NFTsGames and. Local leaders are continuing to pursue this initiative with a firm resolve.
In May, U.S. officials and South Korean officials will discuss the regulation of blockchain assets, with a focus on Bitcoin Spot Exchange Traded Funds. NFT regulation in South Korea A growing NFT market is accompanied by a rising Bitcoin value.
During the recent technology event however, supporters such as Governor Oh indicated that NFTs could be implemented widely across Jeju’s government-run sector. Kwon Sooho, a representative of the Korea Blockchain Industry Promotion Association, also stated that he believes blockchain and NFTs will be a valuable tool on Jeju.
Jeju Research Institute, Jeju Creative Economy Innovation Center and other local entities are actively discussing these digital innovations. They consider possibilities like utilizing NFTs for improving payment systems and tracability in the agricultural domain.
Participants also proposed innovative ideas to leverage NFTs. One idea was to reward tourists who explored the scenic routes along Jeju Olle trail with NFTs. One idea was to certify authenticity of Jeju signature products such as their Black Pork and hallabong Citrus, thus increasing trust and value for these local specialties.
A local currency voucher scheme powered by blockchain technology was also mentioned. Its aim is to encourage regional spending.
Jeju Island, as it charts its path to become a NFT City, is poised to innovate traditional sectors and tourism experiences with cutting-edge Blockchain integration.
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Source: nftplazas.com