The cryptocurrency-accepting Jeju Islands of South Korea is considering the utilization of Non-Fungible Tokens (NFTs) as a means to entice younger generations, particularly Generation Z, to visit the area.
As per reports from local news outlets, Maeil Kyungjae, a well-known tourist spot in South Korea, plans to launch NFT-driven digital resident cards for tourists in the latter part of 2025. These cards, operating on an undisclosed blockchain technology, are expected to provide unique advantages to tourists like travel discounts, membership privileges, and special offers at local attractions, such as reduced fees or exclusive access.
The island of Jeju boasts a robust tradition of adopting advancements in blockchain technology and cryptocurrencies, with the aim of fostering financial development and positioning itself as a leading center for web3 technologies.
In 2019, the island introduced the Blockchain Hub City Development Research Program, focusing on discovering innovative uses of blockchain technology. By 2021, this initiative had broadened its scope within the public sector, applying blockchain solutions to areas like traffic management systems and VAT refund processes for international tourists.
2020 saw Jeju Island embark on a journey towards becoming a global city that operates primarily without physical cash, by launching Tamna Jeon – a local digital currency. In 2024, they further expanded their strategy by planning to incorporate cryptocurrencies such as Bitcoin into their system.
Enhancing these efforts, the tourism card will now include Tamna Jeon as an option for travel discounts. This move aims to boost local expenditure and foster economic growth on Jeju Island.
As tourists utilize their NFT tourism cards, they can record their travel adventures, capturing details such as the destination, date, images, and videos, all within the blockchain system.
2025 sees the commencement of preliminary operations for the tourism card in its halfway point, followed by a wider rollout once all systems are ready.
This advancement occurs within a wider initiative to integrate blockchain and digital currencies throughout South Korea. The country has been proactively pouring resources into blockchain technology for the improvement of both its public and private spheres, with a populace well-versed in cryptocurrencies.
On February 29th, 2024, the web3 company Dispread joined forces with Arbitrum, an Ethereum layer 2 platform, in an effort to nurture the community of blockchain developers locally.
Later in June, the Ministry of Science and ICT together with the Korea Internet & Security Agency disclosed plans to invest around 20 billion won ($14.5 million) into initiatives that strengthen and support blockchain technology.
2023 saw Busan, South Korea’s second-biggest metropolis, revealing ambitions to spearhead the field of blockchain technology. This involves constructing a city-wide public blockchain infrastructure that can harmoniously function with prominent platforms such as Ethereum and Cosmos.
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2025-01-06 10:40