Jeju Island, an autonomous region situated off the coast of South Korea, is eyeing the adoption of NFTs to rejuvenate its local economy, seeking growth in tourism, agriculture, and the fishing industry.
The island, which enjoys a degree of legal independence, is actively envisioning becoming an “NFT city” as a catalyst for economic advancement.
The Governor of Jeju Province, Oh Young-hoon, declared 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’s Leap into the Future
Since 2018, Jeju has been exploring the use of cryptocurrencies to boost its economy despite South Korea’s strict regulations on ICOs, Play-to-Earn NFTs, and games. Local leaders continue to pursue this initiative with firm resolve.
On a broader scale, officials from the U.S. and South Korea are set to discuss blockchain asset regulations in May, focusing on Bitcoin Spot ETFs and NFT regulation in South Korea amid a growing NFT market and rising Bitcoin value.
In the recent technology event, however, proponents such as Governor Oh suggested that NFTs have the potential to be widely implemented across Jeju’s government-run sectors.
Figures like Kwon Soo-ho from the Korea Blockchain Industry Promotion Association also announced the belief that blockchain and NFTs can find substantial utility on the island.
The Jeju Research Institute and Jeju Creative Economy Innovation Center were among the various local entities engaging in discussions about these digital innovations, considering possibilities such as utilizing NFTs to improve payment systems and traceability in the agricultural and livestock domains.
Additionally, participants proposed using NFTs as a digital reward for tourists exploring the scenic routes of the Jeju Olle Trail and to certify the authenticity of Jeju products like its Black pork and hallabong citrus, enhancing trust and value in these local specialties.
Further discussed was the introduction of a blockchain-empowered local currency voucher system aimed at stimulating regional spending and echoing prior endeavors to implement a local stablecoin project.
As Jeju Island charts its course to evolve into an NFT city, it stands at the threshold of innovating traditional sectors and tourist experiences through cutting-edge blockchain integration.
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