South Korea’s subtropical Jeju Island plans to woo millennial and Gen Z tourists by issuing NFT-powered “visitors’ cards.”
The newspaper Maeil Kyungjae reported the Jeju Island Special Self-Governing Province “plans to issue a digital tourist card.”
Jeju Island to Take NFT Plunge?
The province will issue the cards “in conjunction with a non-fungible token” on an unnamed blockchain network.
Hallasan, one of Jeju Island’s top tourist attractions. (Source: gary4now [CC BY 3.0])
The province, which has its own self-governing status and legal system, says it wants to start issuing the tokens “in the second half of this year.”
Jeju will name the card and NFTs “Tao.” And it will let tourists use the NFTs to obtain discounts and “travel subsidies.”
The province added that Jeju Island’s NFTs “will encourage the MZ generation (millennials and “zoomers”) to visit. They also hope the tokens “will increase the rate of return visits.”
The province will pilot the Tao card in the next few months and hopes to begin rolling its NFTs out to “domestic visitors” later in 2025.
Stablecoin Link
The province also plans to link its NFT operations with its local blockchain-powered Tamna Jeon stablecoin.
The province first rolled out Tamna Jeon in 2019 in an attempt to revitalize the local economy.
Many residents use rechargeable prepaid Tamna Jeon cards in stores, with incentives offered for both merchants and customers.
The province claimed that NFT holders would be able to enjoy “discounts on tourist attractions.”
However, the association with Jeju’s local stablecoin appears to suggest that the island province could issue the NFTs on a private blockchain network.
NFTs: Regulatory Change in South Korea?
NFTs have enjoyed mixed fortunes in South Korea, where strict regulations have restricted their use in the gaming sector.
Some game makers have been forced to abandon plans to launch blockchain gaming titles in the nation with regulators claiming their NFTs have a monetary value.
This, gaming regulators say, means the titles can be equated with gambling, which is also effectively illegal in South Korea.
That could change if potential candidates for the Korean Sport and Olympic Committee get their way.
The body, which regulates sports in South Korea, is set to appoint a new head. Per Prime Kyungjae, the incumbent leader and candidate for re-election Lee Ki-heung complained that “government interference” was holding innovators back. Lee said:
“Because of [government] regulations, we cannot engage in NFT business or sponsorship.”
Lee indicated that he was prepared to push Seoul to change its stance on NFTs.
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