Jeju Island, a picturesque autonomous region off South Korea’s coast, is embracing NFTs to breathe new life into its local economy, with a focus on tourism, agriculture, and fishing industries.
Governor Oh Young-hoon recently announced plans to make Jeju an “NFT city” to drive economic growth through digital transformation. He emphasized the potential of Web3 and NFTs to revolutionize various government sectors.
Despite strict regulations on cryptocurrencies in South Korea, Jeju has been exploring their use since 2018. Now, local leaders are determined to leverage NFTs despite regulatory challenges.
In May, officials from the US and South Korea will discuss blockchain regulations, including NFT regulation, amidst a booming NFT market and rising Bitcoin value.
Governor Oh and others believe NFTs can be widely applied in Jeju, with Kwon Soo-ho from the Korea Blockchain Industry Promotion Association also expressing optimism.
Local entities like the Jeju Research Institute and Jeju Creative Economy Innovation Center are exploring ways to utilize NFTs in sectors like agriculture and tourism. Possibilities include improving payment systems and product traceability.
NFTs could also be used to reward tourists exploring Jeju’s scenic routes and certify the authenticity of local specialties like Black pork and hallabong citrus, enhancing their value and trust.
Furthermore, discussions are underway to introduce a blockchain-based local currency voucher system to encourage regional spending, akin to previous efforts to implement a local stablecoin project.
As Jeju Island sets its sights on becoming an NFT city, it aims to innovate traditional sectors and tourist experiences through cutting-edge blockchain integration.
