Jeju Island, South Korea’s most well-known vacationer vacation spot, is embracing blockchain know-how to remodel its tourism sector.
Beginning within the second half of 2025, the self-governing province plans to roll out NFT-based digital customer playing cards, providing reductions, journey subsidies, and particular membership perks at well-liked points of interest.
NFT Customer Playing cards
Stories from native shops point out that the initiative targets Millennials and Era Z vacationers in a bid to spice up the island’s tourism trade by offering a tech-driven expertise.
The NFT playing cards will leverage blockchain know-how to retailer customer information, comparable to journey historical past, images, and movies, on a safe and tamper-proof platform. Whereas particulars in regards to the blockchain platform and card pricing aren’t but obtainable, a trial part will precede the total rollout to check this system’s viability.
This initiative builds on Jeju Island’s historical past of exploring blockchain know-how. As an example, again in 2019, the island launched a government-backed analysis challenge to place itself as a world blockchain hub. Subsequent initiatives included a COVID-19 contact tracing app in 2021 and an power utilization monitoring platform in 2022, each powered by blockchain.
South Korea’s Net 3 Focus
The transfer additionally aligns with South Korea’s broader give attention to Net 3 and digital innovation. South Korea first began exploring NFTs in 2021 to look at the combination of this sector into its tax system. The next yr, NFTs had been used to lift funds for presidential campaigns in Seoul.
Extra not too long ago, the nation’s monetary watchdog, the Monetary Companies Fee (FSC), issued tips on NFTs whereby it outlined instances wherein these tokens must be thought-about crypto belongings.
As well as, South Korea has dedicated vital assets to the metaverse. It had beforehand introduced plans to speculate greater than $187 million to foster job creation and technological development.
Final month, South Korea’s buying and selling quantity noticed a large spike amid political pressure. Because of this, the nation skilled a dramatic surge in crypto adoption. By the top of 2024, the nation’s crypto person base had exceeded 15.5 million.
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