Jeju Island, an autonomous region off the coast of South Korea, is considering the adoption of NFTs to rejuvenate the local economy and is aiming for growth in the tourism, agriculture and fishing sectors.
The island, which enjoys a degree of legal independence, is actively considering becoming an ‘NFT city’ as a catalyst for economic progress.
Jeju Province Governor Oh Young-hoon stated at a recent technology forum: “This year, we are gradually preparing to focus on digital transformation. At the heart of it all is Web3. We can apply Web3, including the use of NFTs, to all areas of government. This will be a step forward.”
The leap into the future of Jeju Island
Since 2018, Jeju has been exploring the use of cryptocurrencies to boost its economy, despite South Korea’s strict regulations on ICOs. Play NFTs to earn, and games. Local leaders continue to pursue this initiative with determination.
On a broader scale, officials from the US and South Korea will discuss blockchain asset regulations in May, with a focus on Bitcoin Spot ETFs and NFT regulation in South Korea amid a growing NFT market and rising Bitcoin value.
However, during the recent technology event, proponents such as Governor Oh suggested that NFTs have the potential to be widely implemented in Jeju’s government-run sectors.
Figures like Kwon Soo-ho of the Korea Blockchain Industry Promotion Association also announced the belief that blockchain and NFTs could have substantial use on the island.
The Jeju Research Institute and the Jeju Creative Economy Innovation Center were among several local entities involved in discussions on these digital innovations, considering options such as using NFTs to improve payment systems and traceability in the agriculture and livestock sectors.
Furthermore, participants proposed using NFTs as a digital reward for tourists exploring the scenic routes of the Jeju Olle Trail and certifying the authenticity of Jeju products such as black pork and hallabong citrus, increasing the trust and value of these local specialties is increased.
Furthermore, the introduction of a blockchain-backed local currency voucher system, aimed at encouraging regional spending and following previous attempts to implement a local stablecoin project, was discussed.
As Jeju Island charts its course to evolve into an NFT city, it stands on the cusp of innovating traditional industries and tourism experiences through advanced blockchain integration.
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