It seems that Jeju Island, located in South Korea, is contemplating the launch of Non-Fungible Token (NFT) souvenir cards as part of an effort to entice more visits from younger demographics within their country.
According to a report by the Maeil Business Newspaper dated January 5th, Jeju is planning to introduce digital tourism cards backed by Non-Fungible Tokens (NFTs) around mid-2025, offering various benefits along with them.
As a forward-thinking analyst, I eagerly anticipate that our innovative digital and NFT-based travel cards will capture the curiosity of millennials and Generation Z – individuals born between the late 1980s and early 2010s. I believe this cutting-edge approach will significantly boost the number of returning younger tourists to our island.
Jeju Island, the largest in South Korea, is renowned for being a popular tourist destination offering hiking trails and resorts. It’s also significant as the country’s first autonomous province, boasting its own regional administration. With a rich history, it has been actively involved in cryptocurrency initiatives, debuting a blockchain-based COVID-19 contact tracing application in 2021.
Starting in mid-2025, following an initial testing phase, these NFT-connected travel cards will provide travelers with financial incentives like subsidies and reduced prices at various tourism sites scattered across the island.
In March 2024, it was reported by CNB News that officials from Jeju Island convened to brainstorm ways blockchain technology and Non-Fungible Tokens (NFTs) might bolster their economy. The discussion encompassed potential applications of NFTs in tourism sectors like museums and restaurants, as well as exploring how this tech could be utilized within their fishing industry.
I, as a researcher, observed a surge of interest in cryptocurrencies among South Koreans towards the end of last year. This increase in participation coincided with an uptick in the market, driven by optimistic regulatory developments in the United States.
Last month, Representative Lim Kwang-Hyun from the Democratic Party of Korea stated that South Korea saw a growth of 610,000 new cryptocurrency users in November 2024, bringing the total user count to approximately 15.6 million, which is nearly one-third of the country’s entire population.
In the year 2024, the total NFT sales volume amounted to an impressive $8.83 billion, marking a $100 million increase over the previous year’s figures. However, it’s important to note that this figure still falls significantly short of the record-breaking $23.7 billion in sales volumes achieved in 2022, which remains the peak year for NFT transactions.
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2025-01-06 08:57