Jeju Island, South Korea’s most well-known vacationer vacation spot, is embracing blockchain expertise to rework 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 widespread sights.
NFT Customer Playing cards
Reports from native shops point out that the initiative targets Millennials and Technology 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 expertise to retailer customer information, similar to journey historical past, images, and movies, on a safe and tamper-proof platform. Whereas particulars concerning the blockchain platform and card pricing will not be but out there, a trial part will precede the complete rollout to check this system’s viability.
This initiative builds on Jeju Island’s historical past of exploring blockchain expertise. As an example, again in 2019, the island launched a government-backed analysis venture to place itself as a worldwide blockchain hub. Subsequent initiatives included a COVID-19 contact tracing app in 2021 and an vitality utilization monitoring platform in 2022, each powered by blockchain.
South Korea’s Internet 3 Focus
The transfer additionally aligns with South Korea’s broader deal with Internet 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 have been used to boost funds for presidential campaigns in Seoul.
Extra just lately, the nation’s monetary watchdog, the Monetary Providers Fee (FSC), issued guidelines on NFTs whereby it outlined circumstances through which these tokens ought to be thought-about crypto property.
As well as, South Korea has dedicated important assets to the metaverse. It had beforehand announced plans to take a position greater than $187 million to foster job creation and technological progress.
Final month, South Korea’s buying and selling quantity noticed an enormous spike amid political stress. Consequently, the nation experienced a dramatic surge in crypto adoption. By the tip of 2024, the nation’s crypto consumer base had exceeded 15.5 million.
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