Authorities on South Korea’s Jeju Island will launch NFT maps for tourists
The digital document will allow visitors to the province to receive discounts and subsidies
06.01.2025 - 08:45
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What’s new? Authorities on South Korea’s Jeju Island will issue tourist cards in non-fungible token (NFT) format to attract younger tourists. The NFT cards, which offer benefits, will be available in the second half of 2025.
Material by Maeil Business Newspaper
What else is known? The digital cards will offer travel subsidies and discounts at tourist spots across the island. Jeju-do is the country’s largest island and a popular tourist hotspot known for its hiking trails and resorts.
It is the first province with its own local government and has previously launched crypto initiatives. For instance, in 2021, a blockchain-based COVID-19 contact tracking app was launched.
Back in March 2024, Jeju-do officials discussed how blockchain and NFTs could help the island’s economy when used in tourism, including museums and restaurants, as well as the fishing industry.
Later, Democratic Party lawmaker Lim Kwang-Hyun said the number of South Korean crypto users increased by 610 000 in November to 15,6 million, accounting for about 30% of the country’s population.
NFT sales in 2024 reached a total of $8,83 billion, surpassing the 2023 figure by 100 million. However, the result is far from the 2022 peak of $23,7 billion.
CryptoQuant CEO: South Korea’s financial problems may force cryptocurrency businesses to go overseas
Capital outflows could further destabilize the local financial system, making the country less attractive to international investors
Last month, top managers of the South Korean crypto exchange Bithumb received prison sentences for bribes in listing coins.
In November, authorities in the South Korean city of Phaju announced the confiscation of cryptocurrencies from citizens with tax debts.
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