Jeju Island, an autonomous region located off the coast of South Korea, is considering the adoption of NFTs to rejuvenate its local economy, seeking growth in tourism, agriculture, and the fishing industry.
The island, which enjoys a certain degree of legal independence, is actively planning to become an “nft city” as a catalyst for economic advancement.
Jeju Province Governor Oh Young-hoon stated at a recent technology forum: “This year, we are gradually making preparations to focus on digital transformation. The core of all this is Web3. We can apply Web3, including the use of NFTs, to all areas of government. “This will be a step forward.”
<img decoding="async" class="aligncenter wp-image-66539 size-full lazyload" src="https://technicalterrence.com/wp-content/uploads/2024/03/Korean-island-of-Jeju-turns-to-NFTs-to-revitalize-tourism.jpg" alt="Jeju Island nft” width=”1600″ height=”1000″/><img decoding="async" class="aligncenter wp-image-66539 size-full lazyload" src="https://technicalterrence.com/wp-content/uploads/2024/03/Korean-island-of-Jeju-turns-to-NFTs-to-revitalize-tourism.jpg" alt="Jeju Island nft” width=”1600″ height=”1000″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Korean-island-of-Jeju-turns-to-NFTs-to-revitalize-tourism.jpg 1600w, https://nftplazas.com/wp-content/uploads/2024/03/5822_11323_93-fotor-2024030682629-300×188.jpg 300w, https://nftplazas.com/wp-content/uploads/2024/03/5822_11323_93-fotor-2024030682629-1024×640.jpg 1024w, https://nftplazas.com/wp-content/uploads/2024/03/5822_11323_93-fotor-2024030682629-768×480.jpg 768w, https://nftplazas.com/wp-content/uploads/2024/03/5822_11323_93-fotor-2024030682629-1536×960.jpg 1536w, https://nftplazas.com/wp-content/uploads/2024/03/5822_11323_93-fotor-2024030682629-370×231.jpg 370w, https://nftplazas.com/wp-content/uploads/2024/03/5822_11323_93-fotor-2024030682629-760×475.jpg 760w” sizes=”(max-width: 1600px) 100vw, 1600px”/>
Jeju Island's leap into the future
Since 2018, Jeju has been exploring the use of cryptocurrencies to boost its economy despite South Korea's strict regulations on ICOs. Play-to-earn nftand games. Local leaders continue to advance this initiative with strong determination.
On a broader scale, US and South Korean officials will discuss blockchain asset regulations in May, focusing on bitcoin spot ETFs and nft Regulation in South Korea amid a growing nft market and rising value of bitcoin.
However, at the recent tech event, proponents like Governor Oh suggested that NFTs have the potential to be widely deployed across all sectors run by the Jeju government.
Figures such as Kwon Soo-ho of the Korea Blockchain Industry Promotion Association also announced the belief that blockchain and NFTs can find substantial utility on the island.
The Jeju Research Institute and the Jeju Creative Economy Innovation Center were among the various local entities that participated in discussions on these digital innovations, considering possibilities such as the use of nft to improve payment systems and traceability in the fields. agricultural and livestock.
Additionally, participants proposed using nft as a digital reward for tourists exploring the scenic routes of the Jeju Olle Trail and to certify the authenticity of Jeju products, such as its black pork and hallabong citrus fruits, improving the trust and value of these local specialties.
Further discussed was the introduction of a blockchain-powered local currency voucher system aimed at stimulating regional spending and echoing previous efforts to implement a local stablecoin project.
As Jeju Island charts its course to evolve into an nft city, it stands on the threshold of innovation in traditional sectors and tourism experiences through cutting-edge blockchain integration.
They want more? Connect with nft Plazas
Subscribe to our newsletter
Join our discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram
*All financial/investment opinions expressed by nft Plazas come from the personal research and experience of our site moderators and are intended to be educational material only. People should thoroughly research any product before making any type of investment.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js?v=next’);