Jeju Island, located off the southern coast of the South Korean mainland, is exploring the integration of non-fungible tokens (NFTs) to revitalize its economy. With its distinct legal and administrative status, the island aims to leverage NFT technology to stimulate growth across various sectors, including tourism, agriculture, livestock, and fisheries.
Despite previous attempts to embrace cryptocurrency-driven initiatives since 2018, progress has been limited due to Seoul’s strict stance on ICOs, play-to-earn games, and NFT regulations. However, there’s renewed interest among politicians in Jeju to pursue regulatory changes.
Governor Oh Young-hoon expressed the island’s commitment to exploring innovative strategies during an IT-related forum. Collaborative efforts between provincial officials and private sector stakeholders are underway to advance these initiatives.
NFTs offer promising opportunities for Jeju Island’s economic development. Experts, including Kwon Soo-ho from the Korea Blockchain Industry Promotion Association, believe that blockchain technology and NFTs can be applied across various sectors. These innovations could enhance payment systems, traceability in agriculture and livestock, and even provide incentives for tourists exploring the Jeju Olle Trail.
Moreover, NFTs could facilitate sales and subsidies in agriculture and fisheries, ensuring the authenticity of local products like Jeju Black pork and hallabong citrus fruit. Discussions also involve the potential use of NFTs in currency exchange processes and the creation of blockchain-based local currency vouchers to stimulate community spending and support local businesses.