Jeju Island, a subtropical province off the southern coast of the South Korean mainland, says it wants to use non-fungible tokens (NFTs) to transform its economy.
According to CNB News, the island – which has its own legal and administrative status – wants to use NFTs to boost growth in the tourism sector, agriculture, livestock farming and fishing.
Jeju Island Renews Hopes on Crypto?
Jeju officials have been trying to use the island’s legal system to promote cryptocurrency-fueled growth since 2018.
So far, however, few such efforts have come to fruition. Seoul has so far refused to budge on its tough stance on ICOs, play-to-earn games and NFT regulation.
However, it appears that politicians are now ready to make another bid for change in Jeju.
Jeju Island Governor Oh Young-hoon told attendees at an IT-related forum this week:
“This year we are gradually preparing to focus on digital transformation. At the heart of it all is Web3. We can apply Web3, including the use of NFTs, to all areas of government. This will be a step forward.”
Oh added that provincial officials and private sector representatives discussed “ways to make further progress together.” The governor added:
“Our goal is to make Jeju an ‘NFT city’. We are even thinking about ways to make payments easy for everyone – both South Korean and foreign visitors – anywhere in Jeju.”
How can NFTs help boost the Jeju economy?
NFT technology, Oh suggested, could help Jeju Island achieve this goal. Kwon Soo-ho, the head of educational activities of the Korea Blockchain Industry Promotion Association, also claimed that blockchain technology and NFTs can be used everywhere in Jeju.
Executives from the Jeju Research Institute, the Jeju Creative Economy Innovation Center and “other related organizations” also attended the event.
Kwon said NFT-related innovations could be applied “in various areas” in Jeju, including payments and traceability in the agricultural and “livestock products” industries.
Participants also suggested using NFTs for hikers and walkers on the Jeju Olle Trail, a 437km network of hiking trails along the island’s coastline.
The trail is a major attraction for foreign and domestic tourists. Speakers suggested awarding discounted NFTs to visitors who complete certain sections of the trail.
Hikers on the Jeju Olle Trail. (Rick McCharles [CC BY 2.0])
Other speakers suggested that NFTs could be used to boost sales and subsidies in the agricultural and fishing sectors.
They also said officials could use NFTs to help Jeju producers prove the authenticity of their goods and foodstuffs.
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Jeju is known for its delicacies, including pork products from Jeju Black pigs. Another well-known local specialty is the hallabonga citrus fruit closely related to the satsuma.
Attendees further discussed the use of NFTs “during currency exchange and payment processes” in Jeju.
They have also revived discussion about blockchain-powered “local currency” vouchers (aka local stablecoin) that can be pegged to the fiat KRW.
Officials said these could be used to provide grants and boost community spending at local outlets.