The island of Jeju in South Korea has introduced its intention to supply the brand new “digital tourism resident card” in NFT format to Korean guests. The purpose is to draw a higher variety of vacationers by providing them unique advantages in return.
South Korea and the brand new NFT vacationer playing cards of Jeju Island
The island of Jeju in South Korea has introduced that, from the second half of 2025, it will supply new “resident playing cards for digital tourism” in NFT format to guests.
In accordance with quanto riportato by the Maeil Enterprise Newspaper, Korean vacationers visiting Jeju will have the ability to take pleasure in numerous advantages due to the brand new NFT vacationer playing cards.
Such NFT playing cards can be launched within the second half of the yr, with the intention of attracting the eye particularly of GenZ guests. On this regard, the Island plans to extend the speed of revisitation due to the usage of digital vacationer id playing cards for residents.
With the brand new NFT card, vacationers will have the ability to journey to Jeju with a digital vacationer keep card, and register the vacation spot, time, picture, and video on the associated blockchain platform.
In trade, Jeju Island plans to supply subsidies for journey, registrations, and reductions on vacationer locations.
South Korea: the regulation of digital belongings and NFT
Whereas Jeju Island goals at NFTs to draw Korean GenZ guests, South Korea had already proven assist for the sector.
In reality, final June, South Korea had made a shift within the regulation of digital belongings, together with NFTs.
Particularly, the Nation’s Monetary Providers Fee has determined to deal with some NFTs like common cryptocurrencies, introducing a regulatory framework supposed to control the rising market of mass-produced NFTs.
This transfer aimed to make sure higher transparency and safety out there whereas concurrently defending shoppers.
For a lot of, this new regulatory mannequin can signify a mannequin for different nations and contribute to establishing world requirements for the NFT sector.
The NFT market of 2024
Lately, it was analyzed how the NFT market in 2024 has elevated in worth, with the gross sales quantity surpassing that of 2023 by 100 million {dollars}.
In reality, the NFTs closed 2024 with a complete gross sales quantity of 8.8 billion {dollars}.
Dominating the scene all year long, the blockchains of Ethereum and Bitcoin have been accountable, with gross sales of three.1 billion {dollars} every in 2024.
Because the NFT assortment of the yr, Pudgy Penguins emerged, remaining on the high of the rankings throughout 2024. Not solely that, on December 17, Pudgy Penguins NFT additionally launched its new token PENGU. In the present day, the value of PENGU is performing higher than the primary cryptos.