- South Korean island, Jeju, wants to use NFTs to attract Gen Z tourists
- The NFTs will be linked to a “ digital tourism resident card” and have exclusive benefits
- Jeju plans to issue the NFTs in the second half of this year
South Korea’s largest island, Jeju, has announced plans to issue an NFT-based “digital tourism resident card” to attract Gen Z tourists. The NFTs will have special benefits like giving holders subsidies and discounts on tourist destinations. Jeju intends to release the collectibles in the second quarter of this year and hopes it’ll encourage tourists to revisit the island, a move that comes at a time when NFT collectors are returning to the scene after a prolonged bearish market.
Jeju Using NFTs To Boost Economy
According to Korea’s Maeil Business Newspaper, the NFTs will be issued by the special self-governing province, adding that the move targets Korean tourists with the ultimate goal being to revitalize Jeju’s economy.
Apart from Gen Z, Jeju wants to entice the Millennial generation to also explore the island’s tourist destinations. Jeju is a popular destination for tourists looking for resorts and hiking trails, and it is the country’s only island with an independent local government.
The announcement comes roughly ten months after the island’s leadership met to discuss tapping collectibles and blockchain technology to boost Jeju’s economy. Apart from agreeing to explore NFTs in the tourism sector, they also contemplated using collectibles in the fishing sector.
“We Have Moved Beyond” Web1 and Web2
Korea Blockchain Industry Promotion Association’s Kwon Soo-ho believes “we have moved beyond” Web1 and Web2 to Web3 which is characterized by decentralization, “blockchain, token economy, and [the] metaverse.”
Jeju isn’t the only island exploring the Web3 world. In 2023, for example, the Faroe Islands unveiled NFT-linked postal stamps to give collectors control of the stamp creation process. Tuvalu, another island, is also working to recreate itself in the metaverse.
With Jeju targeting Korean tourists, it’s to be seen whether the option will later extend to international tourists.
