The southeast Korean province of Jeju Island is planning to implement a new economic system based on non-fungible tokens (NFTs).
The island, which has its own administrative and legal standing, is reportedly looking to boost its agricultural, livestock. and fishing industries via NFTs, according to CNB News.
Since 2018, Jeju’s government has been attempting to encourage crypto-powered development via the island’s legal framework.
However, these efforts have had few results so far. When it comes to regulating NFTs, play-to-earn games, and initial coin offerings (ICOs), Seoul has been steadfast.
Nonetheless, it seems that lawmakers in Jeju are prepared to launch a new campaign for reform. During this week’s information technology (IT) event, Jeju Island Governor Oh Young-hoon informed the audience:
“Our emphasis this year is shifting to digital transformation, and we are preparing for it in stages. Web3 is at the heart of everything. Every branch of government may benefit from Web3, which includes NFTs. We are moving ahead with this.”
In addition, Oh said that members from the business sector and the provincial government were “discussing strategies to achieve greater progress together.” In his remarks, the governor also mentioned:
“Making Jeju a ‘NFT city’ is our ultimate objective. We are also considering methods to streamline the payment process for all customers, whether they are South Korean or international tourists visiting Jeju.”
Using NFT technology, Jeju Island might be able to do this, according to Oh. Jeju might benefit from blockchain technology and NFTs, according to Kwon Soo-ho, who heads up the educational activities of the Korea Blockchain Industry Promotion Association.
Attended by executives from “other connected organizations” as well as the Jeju Research Institute and Jeju Creative Economy Innovation Center.
According to Kwon, advancements involving NFTs have the potential to be “applied to many domains” in Jeju, such as the agricultural and “livestock products” sectors, where they might improve payment and traceability processes.
A number of attendees also proposed the idea of employing NFTs for the benefit of walkers and hikers along the 437-kilometer Jeju Olle Trail, which hugs the island’s coastline.
Both locals and visitors from other countries flock to the route. Presenters proposed rewarding guests with discount-granting NFTs after they finish certain trail segments.
Several other presenters brought up the idea of using NFTs to provide subsidies and boost sales in the fishing and agricultural industries.
Officials should utilize NFTs, they said, to assist Jeju farmers in verifying the legitimacy of their food and commodities.
Foods made from Jeju Black pigs are among the island’s most renowned specialties. A close relative of the satsuma, the hallabong is another well-known local delicacy.
Participants also discussed the possibility of using NFTs “during currency exchange and payment” procedures on Jeju.
Additionally, they brought up the idea of offering vouchers denominated in blockchain-powered “local funds” (also known as local stablecoins) and linking them to the fiat KRW.
Officials stated that these could be utilized to bolster community spending at local retailers and provide subsidies.
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