South Korean Island to Issue NFT-Powered Cards for Tourists

• A South Korean island to launch NFT-powered visitor cards to boost local tourism.
• Visitors can link the cards to their NFTs and get discounts and travel subsidiaries.
• With this move, Jeju Island aims to boost local tourism among the young generation.

In a bid to boost its local glory, Jeju Island in South Korea has proposed a unique idea to leverage tourism in its vicinity. To attract the younger and tech-savvy tourists, the island has proposed to issue a ‘tourist resident card’, that can be linked to the users’ non-fungible tokens (NFTs) for discounts and travel subsidiaries. 

The project is integrated with the local stablecoin, Tamna Jeon, and will be referred to as ‘Tao’. These cards are said to be rolled out in the latter half of 2025, focusing especially on the MZ generation (millennials and Zoomers) to boost the rate of return visits. Earlier in 2019, the stablecoin was used to enhance the local economy and many residents used rechargeable prepaid cards, with the incentives being offered for both merchants and customers. Talking about the initiative, Oh Young-hoon, the governor of the island said,”

This year, we are gradually making preparations to focus on digital transformation. The core of all this is Web3. We can apply Web3, including the use of NFTs, to all areas of the government. This will be a step forward.

Facing regulatory struggles, this move from the South Korean island has surprised the crypto world. Although stringent regulations have hindered the NFT gaming sector, the ‘visitor card’ proposal could be taken as an initiative to boost local tourism and overall economic development.

Recently, the NFT sector has witnessed several developments. While the meme coin PENGU’s NFT floor price surpassed Bitcoin’s, by hitting the $108K mark, CyberKongz, a NFT gaming project received a notice from the SEC.

The Wells notice, which is issued by the U.S. SEC, signaled a potential enforcement action against the receiver. However, CyberKongz criticized the move, stating that such a stance could have dire consequences. Further, these instances shed light on the volatile nature of the platform and its challenges faced in the Web3 gaming space. 

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