Jeju Island, South Korea, Eyes NFT-powered Growth

cryptonews.com:

Jeju Island, a subtropical province off the South Korean mainland’s south coast, 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 spark growth in the tourism industry, agricultural, livestock, and fisheries sectors.

Jeju officials have been trying to use the island’s legal system to foster crypto-powered growth since 2018.

Little has come of such efforts so far, however. Seoul has thus far refused to budge on its hardline stance on ICOs, play-to-earn games, and NFT regulation.

However, it appears politicians are now ready to make a fresh bid for change in Jeju.

The Jeju Island Governor Oh Young-hoon told attendees at an IT-related forum this week:

“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.”

Oh added that provincial officials and private sector representatives were “discussing ways to make further progress together.” The Governor added:

“We have a goal of turning Jeju into an ‘NFT city.’ We are even thinking about ways to make payments convenient for everyone – both South Korean and overseas visitors – everywhere in Jeju.”

NFT technology, Oh suggested, could help Jeju Island achieve this goal. Kwon Soo-ho, the head of the Korea Blockchain Industry Promotion Association’s educational operations, also claimed that blockchain technology and NFTs could be used throughout Jeju.

Executives from the Jeju Research Institute, Jeju Creative Economy Innovation Center, and “other related organizations” also attended the event.

Kwon