According to a report by Maeil Business Newspaper, Jeju Island, a well-known tourist destination in South Korea, plans to launch a “Digital Travel Card” based on NFT in the second half of 2025. The aim is to attract young tourists and provide them with more travel subsidies and related discounts.
The functions and advantages of the NFT travel card are as follows:
Jeju Island, located in the southwest sea area of the Korean Peninsula and known as the “Hawaii of Korea,” boasts unique natural landscapes, a warm climate, and rich cultural heritage. It attracts millions of tourists every year. Now, it is reported that an NFT digital travel card will be introduced:
The project aims to increase the interest of millennials and Generation Z in Jeju Island by combining digitalization with NFT technology, while promoting the revisit rate of young tourists.
It is reported that these NFT travel cards will undergo a pilot test before full implementation, and plans are underway to provide cardholders with various benefits, including:
– Travel subsidies
– Discounts on Jeju Island tourist attractions
– Undisclosed membership qualifications
Through this innovative project, not only will the travel experience become more modern and experiential, but it is also expected to enhance its attractiveness in the domestic and international travel markets, providing a digital development model that can be emulated by other tourist destinations.
Jeju Island intends to explore the blockchain field. In July of this year, local official Wu Yingxun revealed that there are plans to introduce NFT and cryptocurrencies in Jeju Island’s tourism, with discussions covering museums, restaurants, and the fishing industry. It seems that there have been some initial results.
Previously, Jeju Island had also participated in blockchain-related projects, such as the blockchain-based COVID-19 contact tracing app launched in 2020, demonstrating the region’s forward-looking approach to technological innovation.
The trend of cryptocurrency trading in Korea spreads to middle-aged and elderly groups. As a well-known country for cryptocurrency trading, Korean people seem to have diverted from the South Korean stock market to the more profitable US stock market and cryptocurrency field in recent years, regardless of gender or age.
It is reported that the balance of demand deposits in the five major banks in Korea has decreased by nearly 4.5% in the past six months, and the number of users over 60 years old on exchanges Upbit and Bithumb has increased by 30.4% compared to the end of 2021.
On the other hand, NFT has experienced ups and downs over the years, and now only a few blue-chip NFTs are still circulating in the market.
Even though it achieved a good performance with a trading volume of $173 million within a week in mid-November, looking at the trading volume and market value within a year, it still lost 66% and 29% respectively, and the total number of transactions decreased by more than 60%.
From Azuki to Pudgy Penguins, many have turned to IP licensing or physical retail development, finding an export market for their brands.
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