Key Points
- South Korea’s Jeju Islands aims to utilize non-fungible tokens (NFTs) to attract Generation Z tourists.
- The island plans to introduce NFT-based digital tourism resident cards that offer exclusive benefits to tourists.
Jeju Islands in South Korea, known for its crypto-friendly environment, plans to leverage non-fungible tokens (NFTs) to appeal to Generation Z tourists.
The tourist hotspot intends to roll out NFT-based digital tourism resident cards by the second half of 2025.
Blockchain and Cryptocurrency Innovations in Jeju Islands
Jeju Island is renowned for its extensive history of adopting blockchain and cryptocurrency innovations. The island aims to boost economic growth and position itself as a significant web3 hub.
In 2019, Jeju launched the Blockchain Hub City Development Research Service to investigate advanced blockchain applications. By 2021, the island had extended its initiatives across the public sector, including traffic management systems and VAT refunds for foreign tourists.
Jeju began efforts to transition into a cashless international city in 2020, introducing Tamna Jeon, a regional digital currency. The island further expanded these efforts in 2024, planning to integrate cryptocurrencies like Bitcoin.
The new tourism card will utilize Tamna Jeon for travel subsidies, aiming to stimulate local spending and support Jeju Island’s economic activity.
NFT-based Tourism Card and Blockchain Adoption in South Korea
Tourists using the NFT-based tourism card can document their travel experiences, such as visit locations, time, photos, and videos, on the underlying blockchain.
The trial operations for the tourism card are scheduled to commence in the second half of 2025, followed by full-scale implementation.
This development is part of a wider push to adopt blockchain and cryptocurrencies across South Korea. The country has been actively investing in blockchain technology to enhance both public and private sectors, aided by a crypto-savvy population.
In 2024, web3 firm Dispread collaborated with Ethereum layer 2 Arbitrum to nurture the local blockchain developer ecosystem. Later in June, the Ministry of Science and ICT, along with the Korea Internet & Security Agency, declared a 20 billion won (approximately $14.5 million) investment in blockchain support projects.
In 2023, Busan, South Korea’s second-largest city, revealed plans to become a leading blockchain city by developing a public blockchain network compatible with major platforms like Ethereum and Cosmos.
