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    NFT sales plunge to $129.6m, Pudgy Penguins jump 63%

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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  • NFT
    NFT sales plunge to $129.6m, Pudgy Penguins jump 63%

    NFT sales plunge to $129.6m, Pudgy Penguins jump 63%

    PENGU token loses 20% in August amid Pudgy Party game launch

    PENGU token loses 20% in August amid Pudgy Party game launch

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

    What’s Behind the Double-Digit Declines?

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

  • Gaming
    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    Pudgy Penguins and Mythical Games Launch Pudgy Party Game

    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

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    GaFin Joins Cyber Crash to Advance Web3 Gaming

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    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Play Solana to ship handheld gaming device in October

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  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    LFG Boosts Token Launches with Community Power

    LFG Boosts Token Launches with Community Power

    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

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    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What’s the Difference & Which Is Better to Trade?

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home NFT

Jeju Island, South Korea, Eyes NFT-powered Growth

March 6, 2024
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Jeju Island, South Korea, Eyes NFT-powered Growth
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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 Island Revamps Crypto Hopes?

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.”

How Could NFTs Help Boost Jeju Economy?

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.

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

Kwon said that NFT-related innovations could be “applied to various fields” in Jeju, including payments and traceability in the agricultural and “livestock products” industries.

Attendees also suggested using NFTs for hikers and walkers on the Jeju Olle Trail, a 437 km network of footpaths on the island’s coastline.

The trail is a major draw for foreign and domestic tourists. Speakers suggested awarding discount-bestowing NFTs to visitors who complete certain sections of the trail.

Hikers on the Jeju Olle Trail. (Rick McCharles [CC BY 2.0])

Other speakers suggested that NFTs could be used to promote sales and subsidies in the agriculture and fisheries sectors.

They also said that officials could use NFTs to help Jeju producers prove the authenticity of their goods and foodstuff.

Hana Bank offers mobile financial certificates in 16 languageshttps://t.co/1J4fhGPTg0

— The Korea Times (@koreatimescokr) March 4, 2024

Jeju is famous for delicacies including pork products from Jeju Black pigs. Another renowned local specialty is the hallabong, a citrus fruit closely related to the satsuma.

Attendees further talked about using NFTs “during currency exchange and payment” processes in Jeju.

They also resurrected talk of blockchain-powered “local currency” (aka local stablecoin) vouchers that could be pegged to the fiat KRW.

Officials said these could be used to provide subsidies and boost community spending in local outlets.

See also  Armenian cultural heritage sites get tokenized on Solana blockchain

Tags: EyesGrowthIslandJejuKoreaNFTPoweredSouth

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