Jeju Island, located off the southern coast of South Korea, plans to use non-fungible tokens (NFTs) to stimulate economic growth in key industries such as tourism, agriculture, livestock farming, and fishing. This initiative aims to transform the island into an "NFT city," making payments convenient for all visitors, including foreign guests.
The Governor of Jeju Province emphasized the importance of digital transformation based on Web3 and discussed avenues for collaborative progress with the private sector. The use of NFTs may offer new opportunities for the island in various sectors, including payments and tracking in the agricultural industry. Forum participants suggested using NFTs to incentivize tourists on the Jeju Olle Trail and stimulate sales in agriculture and fishing sectors, as well as to verify the authenticity of Jeju's goods and produce.
This collaboration may also revive interest in using blockchain-based local currency vouchers to provide subsidies and increase spending at local businesses, opening new horizons for the island's economic development through NFT technology.
