Are NFTs with tangible benefits real? Jeju Island plans to issue NFT travel cards in hopes of attracting Generation Z tourists.
According to Maeil Business Newspaper, a well-known tourist destination in South Korea, Jeju Island, 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 discounts.
The features and advantages of the NFT travel card are as follows:
Located in the southwest sea area of the Korean Peninsula and known as the “Hawaii of Korea,” Jeju Island boasts unique natural landscapes, a warm climate, and rich cultural heritage, attracting millions of visitors each year. Now, there are plans to introduce NFT digital travel cards to enhance the interest of millennials and Generation Z in Jeju Island and increase the return rate of young tourists.
It is reported that these NFT travel cards will undergo pilot testing before full implementation and will provide cardholders with various benefits, including:
– Travel subsidies
– Discounts on Jeju Island tourist attractions
– Unrevealed membership qualifications
Through this innovative project, not only will the travel experience become more modern and experiential, but it is also expected to enhance the attractiveness of Jeju Island in both domestic and international travel markets. It also provides a digital development model that can be referenced by other tourist destinations.
Jeju Island intends to explore the blockchain field. In July of this year, local official Wu Yingxun revealed the intention to introduce NFT and cryptocurrency in Jeju Island tourism, discussing its application in museums, restaurants, and fisheries. It seems that there have been some preliminary results.
Previously, Jeju Island had participated in blockchain-related projects, such as the blockchain-based COVID-19 contact tracing app launched in 2020, showcasing the region’s forward-looking approach to technological innovation.
The cryptocurrency trading trend in Korea spreads to middle-aged and elderly populations. As a well-known cryptocurrency trading country, South Korean citizens seem to have shifted their focus from the South Korean stock market to the more profitable U.S. stock market and cryptocurrency field, regardless of gender or age. It is reported that the balance of demand deposits in Korea’s five major banks has decreased by nearly 4.5% in the past six months, and the number of users aged 60 and above 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. Despite achieving a good performance with a trading volume of $173 million within a week in mid-November, the total trading volume and market value have still decreased by 66% and 29% respectively within a year, with the total number of transactions decreasing by over 60%. From Azuki to Pudgy Penguins, many have turned to IP licensing or physical retail development, finding an export for their brands.
Risk Warning: Cryptocurrency investment carries a high degree of risk, and prices may fluctuate dramatically, causing potential loss of capital. Please carefully evaluate the risks.
