Jeju Island to Launch NFT Visitor Cards for Tourists in 2025
Jeju Island, a popular tourist destination in South Korea, plans to launch visitor cards powered by non-fungible tokens (NFT) this year. This initiative targets Millennials and Gen Z tourists, offering exclusive discounts and travel subsidies through the NFT-linked card.
Jeju Island NFT Targets Crypto Expansion
Domestic tourists may also benefit from travel subsidies, memberships, and discounts on local attractions, redeemable in the region's local currency. The initiative aims to encourage young visitors and increase return visits, with the card issuance starting in the second half of 2025 through a pilot program for domestic visitors.
This NFT project will integrate with Tamna Jeon, a local blockchain-based stablecoin that has supported the local economy since 2019. Tamna Jeon is used for rechargeable prepaid cards that incentivize merchants and customers. The specific blockchain supporting the digital collectible card remains unspecified.
In 2019, Jeju Island initiated the Blockchain Hub City Development Research Service to explore advanced blockchain applications, expanding its public sector initiatives to include traffic management systems and VAT refunds for foreign tourists within two years. Four years ago, it aimed to become a cashless international city, leading to the introduction of Tamna Jeon and plans to incorporate cryptocurrencies like Bitcoin.
South Korea’s NFT Regulations Impact Businesses
These initiatives reflect Jeju Island's efforts to expand its crypto ecosystem despite facing regulatory challenges, particularly regarding Initial Coin Offerings (ICO) and NFTs in South Korea. Governor Oh Young-hoon stated:
“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.”
Despite efforts toward crypto-powered growth, strict regulations have hindered progress. In mid-2024, the Financial Services Commission (FSC) issued new guidelines distinguishing NFTs from traditional cryptocurrencies, expressing concern over digital collectibles functioning similarly to cryptocurrencies. This regulatory shift has led to the closure of some NFT-based businesses in South Korea.
Lotte’s NFT Shop, which uniquely used Korean won (KRW) for transactions, was forced to close on July 2 due to these regulatory pressures.