Jeju Island in South Korea will launch NFT travel cards targeting young people.
Korean Web3 tourism becomes a reality! According to Korean media (Daily Economic News), Jeju Island plans to launch a pilot project in the second half of 2025, introducing a 'digital tourism residence card' that incorporates NFT technology.
This innovative plan mainly targets the MZ generation (millennials and Generation Z) among the local youth in South Korea, aiming to enhance Jeju Island's tourism appeal and increase the repeat visit rate of tourists.
What are the uses of the Jeju Island NFT travel card?
(Daily Economic News) points out that the digital tourism residence card utilizes blockchain technology, which has the characteristic of preventing data tampering. Holders can record information such as visited locations, times, photos, and videos on relevant platforms while traveling in Jeju Island, and this data will be stored in the form of NFTs, ensuring its uniqueness and non-fungibility.
The Jeju Island government plans to offer various benefits to Korean tourists holding this card, including travel subsidies, membership qualifications, and discounts on tourist attractions. The travel subsidy will be distributed in the local currency of Jeju Island, 'Hope Korean Won,' and this measure is expected to stimulate the tourism industry and boost the local economy.
Source: Agoda, Jeju Island in South Korea will launch NFT tourism residence cards targeting young people.
Is the push for NFT travel cards based on the high acceptance of blockchain technology among young people?
The reason Jeju Island wants to create NFT tourism cards may be due to the high acceptance of blockchain technology among local young people and their familiarity with digital products.
A previous survey by Korea Investment & Securities (KIS) showed that about 40% of Korean college students invest in cryptocurrencies. Faced with the increasingly severe student debt problem, young people see cryptocurrencies as a potential way to improve their economic predicament.
The survey also found that these student investors exhibit higher financial literacy, with over half of the respondents starting to invest in the past three years, and a significant proportion investing more than $7,180.
Cryptocurrencies also appear in the recent popular Netflix series (Squid Game 2), where the character named 'Lee Ming-ki' is a cryptocurrency trader YouTuber, contributing memorable lines like: 'At least give me back my phone, I want to check the cryptocurrency.'
(Squid Game 2) director Hwang Dong-hyuk also admitted that the class system in modern Korean society is collapsing, and many people are beginning to pin their hopes for financial freedom on cryptocurrencies, stock trading, and online gambling. The character Hwang Ming-ki can be seen as a reflection of the current social atmosphere.
Further Reading:
Squid Game 2 airs! The outrageous lines of the cryptocurrency trader character resonate with viewers, director: reflects the current situation in South Korea.
Is investing in cryptocurrencies a trend among young people? There are signs in Taiwan and the United States.
Not only in South Korea, but young people in the United States and Taiwan also show a preference for investing in cryptocurrencies.
A previous survey by Far Eastern Bank in Taiwan indicated that Generation Z (ages 11-26) in Taiwan are natives of virtual assets (note), displaying unique investment characteristics. The survey found that as high as 22.4% of Generation Z respondents invest more than half of their assets in virtual assets, far exceeding the average of 12.5% across all generations.
A survey by Policygenius shows that 20% of Generation Z (ages 18-26) in the United States own cryptocurrencies, higher than the 18% who own stocks, contrasting sharply with the investment habits of the Baby Boomer generation.
Definition of virtual assets: Digital assets issued by the private sector, primarily based on cryptography and distributed ledger technology or other similar technologies.
Source: Policygenius, 20% of Generation Z (ages 18-26) in the United States own cryptocurrencies, higher than the 18% who own stocks.
Personal finance advisor Myles Ma points out that the reasons young people choose to invest in cryptocurrencies are closely related to the current economic environment. With high interest rates, stagnant wages, and soaring housing prices in the United States, many young people have turned to cryptocurrencies as an alternative for wealth accumulation.
Survey data from Taiwan, the United States, and South Korea all show that young generations are not only familiar with blockchain technology but also willing to invest funds to participate in it. The launch of NFT travel cards in Jeju Island may just be the beginning of the Web3 transformation of the global tourism industry, combining blockchain technologies like NFTs not just as a gimmick but potentially transforming the way travel experiences are created.
As Generation Z and millennials gradually become the main consumers, we may see more travel destinations following Jeju Island's example and launching dedicated blockchain travel services.
Further Reading:
You can travel the world relying only on stablecoins! Foreign media tests out booking flights + hotels, teaching you how to travel through 5 major countries.
'Korean Web3 tourism becomes a reality! Will Jeju Island's NFT tourism card attract young people's footprints?' This article was first published in 'Crypto City.'