Following the mainstream adoption of blockchain technology, several sectors have leveraged this technology to boost the growth of a particular sector. In a most recent development, a South Korean media outlet reported that Jeju Island in South Korea is planning to launch its own NFT (Non-fungible tokens).
The additional information notes that Jeju Island plans to launch NFT to drive the visitation rate with a secondary intention to lure foreign tourists. The launch of Jeju-based NFT is expected to occur sometime in the second half of 2025.
In order to boost the number of younger visitors who return, the island expects that the digital and NFT-based travel cards would attract the attention of millennials and Generation Z, or those born between the late 1980s and the early 2010s.
It is worth noting that technologies like blockchain, digital ledger, artificial intelligence, and decentralization are majorly famous among the youngest generation worldwide.
In November 2024, there were 610,000 more South Koreans using cryptocurrency, increasing the total to 15.6 million, or over 30% of the population.
Since the past few months, South Korea has shown a massive inclination toward the development, testing, and usage of CBDCs (Central Bank Digital Currency), in the last half of 2024 it was noted by the SK authorities that it has authorized 7 banks to participate in pilot testing of CBDC.
NFT market performance in the just-passed year
According to CryptoSlam, the non-fungible token (NFT) market saw a tiny recovery at the end of 2024, with $8.83 billion in total sales, a 1.1% rise over the $8.7 billion in 2023.
Although the number shows an upward trend, it is insignificant in comparison to the NFT boom of prior years, when volumes were much greater in 2021 and 2022 at $15.7 billion and $23.7 billion, respectively.
With $482 million in sales, Ethereum-based collections were a major contributor to December’s spike.
Additionally, $172 million came from Bitcoin NFTs, while $100 million came from collections in Solana. Sales in October were $353 million, up 18% from the previous month. Sales in November reached a six-month high of $562 million as a result of this trend.
Will NFT recover with strong momentum in 2025?
Although there has been a notable downturn in the NFT market since 2024, even with the decline, a lot of investors are still hopeful about NFTs’ future. The 2025 revival of the NFT market could be attributed to a number of things.
The popularity of NFT may rise again as a result of the expanding use of blockchain technology and the growing demand for digital assets. Furthermore, the creation of fresh applications for NFTs, as in virtual reality and gaming, may contribute to expansion.
Although it’s hard to say for sure whether the NFT market will rebound strongly in 2025, the continued interest and investment in the sector indicate that there may still be room for expansion and innovation.