Finally, Non-fungible token (NFT) has made its way into politics. The South Korean presidential election has witnessed the involvement of NFTs to win over the younger voters. In a bid to win the election, candidate Yoon Suk-Yeol launched NFTs with his images and videos. According to reports, Yoon has minted 4,000 tokens so far.
Politics meets NFT
Who would have thought that one day NFTs and cryptocurrency will become a part of politics and elections? Meanwhile, conservative candidate Yoon has managed to clash NFTs with the election. Yoon’s move was seen as a “tactic to attract younger voters” in the final stages of his campaign.
According to reports, Yoon has slammed about 4,000 NFTs on the AERGO blockchain, while he plans to drop 20,000 more. The South Korean NFT marketplace CCCV made them available for sale at the price of 50,000 Korean Won (US$40.78). Meanwhile, Yoon isn’t the first in the race to lure youngsters with NFTs. His rival left-wing Democratic Party candidate Lee has already dropped his NFTs to backers of his campaign. It has been reported that Lee’s NFts has his photo and a copy of his policies with him. Lee also opened doors to cryptocurrency as political donations.
Both candidates have also said that the country has lifted the ban on ICOs. The ban was posted on the Financial Services Commission site in 2017, but has never been enacted into regulation.
South Korea Bets on Crypto
It is commendable that South Korean presidential candidates have implicated crypto and NFTs, despite sanctions planned against Russia targeting a particular ecosystem. This hints that the nation plans to become a major player in the metaverse ecosystem.
However, South Korea has not passed any blockchain-specific law so far. On the other hand, there are reportedly 14 crypto-related bills circulating in the legislature.
It is also positive news for the crypto enthusiasts as the Russian invasion of Ukraine has left the market bleeding and it is still unstable.
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About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he plays video games, watches a thriller or participates in outdoor sports. Reach me at [email protected]
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