Lastly, Non-fungible token (NFT) has made its entry into politics. The South Korean Presidential Election has witnessed the involvement of NFTs to woo the youthful voters. In a bid to win the elections, candidate Yoon Suk-Yeol launched NFTs that includes his photos and movies. As per stories, Yoon has minted 4,000 tokens until now.
Politics meets NFT
Who would have thought that sometime NFTs and Cryptocurrency will develop into part of politics and elections? In the meantime, conservative candidate Yoon has managed to collide NFTs with the elections. Yoon’s this transfer has been termed as a ‘tactic to draw youthful voters’ within the remaining part of his marketing campaign.
As per stories, Yoon has minted round 4,000 NFTs on the AERGO blockchain whereas he plans to drop 20,000 extra of them. The South Korean NFT market CCCV made them accessible on the market on the value of fifty,000 Korean received (US$40.78). In the meantime, Yoon will not be the primary within the race to woo youth with NFTs. His rival left-wing Democratic Get together candidate Lee has already airdropped his NFTs to donors of his marketing campaign. It’s been reported that Lee’s NFts carries his image and a duplicate of his insurance policies. Lee additionally opened doorways for cryptocurrency as political donations.
Each candidates have additionally talked about eradicating the nation’s ban on ICOs. The ban was posted on the Monetary Providers Fee’s web site in 2017 nevertheless it has by no means been made into regulation.
South Korea bets on Crypto
It’s commendable that South Korean Presidential candidates have concerned crypto and NFTs regardless of the sanctions being deliberate over Russia concentrating on a specific ecosystem. This drops a touch that the nation plans to develop into a key participant within the metaverse ecosystem.
Nevertheless, South Korea hasn’t handed any blockchain-specific regulation until now. However, reportedly, there are 14 crypto-related payments making rounds within the legislature.
It’s a piece of optimistic information too for the crypto fanatics because the Russian invasion of Ukraine has left the market bleeding and nonetheless unstable.