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January 20, 2022
Block Chain

South Korea’s Presidential Nominee to Raise Campaign Funds by Using NFT

The marketing campaign workplace of Lee Jae-myung, a South Korean presidential nominee of the ruling Democratic Party of Korea, has introduced the plans to elevate funds via a blockchain-based digital platform with plans to situation a Non-Fungible Token (NFT) to donors afterwards.

As reported by the Yonhap News Agency, the transfer is focused at younger millennials, particularly these tilted in the direction of cryptocurrencies.

Per the stories, the ruling Democratic Party’s marketing campaign committee for Jae-myung mentioned it expects NFTs to function a brand new medium for messages to voters and produce political memorabilia to a brand new era of digital natives. The transfer to situation the NFTs to voters will cap the occasion’s efforts to settle for cryptocurrency donations and show to voters that it believes in the way forward for the expertise.

“As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them,” Kim Nam-kook, a marketing campaign committee official, advised Yonhap News.

The proposed NFTs are billed to have inherent monetary worth over time, serving as one other issue that may encourage voters into profiting from the chance to donate to the marketing campaign. Beyond Jae-myung, different South Korean politicians have additionally expressed willingness to settle for crypto donations. One of those contains Rep member Lee Kwang-jae, who said his marketing campaign workplace is all geared to start receiving crypto donations by mid-January. 

“It is high time that we undertake innovative experiments to enhance our understanding of these future technologies and change perceptions of digital currencies and NFTs,” mentioned Lee.

South Korea has seen an excellent progress of digital currencies over the previous few years, which appears to have been considerably stumped by rules. Unregistered exchanges are now not working in South Korea after regulators declared these unable to ink partnership with an area financial institution unfit to supply crypto companies within the nation. 

Beyond native exchanges, outstanding buying and selling platforms similar to Huobi and OKEx have additionally moved their companies away from South Korea on regulatory grounds.

Image supply: Bloomberg.com

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