South Korea to issue NFTs for presidential elections fundraise

January 04, 2022 09:41 AM AEDT | By Ashish

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South Korea to issue NFTs for presidential elections fundraise — Image source: Wit Olszewski,Shutterstock

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Highlights

The ruling political party of South Korea would issue non-fungible tokens (NFTs) for fundraising in the presidential elections.

The party said that its NFTs would serve as a kind of a bond.

The party claims the move to be the first of its kind worldwide.

In a first, the ruling political party of South Korea would issue non-fungible tokens (NFTs) for fundraising in a presidential election. According to the Democratic Party of Korea’s (DPK) presidential candidate Lee Jae-myung's campaign committee, non-interchangeable digital images featuring Lee's photos and policies would be shares with his supporters who could then donate funds to his election campaign.

The party said that its NFTs would serve as a kind of a bond. The party claims the move to be the first of its kind worldwide. The party expects the move to help it reach young voters for fundraising. The donated digital money will be converted into the Korean won through a crypto exchange. The money would then be deposited into the campaign account.

According to the campaign: “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.”

An NFT is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can be associated with reproducible digital files such as photos, videos, and audio.

Bitcoin in the future

Meanwhile, El Salvador President Nayib Bukele, a hardcore supporter of Bitcoin, said that days of fiat currency were over.

He tweeted: “What has been called by international organisations as “The Bitcoin Experiment” is nothing more than the world watching how mass adoption changes a country’s economy. If it’s for the good, it’s game over for fiat. El Salvador is the spark that ignites the real revolution.”

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