NFTs as a Part of Electoral Campaign in South Korea

by in Blockchain News

South Korea presidential election NFTs

A candidate for the presidency in South Korea, Lee Jae-myung aims to manage the fundraising for the electoral campaign via NFTs.

Related: South Korea can introduce a 20% tax for crypto-traders

As local media informs, the Democratic Party of Korea, a representative of which 57-years-old Lee is, will be the first party to release NFTs for elections. DPK will release NFTs, which will present Lee's image and pledges to the participants of the funding. Elections are scheduled for Match 9, 2022. The party will start sending digital photos to the supporters during the ongoing month.

As DPK says, the assets will act as a bond and owners can exchange their NFTs with one another. The party mentioned that theElection Commission of the country stated previously that the use of NFTs in a campaign isn’t against any rules. Kim Nam-kook, a campaign committee officer said the step may attract younger voters as they are interested in blockchain and disruptive technologies.

Earlier, DPK lawmaker Lee Kwang-jae unveiled his decision to accept donations in crypto assets in January, and give contributors NFT receipts.

Although regulators in the country discuss crypto taxation, they stated earlier that there will be no tax on NFTs. Blockchain-based unique assets continue to grow in popularity, demonstrate new use cases, and be used in almost every industry. According to DeFi Llama, total volume of NFT trading stands at above $13 billion.