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Finally, Non-fungible token (NFT) has made its entry into politics. The South Korean Presidential Election has witnessed the involvement of NFTs to woo the younger voters. In a bid to win the elections, candidate Yoon Suk-Yeol launched NFTs featuring his images and videos. As per reports, Yoon has minted 4,000 tokens till now.

Politics meets NFT

Who would have thought that someday NFTs and Cryptocurrency will become a part of politics and elections? Meanwhile, conservative candidate Yoon has managed to collide NFTs with the elections. Yoon’s this move has been termed as a ‘tactic to attract younger voters’ in the final phase of his campaign.

As per reports, Yoon has minted around 4,000 NFTs on the AERGO blockchain while he plans to drop 20,000 more of them. The South Korean NFT marketplace CCCV made them available for sale at the price of 50,000 Korean won (US$40.78). Meanwhile, Yoon is not the first in the race to woo youth with NFTs. His rival left-wing Democratic Party candidate Lee has already airdropped his NFTs to donors of his campaign. It is been reported that Lee’s NFts carries his picture and a copy of his policies. Lee also opened doors for cryptocurrency as political donations.

Both candidates have also mentioned removing the country’s ban on ICOs. The ban was posted on the Financial Services Commission’s site in 2017 however it has never been made into regulation.

South Korea bets on Crypto

It is commendable that South Korean Presidential candidates have involved crypto and NFTs despite the sanctions being planned over Russia targeting a particular ecosystem. This drops a hint that the nation plans to become a key player in the metaverse ecosystem.

However, South Korea hasn’t passed any blockchain-specific law till now. On the other hand, reportedly, there are 14 crypto-related bills making rounds in the legislature.

It is a piece of positive news too for the crypto enthusiasts as the Russian invasion of Ukraine has left the market bleeding and still unstable.


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