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Presidential Candidate in South Korea Hopes to use NFTs for Campaign Funding

The South Korean Presidential Candidate hopes to use NFTs in fundraising his election campaign to gain the interest of younger voters.

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Photo by Sean Pavone / Envato

Lee Jae-myung, a presidential candidate in South Korea, is making plans to use NFTs to fundraise in an attempt to attract younger voters, per Yonhap News.

“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,” says Kim Nam-kook, an official of Lee’s Campaign said to Yonhap News.

Lee’s party–that is to say the Democratic party–shall issue NFTs which include Lee’s image, on top of specific badges pertaining to the election to the individuals who donate to his campaign. The election is to take place on March 9th.

Lee added, “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.”

The country has long since been focused on this growing industry. Last year in March, they introduced new reporting rules for crypto companies, all the while making sure they kept an eye on the country’s anti-money laundering regime. Non-compliance could end badly, which is to say it’d result in a fine of up to $44,000, or worse yet, a 5-year prison sentence.

South Korea’s financial regulator also made a hint regardin the prospect of the government taxing NFTs shortly, in November.

In Korean culture elsewhere, BTS, a famous K-pop band has also set its sight on its very own NFTs, even though critics have clearly pointed out environmental concerns. The group plans to proceed, nevertheless.

Back over in the U.S. politicians have been experimenting with fundraising schemes, too.

Last October Andrew Yang co-released an NFT collaboration with Bankless. Yang is a former U.S. presidential candidate.

Once he appeared on the Bankless podcast, Yang stated that NFT sale proceeds will go into his Forward Party, which he claims shall fix the political deadlock in the country.

Down in Arizona, Senate hopeful Blake Masters has offered donors “Zero to One” NFTs which use the cover art of his book named Zero to One as the basis of their design.

He said, “This is the first NFT we’re issuing to help share the book’s cool history, and to help raise money for my U.S. Senate campaign, so we can help use ‘Zero to One’ thinking to save America from the brink of destruction.”

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