NFTs Utilized as Funding Medium for South Korean Electoral Campaigns

South Korean presidential candidate Lee Jae-myung is arranging to use NFTs to raise funds for his future election campaign. The Democratic Party member is designing to issue NFTs to those who donate to his campaign, with such NFTs containing images of himself and his pledges.

According to campaign official Kim Nam-kook, the party took this choice as a maneuver to call to millennials and younger generations: “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.”

The Democratic Party are also reconnoitering other ways to utilize new technologies, which has led to their recognition of crypto donations. Lee Kwang-jae, another member of the party, said that he would be acquiescent to such donations from 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.” In addition, Lee points out that politics needs to exact its failures to keep up with digital progresses by making politicians defenders of digital transformation.

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