South Korean presidential candidate, Lee Jae-myung is tapping into NFTs to raise funds for his campaign for the upcoming election. The ruling Democratic Party of Korea (DPK)—Lee Jae-myung’s party—will issue NFTs featuring his images and policy in return for money. Currently, the party is considering BTC, ETH, and three other cryptocurrencies as payment methods.
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South Korea has laid out several crypto regulations in the country. Last October, the country had announced its plans to tax crypto trading profits. What’s more, just days back it had issued directives asking Apple and Google to block and remove all play-to-earn games from their app stores. So, why is Lee Jae-myung now issuing NFTs?
Basically, the presidential candidate hopes to attract young voters through his NFT move.
“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,” Kim Nam-kook, campaign committee official, told Yonhap News Agency.
On similar lines, DPK lawmaker Lee Kwang-jae had announced last week that he will start accepting cryptocurrency donations this month. Furthermore, he would issue NFTs as receipts for the donations, reported The Korea Times. The report added that the National Election Commission (NEC) has confirmed that NFT fundraises are not in violation of the Political Funds Act or the Public Official Election Act.
As NFTs become mainstream across the globe, their use in politics is unsurprising. US Congress candidate, Shrina Kurani has also launched NFTs for her federal campaign. Meanwhile, venture capitalist, Blake Masters, is also releasing an NFT collection to fund his US Senate campaign.