After enduring mixed fortunes with digital collectibles, South Korea’s Jeju Island has unveiled plans to use non-fungible tokens (NFTs) to improve regional tourism.
Jeju Island plans to roll out an NFT-based tourist card for visitors to the self-governing province, offering a raft of benefits. A digital replica in the form of an NFT on a distributed ledger will accompany the physical cards.
While details of the rollout are sparse, authorities are eyeing a launch in the first half of 2025, with initial testing indicating promise. Experts opine that the political crisis rocking the country will have little impact on Jeju Island’s plans, given its status as a “Special Self-Governing Province.”
Dubbed Tao, the NFT-based cards will allow tourists access to discounts and subsidies on goods and services during their stay in the region. Furthermore, the cards may be used to access exclusive events, entitling holders to museums, concerts, and other high-profile events.
The cards are intended to lure a new wave of tourists to the region that has seen its foreign visitors’ metric reach a plateau in recent years. The NFT-based cards are designed to attract young and tech-savvy tourists, but their simplicity may make them appealing to millennials and possibly “increase the rate of return visits.”
Authorities are gearing up for a pilot program to test the cards in real-world environments ahead of a full-scale rollout. If everything goes according to plan, Jeju Island will extend the cards to local residents, but their utility outside of tourism remains unclear.
The report did not disclose the blockchain that will host the digital collectibles, leaving a large portion of the operation to speculation.
However, authorities confirm that the cards will be linked to the local Tamna Jeon stablecoin launched in 2019. As the region continues its steady trudge toward digitization, the discounts and subsidies available to tourists are expected to be provided via the Tamna Jeon stablecoin.
Dark days for digital collectibles
In recent years, NFTs in South Korea have endured a turbulent patch with a high court yanking legal protections for investments in digital collectibles. In the high-profile ruling, the court noted that NFTs are speculative in nature and cannot be supported under local property laws.
On the gaming side, there appears to be a clamp down on play-to-earn (P2E) games featuring NFTs, forcing the hands of game publishers to abandon NFT-based titles.
“Because of government regulations, we cannot engage in NFT business or sponsorship,” said a government official from the Korean Sport and Olympic Committee.
PUBG creator rules out NFTs in metaverse project
In other news, the founder of the survival shooter game PlayerUnknown’s Battlegrounds (PUBG), Brendan Greene, has announced that NFTs will not make an appearance in his incoming metaverse project.
In a recent interview, Greene disclosed plans for an ambitious metaverse project intended to change the landscape of gaming. However, Greene clarified that digital collectibles would not be a part of the project but failed to explain the decision.
When asked about the possibilities for integrating digital collectibles into the project in the future, the creator doused the optimism of enthusiasts by saying that the team is “not even thinking about NFTs.”
While the possibilities of NFTs in the project are non-existent, Greene notes that elements of blockchain technology may make a cameo in the future. Greene concedes that blockchain is an “interesting financial instrument,” but an iteration of the technology may make it indispensable for gaming.
“Ultimately, it’s a digital ledger, and if we can use a digital ledger, we’ll find the best one and use it,” said Greene. “But that’s really it.”
Greene is building a three-part metaverse project reflecting the concept’s ethos. The first metaverse game, Prologue, set to be launched in 2025, is a realistic multiplayer battle game, while the second will focus on scaling and feature several worlds and millions of characters.
The third, dubbed Artemis, is expected to integrate both metaverse projects, allowing players to create worlds and interact with other gamers. Greene disclosed that the gameplay will focus on “user-generated content” and be structured like immersive and creative games like Star Trek Holodeck and Minecraft.
“You should be able to create your own worlds and just have them all operating on the same protocol, like HTTP,” added Greene. “So a world is a page, and that’s what I’m trying to do with Artemis.”
The problem with NFT in gaming
There appears to be a schism among game developers over using NFTs in games, with one side of the divide pushing for new ownership rights for players.
Critics argue that digital collectibles will lead to the monetization of video games, stoking a “pay-to-win” ecosystem that may run contrary to the developers’ intentions. As players focus on profit rather than fun, user interfaces and experiences may receive less attention, with developers focusing on in-game economies.
In 2022, Mojang Studios shuttered plans for integrating NFT in Minecraft, and game distribution firm Steam banned games with digital collectible features from the platform.
Watch: Streaming with NFTs changes idea of ownership
title=”YouTube video player” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen=””>
Source: https://coingeek.com/jeju-bets-on-nfts-for-tourism-boom-pubg-creator-eyes-metaverse/