NFT, a word that was among the top google searches of 2021, is becoming all the rage in mainstream society lately, and even the candidates for Korea’s upcoming elections know this.
Catching wind of the opportunity, Korea’s ruling political party – the Democratic Party of Korea (DPK) – has jumped on the NFT bandwagon as they reveal that they will be issuing NFTs for fundraising during the upcoming presidential elections. As Crypto Daily reports, these non-fungible tokens are intended to serve as a bond, allowing holders to exchange them with other individuals.
Presidential candidate Lee Jae-myung, nominated by the DPK for the presidential elections this spring, will have his image (along with his pledges) featured in these tokens, as he prepares to raise funds in cryptocurrencies from supporters. The money garnered will be used to finance his campaign as the party’s presidential nominee.
Bitcoin (BTC), Ethereum (ETH), and up to three other cryptocurrencies are now under consideration for the cause, as stated by Bitcoin News.
NFTs are non-fungible tokens, where the term ‘non-fungible’ implies that they unique and non-interchangeable tokens stored on a blockchain, a form of digital ledger. They may be associated with reproducible digital files such as photos, videos, and audio.
In the words of NDTV: “NFTs are digital collectibles, often inspired by music, artwork, or video game avatars, among other things, built and secured on the blockchain network.” Non-fungible tokens integrate the creative dominion of arts with the digital realm of cryptocurrencies, and it’s managed to emerge as a significant marketplace over the past year.
A notable boom in this market was observed over the past year, as popular brands like Addidas and Pepsi came up with their own NFT collectibles, and famous stars like Eminem, Jimmy Fallon, Post Malone, Stephen Curry, Logan Paul, and Marshmellow bought Bored Ape NFTs as well.
The Political Part Played By NFTs
According to reports from TheBlockCrypto, the donors will not have to directly buy these NFTs. The tokens, featuring a snap of Lee and a list of his policies, will be given out as a sort of memento for their donations. When it comes to the crypto domain, amidst all the regulatory tensions within governments across the world (including Korea), the country’s active engagement of crypto elements in the 2022 election campaigns seems to come as a refreshing change of events.
The endorsement of NFTs in the party’s elections seems to be a move with the broader aim of reaching out to younger voters as well, especially those belonging in the 20s to 30s age range. Campaign official Kim Nam-kook elaborated on the issue,
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
In a backdrop where NFTs are eventually starting to play a significant role in the political sphere, the party officials claim that if successful, Lee Jae-myung’s initiative to finance a presidential bid through NFTs will be the first of its kind. And speaking of the growth of political memorabilia, former first lady of the US, Melania Trump, recently launched her own NFT collection as well.