South Korea’s Presidential Candidate Issues NFTs For Fundraising

NFTs, a word that was among the top google searches of 2021, are  becoming all the rage in mainstream society lately, and even the  candidates for Korea’s upcoming elections know it.

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  upcoming 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.

A brief on NFTs - 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.

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.”

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.

Yellow Star
Yellow Star

South Korea’s Presidential Candidate Issues NFTs For Fundraising