Jeju Island, a subtropical province off the South Korean mainland’s south coast, is making a bold move to transform its economy through the use of non-fungible tokens (NFTs).

According to reports from CNB News, the island with its own legal and administrative status aims to leverage NFTs to stimulate growth in tourism, agriculture, livestock, and fisheries.

Jeju officials, persistently seeking crypto-powered growth since 2018, are now reinvigorating their efforts in the face of regulatory challenges from Seoul.

Despite the capital’s firm stance on initial coin offerings (ICOs), play-to-earn games, and NFT regulation, Jeju Island Governor Oh Young-hoon announced at an IT-related forum this week the island’s commitment to digital transformation.

“This year, we are gradually making preparations to focus on digital transformation. The core of all this is Web3. We can apply Web3, including the use of NFTs, to all areas of the government. This will be a step forward,” Governor Oh said.

Jeju Island aims to become an ‘NFT city,’ with plans to make payments convenient for both South Korean and overseas visitors throughout the island.

Leading figures, including Kwon Soo-ho, the head of the Korea Blockchain Industry Promotion Association’s educational operations, see the potential for blockchain technology and NFTs to revolutionize various sectors in Jeju.

Attendees from the Jeju Research Institute, Jeju Creative Economy Innovation Center, and other related organizations joined discussions on implementing NFT-related innovations.

One proposal involves incorporating NFTs on the Jeju Olle Trail, a 437 km network of footpaths known for attracting tourists. Visitors completing specific trail sections may receive discount-bestowing NFTs.

NFTs are also being considered for use in the agriculture and fisheries sectors to promote sales, subsidies, and ensure the authenticity of local products such as Jeju Black pig pork and hallabong citrus fruit.

Additionally, attendees explored the idea of utilizing NFTs during currency exchange and payment processes in Jeju.

There’s renewed interest in blockchain-powered “local currency” vouchers pegged to the fiat KRW, which could provide subsidies and boost community spending in local outlets.