The country’s conservative party candidate Yoon Suk-yeol minted at least 4000 NFTs on the Aergo blockchain on the South Korean NFT marketplace CCCV for about $40 each (KRW 50,000). He plans to issue a total of 22,329 NFTs.
In Brief:
- The People Power Party Candidate chooses NFT to woo young voters for the elections on 9th March.
- Yoon Suk-yeol intends to release a total of 22,329 NFTs.
- Candidates have made crypto-friendly promises in the election campaign.
South Korea’s presidential candidates are in a tight race and are hoping to gain support from the crypto community through NFTs. The presidential election in South Korea will be held on March 9, 2022. The presidential candidate Yoon Suk-yeol issued NFTs containing his own images and videos for the campaign.
Meanwhile, Gallup Korea’s most recent presidential election poll shows Yoon Suk-yeol leading the race with a 39% approval rating. DPK presidential candidate Lee Jae-Myung, on the other hand, is close behind with 38%.
Yoon Suk-yeol had promised to deregulate the virtual asset industry in order to accelerate its growth in January.
“We must shift to a negative regulation system to ensure at least the virtual asset market has no worries,” he said.
The two nominees have approached crypto-related firms and investors with promises to improve the country’s regulatory landscape. Their main promise is to reintroduce Initial Coin Offerings (ICOs), which were banned in 2017, and to make them more secure for investors.
South Korea has a very high rate of cryptocurrency adoption. There are more than 5 million individual crypto accounts across the country’s top three crypto exchanges.
To capitalize on this new space of opportunities, South Korean company Cube Entertainment partnered up with The Sandbox to promote Korean Culture in the metaverse.
The People Power Party Candidate Yoon is not the first presidential candidate to use NFTs to entice young voters. The presidential candidate for the ruling Democratic Party of South Korea, Lee Jae-Myung, had announced that those who contribute to his fundraising campaign will be rewarded with NFTs. Donors would receive memento NFTs with a picture of Lee and his policies.
