Lee Jae-myung, the South Korean Democratic Party’s candidate for the presidency, announced its plans to utilize nonfungible tokens, or NFTs, to raise funds that he will ultimately use for his campaign. As per the announcement, the party will supply NFTs, containing exclusive images of Jae-myung and his pledges to those who would donate money for his upcoming campaign for president.
The Democratic Party’s campaign official, Kim Nam-kook told Yonhap News that this move particularly intends to appeal to the younger generation and NFT enthusiasts alike. According to him, the party is striving to find new avenues to utilize new technologies, such as NFTs, to bolster their campaigns while also now accepting crypto donations.
Jae-myung wasn’t the only Democratic Party member who announced their plans to dabble into innovative technologies to power up their respective campaigns. Before the presidential aspirant, fellow party member, Representative Lee Kwang-jae, stated that he intends to accept crypto donations from those who support him starting mid-January. He said that now is the time for politicians to set an example and embrace digital transformation.
These developments came at a time when the South Korean authority is still seemingly confused about whether or not NFTs should be regulated alongside cryptocurrencies. Back in early November, the country’s Financial Services Commission announced that NFTs are excluded with the proposed regulations, but just a few weeks after, the same agency changed its mind and stated that NFTs should be taxable.