South Korea's presidential candidate announces NFT fundraise
January 3, 2022, 1:49PM EST
1 min read
The leading candidate for the South Korean presidency has announced a fundraiser based on non-fungible tokens.
Per the Korea Times' report, Lee Jae-myung, the ruling Democratic Party's candidate in the 2022 presidential elections, will be giving NFTs to donors to his campaign. The news comes despite earlier concerns that such fundraises may violate the Political Funds Act or the Public Official Election Act.
Donors will not exactly be buying NFTs. They will be receiving NFTs including a picture of Lee and a list of his policies as a kind of memento for their donation.
The move is part of broader outreach from the Lee campaign to young voters. This push has included talks in support of digital assets as well as advocacy for NFTs in gaming. The Lee campaign is calling it the first use of NFTs for a national presidential campaigns finance in the world.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.