South Korean Presidential Candidate To Raise Campaign Funds Through NFTs

As NFTs continue to sweep the globe, interest is coming from unlikely sources; politics.

Lee Jae-Myung, South Korean presidential candidate with the centrist-liberal Democratic Party, plans to experiment with NFTs as a way of raising campaign funds.

His party and campaign will reward individual donors with non-fungible tokens (NFTs) of Lee’s picture, between now and March 9 when the election will be held.

Explaining this decision, Lee said, “It is high time that we undertake innovative experiments to enhance our understanding of these future technologies and change perceptions of digital currencies and NFTs.”

It is part of a strategy to attract younger supporters, who tend to keep up with new and emerging technologies.

“As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them,” a campaign official was quoted as saying.

While this is the first documented case of NFTs being used as a fundraising tool in a presidential campaign in any country, it is not the first time NFTs are finding their way into politics.

Still in South Korea, a member of the National Assembly declared that his office will soon start receiving blockchain based gifts.

Former US First Lady Melania Trump has also recently got in on the NFT craze.

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