South Korean Presidential Hopeful Plans to Finance Election Campaign With NFTs

A presidential candidate in South Korea, Lee Jae-myung, is planning to fundraise using NFTs, per Yonhap News. The strategy is financial and represents a bid to attract younger voters. 

“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,” Kim Nam-kook, a Lee campaign official, told Yonhap News. 

The Democratic Party—Lee’s party—will issue NFTs that include Lee’s image, as well as specific election pledges to those who donate to his campaign. The election is scheduled to take place on March 9. 

“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,” Lee added. 

The Asian country’s regulators have long been focused on the growing industry.

In March last year, South Korea introduced new reporting rules for crypto companies with one eye on the country’s anti-money laundering regime. Non-compliance could result in a fine of up to $44,000 or even a five-year prison sentence. 

In November, South Korea’s financial regulator also hinted at the idea that the government could tax NFTs shortly. 

Elsewhere in Korean culture, famed k-pop band BTS has long aimed to establish NFTs of their own, and despite critics raising environmental concerns, the group plan to go ahead.

Politicians in the U.S. have also been experimenting with the novel fundraising scheme. 

NFTs and politicians

In October last year, former United States presidential candidate Andrew Yang co-released an NFT collaboration with Bankless. 

After appearing on the Bankless podcast, Yang said proceeds from the NFT sale would go to his new Forward Party, which he believes will fix political deadlock in the country. 

In Arizona, Senate hopeful Blake Masters is offering donors “Zero to One” NFTs based on the early cover art for his book, Zero to One. 

“This is the first NFT we’re issuing to help share the book’s cool history, and to help raise money for my U.S. Senate campaign, so we can help use ‘Zero to One’ thinking to save America from the brink of destruction,” he said.