Korean ruling party releases NFT to raise funds for presidential
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Korean ruling party releases NFT to raise funds for presidential campaign

The Korean Democratic Party, which rules the country, has announced its intention to issue non-fungible tokens (NFT) to be used to raise funds for the presidential election.

Image source: Pete Linforth / pixabay.com

Image source: Pete Linforth / pixabay.com

NFT tokens are a relatively new offering in the cryptocurrency market – these unique assets enable rights to be sold to various digital objects. Earlier this month, people who donate money to Democratic presidential candidate Lee Jae-myung will receive NFT tokens linked to Mr. Lee’s photos and activities – these assets become a kind of bond that can later be sold or exchanged .

As the party stressed, the National Electoral Commission confirmed in December that NFT fundraising does not violate electoral laws – its implementation and fundraising are carried out in accordance with all norms. Former head of the Small and Medium Business Administration, Park Young-sun, who oversees the party’s digital business, pioneered the sale of the party’s digital assets. On January 1, she sold an NFT token for $ 2,500 in connection with her 2018 Facebook post speaking out against closing cryptocurrency exchanges.

To attract young voters between the ages of 20 and 30, the Democratic Party actively supports the game industry’s commitment to use NFT in their development. The party’s presidential candidate said in a recent interview that Korea should become a world leader in integrating games with NFT.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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