NFT that will be used by the ruling South Korean party to raise funds for the elections

TL; DR fault

  • Irreplaceable tokens will be issued to raise funds for the DPK elections.
  • The former Minister of Small and Medium-Sized Enterprises has announced his support for NFT-based financing

According to a recent news update, the current Democratic Party of Korea (DPK) is so far the first political party to announce the issuance of irreplaceable tokens (NFT) to raise funds in the election according to the board of DPK presidential candidate Lee Jae-Myung last Sunday.

In simple words, NFT is the latest cryptocurrency-based phenomenon that is attracting widespread attention. This includes turning collectibles such as digital works of art into secure, verifiable and unique digital assets that can also be traded.

In the coming days of January, the DPK looks forward to sending irreplaceable visuals depicting Lee Jae-Myung’s politics and images to his political supporters who want to give their money to the election campaign. Furthermore, the political party also said that NFTs will function as a kind of bond to ensure ease for owners. Holders would be able to easily exchange assets present in digital form with some other facilities.

Is it possible to involve NFT in fundraising without any breach

According to a recent election campaign committee’s fundraising strategy, followed by a statement by DPK MP Lee Kwang-Jae on Thursday about the start of accepting cryptocurrency donations in mid-January. The DPK representative also announced that certificates for donations in the form of NFT would be issued.

In addition, the MP even explained at a press conference in the National Assembly that the presidential candidate is looking forward to raising funds through the NFT.

Furthermore, the DPK MP also claims that the NIK or also known as the State Election Commission a few months ago assured that the whole idea of ​​fundraising using NFT is not in conflict with the Official Election Law or any Law on Political Funds.

As part of this information, there was discussion of this innovative idea with NEC and other government organizations according to Lee. Further details tell us about the donations that are planned to be included in the agreement with the Official Election Law with instructions on the management of political funds.

The role of the former minister in supporting NFT-based funding

The whole situation became more serious when the previous Minister for Small and Medium Enterprises and startup Park Young-sun showed support for the party’s policy plan, which is digital and asset-friendly. She continued with the Non-Replaceable Token mentioned in her message on the social network Facebook and was written in 2018. In that message, she actually resisted the eradication of cryptocurrency platforms.

She also released another NFT with a kind of parody of herself and a congratulations for 2022. In the near future, the inactive minister also plans to meet with representatives associated with the gaming industry along with Lee to look forward to the strategies needed to boost the country’s virtual gaming industry by including NFT.

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