- South Korean Democratic Party candidate Lee Jae-Myung is the first presidential candidate to raise money through NFT.
- Lee’s image in the NFT will be accompanied by specific election promises for those who donate to his campaign.
The past year has seen how major politicians approached cryptocurrencies. In one of his early moves, South Korean presidential candidate Lee Jae-Myung is planning to raise money for his election campaign using disused tokens (NFTs).
With his new strategy, Jae-Myung plans to attract younger voters familiar with NFTs. It is reported that people who donate money to the campaign will receive NFTs issued by a party. As we can predict, these promises will include images of the candidate in these promises.
As we know, non-fungible tokens (NFTs) are blockchain-based tokens that represent unique assets such as digital content, digital media, or a piece of art. The Commission said the NFTs will act as a new channel of communication for voters.
In addition, they will help bring political memories closer to a new generation of digital people. Speaking to local Yonhap News, campaign committee official Kim Nam-kook said:
With the younger generation in their 20s and 30s interested in emerging technologies, including virtual assets, NFTs, and the metaverse, this type of fundraising may appeal to them.
The Lee Democratic Party will issue an NFT on Lee’s likeness as well as specific election promises for campaign donors. Lee added: «It’s time for us to undertake innovative experiments to improve our understanding of these technologies in the future and change attitudes towards digital currencies and NFTs.»
Creating a new precedent for political campaigns with NFT
The South Korean Democratic Party was pushing for ways to accept donations in digital assets and NFTs. It’s about highlighting the shift to technology of the future to appeal to millennial voters.
If Lee manages to raise a significant amount of political funds through this digital platform, he will be the first political presidential candidate in the world to issue an NFT to fund his campaign.
However, the involvement of politicians in NFTs is not new. Last year in October, US presidential candidate Andrew Yang published an NFT in association with Bankless. In Arizona, Blake Masters is optimistic from the Senate offering «zero – to – one» NFTs based on the first cover of his book «Zero to One.» Back then he said:
This is the first NFT we have issued to help share the big story of the book, and to help raise money for my campaign for the U.S. Senate, so that we can help use the idea of Zero to One to make America save about destruction.