Non-fungible tokens (NFTs) are back in action and have started regaining mainstream adoption after a recent short downfall. NFTs came into the spotlight in 2021, following a crypto bull run that left many digital assets recording new all-time highs.
Seongnam Adopts NFTs To Issue Citizenship
Since June, the NFT market has experienced a short meltdown that left many NFTs shedding more than 60% of their floor prices. But interestingly, the NFT market appears to be regaining adoption across institutions, brands, and governments in the past few weeks.
The 12th most populated city in South Korea, Seongnam, is the latest city to announce its NFTs adoption. Seongnam anticipates using NFTs to offer citizenship rights to its residents.
According to the local media reports, the local administration of Seongnam city anticipates creating a special metaverse city before the end of the first half of next year. The virtual city will allow residents to check municipal policy status using blockchain technology.
To revitalize the virtual city, the city government plans to issue its resident’s citizenship using non-fungible tokens (NFTs). These NFTs will allow residents to access more municipal information in the metaverse.
The city hopes the metaverse city will attract all generations, especially those born in the early 1980s to 2000s, who have grown up with digital media. Seongnam city will begin issuing NFTs in April next year before its virtual city launch in May.
NFTs Continue Gaining Adoption
The recent news appeared a few days after Japan announced its NFTs adoption. The Japanese government used NFTs to reward seven mayors for their initiatives to ease the lives of the public in their respective regions.
Moreover, the European Union Intellectual Property Office recently announced its NFTs adoption to fight forgery. The European Union will use NFTs to track and authenticate produced goods to mitigate counterfeiting.