According to the recent news update, the current Democratic Party of Korea (DPK) is so far the first ever political party that has announced the issuance of non-fungible tokens (NFTs) with the purpose of raising funds for elections, as per committee of presidential candidate DPK Lee Jae-Myung last Sunday.
NFTs are, to put it simply, the latest cryptocurrency-based phenomenon that has attracted attention. It is about transforming collectibles such as digital artwork into secure, verifiable and unique digital goods that can also be exchanged.
In the coming days of January, the DPK is looking forward to sending non-interchangeable images depicting Lee Jae-Myung's policies and images to his political supporters who wish to contribute their money to the election campaign. Furthermore, the political party has also said that the NFTs will function as a kind of link to provide facility for holders. The holders will be allowed to easily exchange the goods present in the digital forms with other objects.
It is possible to involve NFTs in fundraising without any violations
According to the election campaign committee's recent fundraising strategy, which is followed by DPK lawmaker Lee Kwang-Jae's statement on Thursday to begin accepting cryptocurrency donations in mid-January. The DPK legislator also announced that receipts will also be issued for donations in the form of NFTs.
In addition to this, the legislator also made it clear to the National Assembly at the press conference that the presidential candidate is also eager to raise money by involving NFTs.
Furthermore, the legislator of the DPK also argues that the NEC or also known as the National Electoral Commission assured a few months ago that the whole idea of fundraising with the use of NFT is not in conflict with the official election law or any Political Funds Act.
As part of this information, there have been discussions about this groundbreaking idea with the NEC and other state organizations such as Lee. Further details illuminate us on the donations that are foreseen in the agreement with the Official Election Act along 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 as former SME and Startup Minister Park Young-sun showed support for the party's policy plan that is digital and asset-friendly. He proceeded with a Non-fungible-token which is mentioned in his message on the social media site Facebook and was written in 2018. In that message, he has effectively resisted the eradication of cryptocurrency platforms.
She also issued another NFT with some sort of parody of herself and wishes for 2022. In the near future, the inactive minister also plans to meet with representatives related to the gaming industry alongside Lee to look forward to the strategies needed to elevate the country's virtual gaming industry by involving NFTs.