Non-fungible tokens (NFTs) are back in action and have started reclaiming mainstream adoption after a recent short downfall. NFTs came into the spotlight following a general bullish crypto market last year that left many digital assets reaching new record highs.
Seongnam Adopts NFTs To Issue Citizenship
Since June, the NFT market has experienced a significant meltdown that left many NFTs shedding more than 60% of their floor prices. In the past few weeks, the NFT market appears to be regaining adoption across institutions, brands, and governments. The 12th most populated city in South Korea, Seongnam, is the latest city to announce its NFT adoption. Seongnam plans to use NFTs to offer citizenship rights.
According to the local media reports, the administration of Seongnam anticipates creating Special Metaverse Seongnam City before the end of the first half of next year. The virtual city will allow residents to check local 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 anticipates 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 Gain Mainstream 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.
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