South Korean Presidential Candidate to Raise Funds Through NFTs: Report

The ruling political party of South Korea – The Democratic Party of Korea (DPK) – will reportedly roll out non-fungible tokens for fundraising in a presidential election. The collectibles will depict Lee Jae-myung’s image (DPK’s candidate for president) and serve as a bond allowing holders to exchange the NFTs with other individuals.

NFTs Fueling Presidential Campaign

According to a January 3 report by The Korea Times, the initiative will start later this month. Assuming the DPK issues the non-fungible tokens, it will become the world’s first political party to employ digital collectibles for such a cause.

“Our presidential candidate is also preparing for fundraising using NFTs,” a lawmaker member of the ruling party confirmed.

The DPK also emphasized that fundraising using NFTs does not violate the Political Funds Act or the Public Official Election Act. Rep. Lee Kwang-jae revealed that the officials have thoroughly discussed the matter with government institutions over the past eight months.

“The donations will be managed in compliance with the Public Official Election Act and the Guidelines on Management of Political Funds,” he added.

The South Korean presidential election is set for March 9, 2022, as the DPK’s candidate is the 57-year-old member of the party – Lee Jae-myung. The move is considered to win some of the young Koreans’ votes, specifically those in their 20s and 30s – among the most active individuals in the cryptocurrency space.

During a recent interview, Lee Jae-myung opined that South Korea should lead the global trend and embrace non-fungible tokens and digital assets at a higher level.


“If we deny what actually exists, it will be similar to an isolationist foreign policy,” the presidential candidate concluded.

Rep. Lee Jae-myung, Source: The Korea Held
Lee Jae-myung, Source: The Korea Held

Cryptocurrencies Accepted as Political Donations

Last week, Rep. Lee Kwang-jae – another member of the Democratic Party of Korea – revealed his intentions to receive campaign donations in cryptocurrencies.

The initial assets will be the two largest by market capitalization – Bitcoin (BTC) and Ether (ETH), as well as a few local tokens. If realized, the politician will become the first in his field to accept cryptocurrencies for campaign finance.

The lawmaker’s office explained that it first intends to receive 10 million won (around $8,400) worth of cryptocurrencies, with a 1 million won ($840) limit set for each contributor.

Additionally, Rep. Lee Kwang-jae plans to issue non-fungible tokens as a receipt for such contributions starting from mid-January this year.


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3 reasons why Phantasma (SOUL) is chasing after new all-time highs

Nonfungible tokens and blockchain-based gaming projects saw a breakout in popularity over the course of 2021. This was due to their widespread appeal which attracted the attention of crypto newbies and experienced hodlers alike. This trend helped to further initiate the mass adoption of blockchain technology and from the look of things, its likely to extend throughout 2022. 

One project is making moves in 2022 is Phantasma (SOUL), a layer-one blockchain protocol that specializes in the creation of SmartNFTs and decentralized gaming applications. Its prices reflect that it’s about to make a run for a new all-time high. 

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.30 on Dec. 30, the price of SOUL has climbed 61.73% to a daily high at $3.72 on Jan. 3 as its 24-hour trading volume increased from an average of $3 million to $12 million.

SOUL/USDT 1-day chart. Source: TradingView

Three reasons for the surging price of SOUL are the launch of several new protocols on the Phantasma network, the addition of cross-chain support for multiple networks, and the overall increase in popularity of NFTs and blockchain-based gaming.

New projects launch on Phantasma

One of the biggest developments to come out of the Phantasma ecosystem over the past couple of weeks has been the launch of several projects on the network. This includes the role-playing card game Blood Rune, the mobile game Ghost Festival and the NFT marketplace GhostMarkets.

The GhostMarket NFT marketplace is currently conducting its initial decentralized exchange offering (IDO) on Flamingo Finance and will have its GM token available to operate on the six different networks that GhostMarket supports, but  including Ethereum (ETH), Binance Smart Chain (BSC), Phantasma, Avalanche, Polygon and NEO N3.

One of the main draws of using Phantasma over other chains is its dual token system where SOUL token holders can stake their tokens to earn Phantasma Energy (KCAL). These in turn can be used to pay for transaction fees. This essentially makes transactions free for SOUL holders.

Phantasma is also certified as a carbon-negative blockchain which has helped attract positive attention. This sets it apart from other networks like Ethereum, which notoriously has a higher carbon footprint since it utilizes mining.

Cross-chain interoperability

A second reason for the building strength of Phantasma has been the addition of cross-chain interoperability with multiple blockchain networks including Ethereum, BSC and NEO.

On top of the addition of interoperability with other networks, the Phantasma chain itself is capable of reaching high levels of throughput. This is due to the ability to host infinite sidechains while the network as a whole benefit from having native oracles built directly into the core of its design.

With interoperability looking to be one of the major themes in the cryptocurrency ecosystem for 2022, projects that have already started making it a focus of development are likely to outperform the competition that doesn’t. This will incentivize crypto users to become increasingly comfortable with transacting across multiple networks.

Related: Samsung announces NFT platform for smart TVs

NFT and gaming popularity

The third reason for the building strength of Phantasma is the overall popularity of gaming and NFT projects as blockchain adoption is on the rise.

According to data from Google Trends, interest in NFTs has been rising since early 2021 and hit a peak in the middle of December as Phantasma was introducing new projects and touting its low-cost capabilities.

Interest in NFT searches over time. Source: Google Trends

On top of the generalized rise in interest in NFTs, popular blockchain-based games like Axie Infinity have led to the emergence of play-to-earn games across the crypto ecosystem. The high throughput, low-cost capabilities of Phantasma make it an attractive option for gamers looking to maximize their earnings while minimizing transaction costs.

With the interest in gaming and NFTs showing no signs of disappearing in the near future, projects that focus on facilitating their growth and adoption could continue to see their values rise as NFTs become more mainstream.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.