South Korean City of Seongnam to Issue NFT Citizenship
South Korea continues to be a trailblazer in embracing the metaverse. The country’s 12th most populous city, Seongnam is now set to issue NFT citizenship, plunging its citizens into the world of nonfungible tokens and the metaverse.
Seongnam officials plan to recreate the whole city in the virtual space and will go as far as issuing its residents with NFT citizenship.
The NFT citizenship will provide the city’s residents with access to its local municipal information and services. The NFT will also serve as the resident’s ID. The city calls the new project the “Metaverse Special City Seongnam” and will soon map the whole city into the metaverse.
The city’s metaverse project is just one of the many other blockchain and digitization projects that are sprouting in South Korea. The country is reportedly aiming to become a global hub for Web3 and the metaverse.
Seongnam’s NFT citizenship scheme was announced this week. The proposition was laid out by officials in Gyeonggi Province and the project’s planned completion date is within the first half of 2023.
As a result, work on the development of the Seongnam metaverse city is expected to begin soon. The officials state that they plan to start the construction as soon as October 2022. The city is yet to provide full details of its proposed virtual municipality project but given the urgency of the projects, we are expecting to see these details soon.
Apart from Seongnam, South Korea’s capital of Seoul is also planning to build a metaverse city. Last month, Seoul did a test opening of its metaverse city so its virtual city is almost halfway complete.
The South Korean government is planning to unveil the “Metaverse Industry Promotion Law” in response to the growing number of companies and cities in the country that are embracing Web3 and the virtual space. The officials are also planning to assist with promoting digital businesses in South Korea.
The construction of Seoul’s metaverse city started with the setup of the Seoul Plaza and the Seoul City Hall in the metaverse. Due to the scale of the city, the virtual reconstruction of Seoul City will be a monumental exercise that will take a considerable amount of time. However, there are reports that the Seoul Metaverse is set to go live by November this year.