South Korean university, Sungkyunkwan University, has announced it will present the country’s first university awards in the form of non-fungible tokens (NFTs) at a graduation ceremony this week.
These are the first official university certificates to be presented in a crypto asset format.
The NFT-based award certificates are being given to three deserving students who have won prizes and achieved outstanding grades during their academic careers.
A local newspaper reported that Moon Kyung-won, a pharmacy major who won the grand prize in the “Graduation Success Story Contest,” is among the three students who will receive the NFT-based certificates at the university’s graduation ceremony on Wednesday.
In addition, he is being recognized for his participation in tutoring and guidance programs for children of North Korean and multicultural refugee families, volunteering for a total of 284 hours, exceeding the program’s graduation requirements (40 hours).
Lee Ga-hyeon, a student in the Department of Korean Language and Literature, who won the grand prize in the ‘Graduation Celebration Video Contest’, and Kim Chae-hyun, a student in the Department of English Language and Literature, will also receive NFT awards.
The NFT certificates will be valid for legal purposes and won’t be susceptible to loss or duplication.
The university has decided to issue NFT awards “to revolutionize campus culture to keep up with developing digital technology and to offer a special experience for students attending the online graduation ceremony due to COVID-19.”
In the future, Sungkyunkwan University plans to use blockchain technology to award additional qualifications.