North Korean NFTs have emerged as a key focal point in Pyongyang’s exploration of digital assets, showcasing both legitimate NFT initiatives and sophisticated cyber tactics aimed at expanding revenue streams while evading sanctions.
### Key Insights
1. North Korea has ventured into converting cultural assets like Mount Kumgang photos and Goryeo celadon imagery into NFTs.
2. Government programs have tested NFT marketplaces in Southeast Asia to circumvent stringent global regulations.
3. Cybercriminal groups have targeted NFT investors through extensive phishing and malicious minting activities.
4. While technically feasible, authorities have deemed NFT operations as limited in generating substantial revenue.
5. These experiments form part of a broader cryptocurrency theft strategy, estimated to have yielded around $800 million in 2024, as per TRM Labs’ 2025 Crypto Crime Report.
### Unpacking North Korean NFTs
North Korean NFTs represent a strategic avenue for the Pyongyang regime to explore generating foreign currency and sidestepping international sanctions. By tokenizing unique content linked to the country, North Korea aims to tap into collectors’ interest in exclusive items while leveraging blockchain’s anonymity and global reach.
### Government Trials and Digital Asset Approach
#### Official Experimentation Programs
Recent intelligence reveals a five-month initiative from January to May 2025, where North Korea deployed technical personnel to China to gather insights on NFT technology and profit potential.
#### Content Digitization and Asset Creation
Technical specialists transformed culturally significant pieces like Mount Kumgang photos and Goryeo celadon images into digital collectibles listed on NFT marketplaces in countries with lax verification standards.
#### Technical Methods and Infrastructure
Operatives employed diverse blockchain wallet management techniques, including multi-signature wallets and cross-chain transfers, to mask ownership and complicate asset tracking.
#### Platform Selection and Market Analysis
North Korean teams assessed various NFT marketplaces based on transaction fees, user base, and withdrawal methods, opting for platforms with minimal verification but acknowledging their volatility.
### Cybercriminal NFT Operations
#### Large-Scale Phishing Campaigns
North Korean APT groups created counterfeit marketplace domains to steal private keys and assets by impersonating popular platforms like OpenSea and Rarible.
#### Malicious Minting Strategies
Attackers enticed users to mint new NFTs through fraudulent links, granting access to wallets and siphoning funds and assets from victims.
#### Advanced Social Engineering
By crafting fake gaming experiences, North Korean operatives lured users into authorizing wallet actions within blockchain-based games, leading to asset theft.
### Strategic Implications
#### Revenue Generation Limits
Although NFTs could theoretically generate foreign currency, North Korea found the costs of operations outweighed the returns compared to other revenue sources like arms sales and direct cryptocurrency theft.
#### Part of a Broader Cyber Strategy
North Korea’s NFT experiments align with a broader cryptocurrency theft strategy, positioning them to expand these tactics in the future if market conditions improve.
### Conclusion
North Korea’s exploration of NFTs showcases its determination to leverage new technologies for economic gain while navigating global sanctions. While NFT sales fell short as a primary revenue channel, these endeavors have enhanced Pyongyang’s understanding of blockchain platforms and financial evasion methods, preparing them to seize future opportunities in digital assets as circumstances evolve.