Trendy digital paintings in South Korea
SEOUL, March 22 (Korea Bizwire) — Trading digital assets using crypto technology such as non-fungible token (NFT) is gaining popularity in the global art market.
South Korea is no exception to this trend.
Investment and art services company Pica Project recently said that South Korean contemporary artist Mari Kim’s “Missing and Found” sold for a winning bid of 288 ethereum in the first works auction. nation’s NFT art show held last Wednesday and Thursday.
The winning price was around 600 million won (US$529,000), more than 11 times more than the starting price of around 50 million won, the highest sale price for a work by Marie Kim.
NFT imparts inherent value to digital content by using blockchain technology like Bitcoin. It is gaining popularity in the virtual asset market as it allows digital videos, designs, and music to remain originals that cannot be copied.
Seoul Auction, South Korea’s only listed auction house and a gallery operator, recently disclosed its plans to enter the digital asset market.
Seoul Auction will take care of the discovery of new artists, while its affiliate Seoul Auction Blue will take care of the technological development. It plans to introduce a tender system for digital paintings by the third quarter of this year.
The number of NFT-based artwork exchanges that have been completed globally up to the start of this month stood at 100,000 pieces, with their combined value estimated at around 222 billion won, according to the CryptoArt.io artwork data analysis platform.
Ashley Song ([email protected])