[Asia Economy Reporter Hyunseok Yoo] Seoul Auction's stock price is on the rise. The news that it is entering the 'digital art asset market' to expand the art market sector along with Seoul Auction Blue appears to have influenced the stock price. Beyond dividing high-value physical assets like artworks into digital shares for sale, they plan to develop and offer new financial products based on these digital shares.
As of 9:21 AM on the 11th, Seoul Auction was trading at 12,050 KRW, up 9.05% (1,000 KRW) compared to the previous trading day.
Seoul Auction is responsible for discovering artists, while Seoul Auction Blue handles technology development. The service is scheduled for full-scale introduction in the third quarter of this year.
According to Seoul Auction, they are conducting virtual asset technology testing through the art co-purchase service SOTWO, operated by Seoul Auction Blue, and the collectible resale platform XXBLUE.
The art co-purchase service (SOTWO) has formed a strategic partnership with Shinhan Bank to promote digital asset business and is jointly pursuing business initiatives.
Recently, blockchain, NFT (Non-Fungible Token), and other cryptographic technologies have been increasingly introduced into the art market, opening a new chapter called 'digital art.'
The number of actual art transactions is also on the rise. According to the art data analysis platform CryptoArt, the total amount of art traded based on NFT tokens exceeded $197.4 million (approximately 222 billion KRW) as of March 4, with over 100,000 pieces traded.
'Digital art' can be enjoyed anywhere simply by accessing an online platform without visiting a museum. Unlike the traditional passive way of appreciating art, it offers the advantage of experiencing and enjoying artworks anytime and anywhere.
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