[Asia Economy Reporter Yoo Hyun-seok] Galaxia Money Tree is showing strong performance. The news that Samsung Electronics is eyeing the non-fungible token (NFT) market, recently emerging as the 'second Bitcoin,' appears to have influenced the stock price.
As of 10:43 AM on the 31st, Galaxia Money Tree was trading at 6,960 KRW, up 8.75% (560 KRW) compared to the previous trading day.
Samsung Next, Samsung Electronics' investment specialist company, participated as an investor in the Series A funding of 9 million USD (approximately 10.2 billion KRW) raised by the U.S. NFT trading platform company 'SuperRare.'
SuperRare stated, "In just three years, the 'cryptocurrency art market (digital art)' has already grown to over 400 million USD," adding, "Through this investment, SuperRare will accelerate growth and provide services to more artists and collectors."
Hanyang Securities analyzed that Galaxia Money Tree needs to pay attention to new businesses integrating blockchain with artworks.
Galaxia Money Tree's business sectors are divided into electronic payments, O2O, and others. As of 2020, the revenue proportions are 77%, 22%, and 1%, respectively. The largest segment, electronic payments, is a PG business divided into mobile payments (53%) and credit card payments (24%).
Kim Yong-ho, a researcher at Hanyang Securities, said, "Galaxia Money Tree appears to be actively promoting new blockchain-based businesses recently," adding, "At the regular shareholders' meeting at the end of this month, they plan to add blockchain-related businesses to their business objectives and appoint a blockchain expert as an outside director." He also added, "At the end of last year, they issued the cryptocurrency XTL and successfully listed it on the cryptocurrency exchange 'Gopax.'"
Researcher Kim emphasized that attention should be paid to the new business objective item to be added at this shareholders' meeting: 'Storage, consignment sales, self-sales, and brokerage of auctionable items such as artworks, jewelry, and other valuables.'
He said, "A promising new business is selling ownership of artworks as digital assets by dividing ownership based on blockchain technology," adding, "When blockchain technology is applied to artworks, it enables the division and securitization of ownership and allows recording of artwork transaction histories, thereby providing transparency and reliability to the previously opaque art market."
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