[Asia Economy Reporter Jang Hyowon] Galaxy Money Tree is on the rise following news that Samsung Electronics is partnering with Sotheby's to enter the NFT art market.
As of 10:06 AM on the 4th, Galaxy Money Tree is trading at 7,640 KRW, up 6.26% from the previous trading day.
It is understood that Samsung Electronics' UK branch will supply TVs for Sotheby's NFT (Non-Fungible Token) auctions to support artwork exhibitions and target the European market, drawing attention to Galaxy Money Tree, which is promoting new NFT-related businesses.
Sotheby's, established in 1744 in London, UK, is an auction company that has traded artworks and luxury goods worth millions of dollars.
NFT is an encryption technology that uses blockchain technology to assign unique marks to digital content. It can distinguish genuine works among replicated content, making it actively used in the art world. According to CryptoArt, an art data analysis platform, by early March, over 100,000 NFT-based artworks have been traded worldwide.
Meanwhile, Galaxy Money Tree announced in April that it will launch NFT services within the year and plans to develop blockchain and cryptocurrency core new businesses such as "Bitcoin payment and exchange, NFT, and STO."
The securities industry has previously forecasted that attention is needed for Galaxy Money Tree's new business combining blockchain with artworks.
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