Gansong: "Heritage DAO Purchases National Treasure Gilt-Bronze Triad Buddha Shrine... Donates 51% Stake"

Heritage DAO Donates Majority Stake to Gansong After Acquisition, Plans NFT Product Rights Using National Treasures
Donates 51% Stake to Gansong; Gansong Art and Culture Foundation to Handle Storage and Management

National Treasure 'Gilt-Bronze Triad Buddha Shrine'. Photo by Yonhap News

[Asia Economy Reporter Kim Heeyoon] Among the two national treasures that Kansong Art Museum put up for auction but failed to sell, the Gilt-Bronze Triad Buddha Shrine was sold to a foreign cryptocurrency investor group.

On the 16th, the Kansong Art and Cultural Foundation announced that it sold the Gilt-Bronze Triad Buddha Shrine, which failed to sell at auction, to Heritage DAO and agreed to receive a 51% stake donation in the item.

According to the foundation, Heritage DAO purchased the Gilt-Bronze Triad Buddha Shrine through K Auction and entrusted it to the foundation. Unlike a donation that transfers ownership, an entrustment means the item is placed under the foundation’s care.

Earlier, on the 15th, the Cultural Heritage Administration announced that on the 23rd of last month, the foreign corporation of Heritage DAO submitted a change of ownership report after purchasing the Gilt-Bronze Triad Buddha Shrine formerly owned by the previous director.

DAO stands for Decentralized Autonomous Organization, an organization based on blockchain technology where anyone can voluntarily participate and decisions are made democratically through member voting. Based on this, new forms of financing can be secured through blockchain-centered cryptocurrencies.

Heritage DAO permanently entrusted the Gilt-Bronze Triad Buddha Shrine to Kansong Art Museum, the original owner and custodian, so it can be preserved and used for exhibitions, and donated 51% ownership stake to the Kansong Art and Cultural Foundation. The foundation described Heritage DAO as "a blockchain community of global culture enthusiasts."

In exchange for donating and entrusting the stake of the Gilt-Bronze Triad Buddha Shrine, Heritage DAO is expected to exercise rights such as issuing Non-Fungible Tokens (NFTs).

The Kansong Art and Cultural Foundation expressed gratitude to the donor for their deep interest and affection for Korean cultural heritage, leading to the permanent entrustment and stake donation of the national treasure Gilt-Bronze Triad Buddha Shrine, and apologized repeatedly to many who have loved and supported Kansong, stating they will do their best to prevent similar incidents in the future.