[Interview] "Gallery in My Hand"... NFT Opens Era of Popularizing Expensive Artworks

NFT Art 101 Conference 2022 Hosted
Interview with Hong Jisuk, CEO of ArtToken
"NFT Platforms as an Opportunity to Promote K-Art Overseas"
First Domestic NFT Platform Featured on Samsung Smart TV

Interview_Hong Jisuk, CEO of Art Token./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Ji Yeon-jin] An era is dawning where expensive artworks, once considered the exclusive domain of the wealthy, can be easily kept close and appreciated anytime, anywhere in everyday life. Digitally converted artworks are exhibited through mobile phones in our hands, large living room televisions, or giant screens on building exteriors. The medium that has made this a reality is the Non-Fungible Token (NFT), which has recently emerged as a hot topic in the virtual market.

Hong Ji-sook, CEO of ArtToken, explained, "Artists embed their lifelong experiences and philosophies into their works, making artworks truly non-fungible. By digitally preserving many artists' works and turning them into NFTs so more people can enjoy them, it becomes possible to own and appreciate artworks more affordably than originals and resell them easily later." NFTs are digital units stored on the blockchain that serve as certificates of authenticity for digital files such as photos, videos, and audio. Since artworks currently have a narrow distribution structure and are often copied as digital files, NFTs perfectly fit this market.

ArtToken is an NFT platform where not only digital art but also existing artists' works can be issued (Minting) as NFTs and traded. Investors can purchase NFT artworks on ArtToken and enjoy them on large screens like TVs, mobile phones, or computers, with the option to resell later. While some NFT artworks are minted exactly as the originals, others are reinterpreted through collaboration by adding motion or other elements suited to the digital realm. A representative example is the NFT collaboration between MBC’s "Infinite Challenge" episode "Run Away with the Money Bag" and artist Sung Tae-jin.

Interview_Hong Jisuk, CEO of Art Token./Photo by Hyunmin Kim kimhyun81@

Artworks minted as NFTs on ArtToken will be viewable through Samsung Electronics’ televisions in the second half of this year. Samsung showcased smart TVs equipped with NFT platforms at the Consumer Electronics Show (CES) in the U.S. earlier this year, and ArtToken is the first domestic NFT platform to sign a contract with them. CEO Hong emphasized, "The combination of NFT art and devices is crucial. Just as music became ever-present around us through the development of devices from Walkman to CD players to iPods, artworks will become more popular faster once they can be appreciated through devices."

Having completed graduate studies in business administration, CEO Hong has built a career in HR and marketing planning. Her interest in NFT artworks began as a hobby in art creation. While preparing for an exhibition in Paris as an amateur artist, she was helped by painter Bang Hye-ja, who is well-known locally with works displayed in Chartres Cathedral but remains unknown in Korea. This made Hong reflect on ways to collect works by domestic artists, leading her to conceive an art trading platform using NFTs. She received initial investments from venture capital firms such as LNS, Korea Investment Partners (KIP), and KTB Network (now Daol Investment), and founded ArtToken in April last year.

CEO Hong said, "Artists who do not receive external support cannot continue their work no matter how good their art is. Like K-pop and K-webtoons, K-art can also expand globally, and our goal is to create a platform that allows many artists to easily create NFTs." To this end, they plan to replace the current platform based on the cryptocurrency Klay issued by Ground X, a Kakao affiliate, with an Ethereum-based platform that supports global trading.

She added, "Currently, cash payments are difficult in NFT transactions, and only virtual assets are accepted. Regulatory authorities should support well-performing areas while carefully preparing ways to protect investors so the market can grow." She emphasized, "Although there is much skepticism about virtual assets recently, virtual worlds are being built, and when many people gather, it becomes powerful. There is always a reason for many people to come together, and we will continuously create spaces to establish fair and proper reasons."

ArtToken will hold the ‘NFT Art 101 Conference 2022’ on the 17th at the Grand Ballroom of Seoul Dragon City in Yongsan-gu, Seoul, to discuss the integration and revitalization of NFTs and cultural arts.