Seoul Auction "Affiliate Collaborates with Upbit NFT... 'Issuance of Physical-Linked Art NFTs'"

Seoul Auction announced on the 20th that its affiliate Seoul Auction X is conducting transactions of physical artworks in the form of non-fungible tokens (NFTs) in collaboration with 'Upbit NFT,' a service of the domestic digital asset exchange 'Upbit.' Seoul Auction X plans to strengthen its cooperation with Upbit NFT to expand the application of blockchain technology in the art sector.

Since this month, Seoul Auction X has been running a physical-linked NFT drop project through Upbit NFT, an NFT platform operated by Dunamu. Launched in 2021, Upbit NFT is the largest NFT platform in Korea, supporting NFT transactions for works in various fields including domestic and international art masters, K-pop, sports, and illustration.

Seoul Auction X is developing a 'physical-linked project' through the 'physical-linked NFT' feature provided by Upbit NFT, sourcing artworks from collectors and artists and conducting digital work such as image and video production. Upbit NFT issues images and videos as NFTs through blockchain technology, granting NFT holders the right to acquire the physical works linked to the digital assets.

Seoul Auction X plans to continue its collaboration with Upbit NFT to promote art NFT projects. NFTs, based on blockchain technology, facilitate easy proof of ownership, maximizing transaction transparency, and feature low entry barriers for investors, thereby expanding transaction liquidity.

A company representative stated, “We have partnered with Upbit NFT to carry out art NFT projects based on our unique ability to select outstanding works and media infrastructure across the entire art industry, not just artworks. We will continue to diversify art transaction methods, including virtual asset-based artwork trading, to drive performance growth.”

Meanwhile, Seoul Auction X’s parent company, Seoul Auction Blue, plans to issue investment contract securities (artwork fractional investments) through its own artwork fractional investment platform 'SOTWO' and proceed with a security token offering (STO) business. Recently, Seoul Auction Blue successfully conducted the first blockchain technology-based auction in Singapore in collaboration with the global blockchain-based auction houses 'Bounce' and 'Bounce Beat,' accelerating its entry into overseas markets.