How hot is NFT in South Korea? 200 million won in NFT works by star artists within 30 minutes

Foreword:

Foreword:

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"The Story of Marti Palace Hotel" by Korean actor and painter Ha Jung-woo

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Digital Art Writers Sold by Klip Drops"Mr. Misang"Digital Art Writers Sold by Klip Drops"Crevas #1"

s work"Mr. Misang"2. Kakao's blockchain technology subsidiary "Ground X" recently sold digital art artists"Crevas #1"NFT works

. Although each person is limited to one piece, 999 works were sold out within 30 minutes of the release, with a total sales of more than 109.89 million won (about 1.2 million yuan)."Although some people say that NFT is "invisible and intangible; you can neither own a physical object nor hang it at home", people's attention to NFT is still growing, and the art world and major companies are actively investing in it. Through the development of the NFT market, Discover and cultivate new artists who make NFT works to lay out the NFT field. NFT is a means of giving unique value to digital intellectual property (IP) such as drawings or articles. In simple terms, it's like the digital world's"copy of register

, In the digital world where it is difficult to prove whether a work is an original, NFT gives the work the right to prove that it is an original, and this right proves that it can be traded. According to NonFungible.com, an NFT market analysis company, NFT transaction volume reached 2 billion U.S. dollars (approximately 2.3 trillion won) in the first quarter of this year. The NFT market size in 2019 was US$140 million (approximately 160 billion won), which expanded to US$340 million (approximately 390 billion won) last year, and has shown rapid growth since entering this year. NFT digital art works are mainly made with IT equipment such as computers, and can be expressed by adding sound effects to existing paintings or making them into dynamic pictures. Ground X released a beta version of "Klip Drops" on July 21 to showcase and distribute limited-edition digital works. This is a structure that NFTs digital works created by artists with Kakao's own blockchain, Klaytn, and authenticates and sells their originality.

Is this a new opportunity for emerging artists?

image description"Crypto Punk#7523"NFT drawn with software (SW) code

, sold at about 13 billion won last month"Some creators welcome NFT very much. After all, in the existing art market, artists generally sign exclusive contracts with specific galleries to engage in artistic activities, but after the works are sold, the gallery will deduct most of the amount from the sales amount as a commission. And for budding writers, the barrier to entry into the art world is high. In contrast, NFTs only charge a portion of the transaction fee, and the rest goes to the author. Ground X's operating policy is"Return 90% of the proceeds to the author

. And whenever an artist's work is traded twice or multiple times, the author can track and get income from each transaction, which is also beneficial to the author. NFT can track the purchase path of all works according to the smart contract on Ethereum. Because details such as who the original author of the work was, when the work was sold, and to whom, are all stored in the blockchain. Every time a work is sold without transferring ownership and copyright, the original author gets a certain royalty.

Ownership and Copyright Conflict, Standards Ambiguity

Since the NFT-related business has just started, there are some problems that need to be solved, and the copyright issue is a representative example. Problems arise when "ownership" and "copyright" collide."There may be bubbles in the prices of some NFTs. It should be said that there is currently no suitable pricing standard for NFTs, so careful consideration is required when making investment decisions."

Conclusion:

Conclusion:

It can be seen from the news in South Korea that NFT is developing rapidly in the Korean digital currency industry. Blockchain smart contracts are inherently a natural technology to protect intellectual property, which is a boon for artists. In South Korea, more and more NFTs are sold at sky-high prices, which is enough to prove that people's enthusiasm for NFTs is high. I believe that South Korea, which is famous all over the world for its Hallyu culture, will definitely have more excellent NFT works in the future, and the Korean NFT market will also More and more vitality.