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[Blockchain Today Correspondent Han Ji-hye] Kim Hyun-dong, chairman of the Art Registration Association, which is taking the lead in protecting the rights and interests of domestic artists and taking the lead in legislating Korean art-related systems, and Im Byeong-kwon, CEO of Mintplex, a blockchain-based Fintech company It announced on the 16th that it had decided to promote a joint project to provide financial services and signed a business partnership agreement.
Developed countries such as France, the United Kingdom, and the United States implemented the art registration system to systematically end the transparency of transactions and the authenticity of works, thereby achieving cultural success. The Art Registration Association has been promoting various projects so that all rights related to works of art can be legally and institutionally guaranteed. Through these efforts, the ‘Art Registration (Registration) Enforcement and Other Act Amendment Provisions’ were legislated and enforced in 2011, laying the foundation for transparency in the art market and for artists to be recognized for their fair value.
Based on these achievements, the Art Registration Association signed a joint business partnership agreement with Mintplex, an NFT-based fintech company, to properly evaluate the value of artworks created or owned by its members and activate transactions. said to have signed
Kim Hyun-dong, president of the Art Registration Association, said, “Through this NFT Marketplace joint project with Mintplex, we can fairly evaluate the works created by artists so that they can be actively traded on the platform, so that works of art can be secured. Through bond registration, artists who are financially struggling can get loans at low interest rates, which opens a way to help creative activities. Also, works of art can be owned, bought and sold by the general public, not just the property of the wealthy. It is expected to contribute to the popularization of art and art works.”
When the NFT Marketplace is activated, it discovers undervalued works of art and culture people and gives artists and the general public the opportunity to purchase, rent, subscribe, and license art works owned by individuals, institutions and organizations through the NFT platform. It is expected to play a role in popularizing culture and art by supporting stable creative activities, continuous exhibitions, permanent preservation, and ending counterfeiting.
In this regard, Mintplex CEO Lim Byung-gwon said, “We will combine the Nexpin 2.0 digital asset financial product management experience and know-how that Mintplex is servicing through the NFT marketplace for artworks. Convergence of appraisal using artificial intelligence big data, including appraisal of art appraisal experts for each genre of art by the Art Registration Association, and Mintplex’s NFT digital collateral asset valuation (Patent Registration No. 10-2194528) process, NFT market When NFT assets are evaluated in the place, art works can be collateralized, and through this, expensive art works can be broken down into smaller units to secure customer liquidity and provide financial services for artists’ works of art.
Through this joint project with the Art Registration Association, the association’s works can be showcased in Mintplex’s blockchain-based ‘Nexpin NFT Marketplace’ and the global open market, allowing Korean artists to advance overseas. It will pave the way and raise awareness of Korean art works. In addition, I think it will be possible to more safely and effectively protect the rights and legitimate values of artists who have not received much attention.”
In addition, “Together with the Art Registration Association, we will communicate with 193 UN member countries and 8,000 members of the UN Global Compact by exposing them online in 80 languages to the world’s famous art market. We ask for your interest and support as we are planning activities and support that can bring practical benefits to artists by planning and exhibiting a large, modern gallery of 560 pyeong in the permanent exhibition hall near Ewha University Station of the newly opened Korean Museum of Art.” requested