"Art NFTs can introduce promising Korean artists to the world."

Zoom In

Hong Ji-sook CEO of digital art startup 'ARTTOKEN'

Operating the Art NFT platform '2R2'

Works registered by about 130 domestic artists

Turning the living room into a gallery with a smart TV

Launching dedicated app in partnership with Samsung Electronics

"NFT (Non-Fungible Token) can be an effective promotional tool for introducing Korean artists overseas."

Hong Ji-sook, CEO of ARTTOKEN (photo), stated in an interview with Hankyung Shinmun on the 5th, "Unlike other artworks, Art NFTs can be easily bought, sold, and owned," adding that "as media that can access Art NFTs, such as TVs and smartphones, increase, opportunities to introduce Korean artists overseas will also grow."

Established in 2021, ARTTOKEN is a specialized blockchain-based digital art startup. It operates the Art NFT platform '2R2'. CEO Hong is confident in the growth of the Art NFT industry. He majored in microbiology at Seoul National University and holds a Ph.D. in Business Administration from Ewha Womans University, along with experience working as a consultant at the global IT company SAP. He emphasized, "Just as the Enterprise Resource Planning (ERP) system, which was unfamiliar at first, is now adopted by most companies, NFTs will also spread to various fields, starting with the introduction into the cultural and art sectors."

NFTs can be easily bought, sold, and held online. Crucially, they are tamper-proof, and ownership relationships can be verified transparently on the internet. CEO Hong, who was interested in the archiving (record keeping) of artworks, determined that NFTs could solve problems such as securing art storage facilities. After recognizing its business potential, the company received investment from L&S Venture Capital, KTB Network, and Korea Investment Partners less than a year after its founding.

CEO Hong explained that the strength of Art NFTs is their ease of enjoyment. They can be viewed directly on smartphones, computers, and other devices. He said, "Nowadays, most homes have large smart TVs, and the TV acts as a frame for the artwork in a museum, turning the home into a gallery." Seeing this potential in Art NFT platforms, Samsung Electronics partnered with ARTTOKEN. ARTTOKEN recently launched the 2R2 app for Samsung Smart TVs. Samsung Electronics is also collaborating with overseas NFT platforms such as Nifty Gateway in the US and LaCollection in France.

CEO Hong stated, "Recently, Hallyu content such as music, dramas, and movies is receiving global attention, and the art of Korean artists also has sufficient global competitiveness." The reason many works by domestic artists are uploaded to 2R2 is due to this. Approximately 400 works by about 130 artists, including Sung Tae-jin and Ryu Jae-chun, are registered on 2R2.

The secondary market related to NFTs is also gaining attention. Recently, in the global NFT industry, cases where NFT owners can freely utilize the intellectual property (IP) of the NFT are increasing. It is also possible for NFT holders to freely use the images of the NFT to create derivative works or commercially sell related creative content. CEO Hong emphasized, "Art NFTs are suitable NFTs for commercializing IP," adding that "this is also a factor that can make the NFT market grow larger." Plans are also underway to enter overseas markets, such as Japan, and operate an NFT platform there.

Written by Kim Joo-wan / Photo by Kang Eun-gukjwan@hankyung.com

Source: Hankyunghttps://www.hankyung.com/article/2023090560071