The Future of K-ART Meets NFT... A Showcase of Non-Fungible Emerging Artists

The Future of K-ART Meets NFT... A Showcase of Non-Fungible Emerging Artists

Prices Dropped After NFT Minting... Widening the Base of Art Buyers

Physical Paintings Remain Intact... Media NFTs Help Understand the Artwork

ARTTOKEN, a platform that showcases artists' works as NFTs, held the NFT exhibition 'KARTZ: Art Shapes the Future'. Visitors can not only directly purchase the works through NFTs on site but also view pieces that are not available for sale, making it a unique exhibition.

ARTTOKEN launched the 'KARTZ' brand, an all-in-one platform that fuses digital art e-commerce and NFTs, to promote K-ART artists on the global stage. 'KARTZ,' which represents ARTTOKEN's direction and the exhibition's theme, signifies innovation and diverse perspectives presented through NFTs.

The exhibition site, which Fact Economy Newspaper visited on the 7th, captured visitors not only with their sight but also with synesthetic experiences. The NFT works, reborn digitally, included three-dimensional worlds and sound. The experimental attempt unfolded in one exhibition space was a path never taken before.

The main protagonists were undoubtedly the minted works. On site, works could be purchased instantly using QR codes, and the display of physical pieces helped with purchasing decisions. Although the number of works varied by artist, approximately 50 editions were minted per piece, securing price competitiveness. As a result, many of the NFT-minted works had a converted price under ten million Korean Won.

Choi Seung-yoon caught the eye among the works. Choi Seung-yoon, who originally created many oil paintings, showed a groundbreaking approach by implementing paintings on digital screens. Utilizing negative techniques, he expressed the paradox of blue color through NFTs. Furthermore, the exhibition allowed for an interactive experience comparing the color difference between traditional paintings and NFT works on a camera screen.

The price of works met with NFTs was lower than the existing art market formation price. While Choi Seung-yoon's works typically command around 10 million Korean Won based on auction prices, the NFT version had 50 pieces minted and could be purchased for 500 Clay per piece (approx. 900,000 KRW).

As a result, the 2030 generation, who previously had limited purchasing power for art, was able to enter the high-end art market through NFTs. There were actual buyers in their 30s.

When asked about the most popular works among the 2030 generation, Kang Su-jeong, ARTTOKEN Creative Director, additionally introduced Ha Tae-im's 'Color Band' and 'UN PASSAGE'. This work, too, is a painting born from NFT.

Director Kang said, 'The process of utilizing media technology to realize existing ideas was involved in becoming an NFT,' adding, 'We limited minting 12 pieces, and the popularity of the NFT works is higher than any other work in the exhibition hall, comparable to traditional paintings.'

The appeal of NFT works to a new audience is not only about price. By transforming flat paintings into media art NFTs, they offer a unique experience. As the artwork image meets the digital screen, stories and sounds are added.

One visitor in their 20s commented, 'I didn't know the original intent of the work, but it was different when I saw it on the screen,' adding, 'When the NFT-minted work moves on the digital screen, the artist's intent is conveyed better.'

The works rooted in media displayed the characteristics of the medium without reservation. Artist Mo Jun-seok decorated the exhibition hall with Augmented Reality (AR) NFTs. When placing a phone on the QR code, the sculpture from Paris, France, entered Nodeul Island. The title of the work, 'The way to meet,' aligns with the viewer's experience. This piece is being traded on the Ethereum-based NFT curation platform 'FOUNDATION' for 0.8 ETH (approx. 4 million KRW).

Works that were not minted as NFTs were also sold to a collector of Swedish nationality. This was Kwon Oh-sang's work, 'Photo Sculpture.'

ARTTOKEN exhibited 'Deodorant Type' works by artist Kwon Oh-sang. This work, which is his trademark, was previously showcased as an NFT at Art Busan. Although Kwon Oh-sang's NFT works were not present at this KARTZ exhibition, anticipation is building for future collaborations between ARTTOKEN and NFTs.

The exhibition held various possibilities, from painting and media to the global expansion of the Korean art market. It was only possible because it was an NFT.

Choi Woong-chul, a cultural critic who served as the chairman of the Gallery Association, explained the role of NFTs in the art market. He said, 'Because NFTs can be viewed on digital screens, they are gaining popularity among the younger generation,' adding, 'If they are utilized within an expansive framework where the artist's unique colors are not diluted, we can also expect an expansion of the art market base.'

Hong Ji-sook, CEO of ARTTOKEN, plans to continue exploring the NFT landscape. CEO Hong said, 'I believe that in the future, exhibition spaces will become immersive reality experience centers,' adding, 'We want to open complex NFT cultural spaces, such as art fairs that showcase the benefits of NFTs that satisfy all five senses.'

The exhibition 'KARTZ: Art Shapes the Future,' where various NFT works can be encountered, is taking place until the 19th of this month at the 'Forest' multipurpose hall in Nodeul Island, featuring promising K-ART artists such as Kim Kwan-young, Sung Tae-jin, Kwon Oh-sang, Ha Tae-im, and Kim Ji-hye.

※ Terminology Explanation: Minting

It refers to the process of generating blockchain assets. Applying NFT technology to digital content to grant it value is a typical example.

Source: Woman Economy Newspaper

https://www.womaneconomy.co.kr/news/articleView.html?idxno=208813