Modern Art Masters 'Lee Jung-seop, Kim Whanki, Park Soo-keun' NFT, Organizer to "Temporarily Suspend Auction" Amid Copyright Controversy

Wannabe International's creation of NFTs based on the works of Lee Jung-seop, Kim Whanki, and Park Soo-keun.

[Asia Economy Reporter Donghyun Choi] Wannabe International, which sparked controversy over copyright and authenticity by announcing plans to issue works by Korean modern and contemporary art masters 'Lee Jung-seop, Kim Whanki, and Park Soo-keun' as NFTs (Non-fungible tokens) and put them on the auction market, has declared a suspension of the auction.

On the 2nd, Wannabe International stated, "We proceeded after verifying all related documents and contents, including transfer contracts and appraisal reports for the original works through the Art Registration Association," but added, "We feel a deep sense of responsibility regarding the controversies raised and will temporarily suspend the auction of the three masters' works until the authenticity of the matter is clearly determined."

On the 31st of last month, Wannabe International announced that it would exhibit Lee Jung-seop's 'Bull,' Park Soo-keun's 'Two Children and Two Mothers,' and Kim Whanki's 'Untitled' on its integrated digital art platform 'Bitcoin NFT (BTC-NFT).' Subsequently, the art community raised suspicions about copyright and forgery of the works. The Whanki Museum in Seoul and the Park Soo-keun Museum in Yanggu, Gangwon Province, stated the day before, "We have never given copyright consent related to NFTs, and the authenticity of the works is questionable."

A Wannabe International official said, "We sincerely apologize to the related foundations and bereaved families for causing such controversy without thoroughly examining the matter from a neutral standpoint," and added, "We fully recognize the absence of related systems and the risks concerning NFT works, and we plan to thoroughly verify the originals and manage post-transaction processes to prevent such controversies in the future."

Wannabe International plans to establish a verification team composed of experts to ensure thorough authentication and management of NFT works going forward. For original works after the artist's death, only those meeting all conditions through appraisal and documentation by credible institutions will be selected through a verification process. They are also developing an 'NFT certification system' that can prove and manage NFT transaction histories using 'digital forensic' technology.

Meanwhile, Wannabe International has recruited CEO Minjung Hong, who previously served as the chief planner of the monthly magazine 'Misulsesang,' director of 'Hangaram Art Gallery,' and director of the French gallery 'Carr? d’Artistes,' and currently leads 'PRINTHONG,' to the 'BTC-NFT' art business division. They plan to immediately implement the establishment of a professional verification team for NFT works to thoroughly verify and select works in the future.

This content was produced with the assistance of AI translation services.