Jungang D&M Invests in Khan Auction and Myeongin Auction... "Full-Scale NFT Business Launch"

[Asia Economy Reporter Yoo Hyun-seok] As the art auction market enters a full-fledged boom, Jungang D&M is intensifying its art auction and non-fungible token (NFT) business by investing in two domestic auction companies.

On the 17th, Jungang D&M announced that it will invest in convertible bonds issued by the art auction company 'Kan Auction' and 'Myeongin Auction,' which owns the Myeongin Museum. Upon conversion of the bonds into shares, it will acquire a 60% stake in 'Kan Auction' and an 88.24% stake in 'Myeongin Auction.' Through this, Jungang D&M is expected to quickly gain influence strong enough to compete with the top-tier art auction companies.

Kan Auction and Myeongin Auction, which received the investment, plan to actively develop the art NFT business through digital art exhibitions and collaborations with global masters such as 'Lee Ufan,' 'Kusama Yayoi,' 'Mr. Doodle,' and 'Philip Colbert.'

NFT refers to non-fungible tokens, which represent digital assets with rarity. While ownership of traditional artworks and real estate, often valued in billions, was somewhat limited to the general public, NFT technology now allows these assets to be divided and owned by multiple people.

Recently, 'Seoul Auction,' the number one auction market in Korea, announced an NFT-related collaboration with 'Dunamu,' which operates 'Upbit,' the leading digital asset exchange in Korea, marking the beginning of a strong connection between NFTs and artworks. Currently, the most active field for NFTs in the United States is art, where the connection between NFTs and artworks is actively progressing.

A Jungang D&M official said, "The global NFT transaction volume in the third quarter of this year was about 12.7 trillion won, growing approximately 380 times compared to last year," adding, "NFT transaction volume is expected to explode in various fields, including the art sector."

He continued, "With the upcoming auction by the global art auction house 'Sotheby's' on the 18th of this month allowing Ethereum bids for the first time ever, the connection between tokens, coin economies, and artworks is expected to strengthen further," adding, "Especially among the MZ generation leading the coin economy, the art auction market is emerging as an alternative investment asset."

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