YapX Signs Multilateral MOU to Promote Joint Art NFT Business

[Asia Economy Reporter Jang Hyowon] YapX, a KOSDAQ-listed company, announced on the 21st that it has signed a multilateral strategic business agreement (MOU) with Bichena, Sasaekuihyanggi, Ephemico Korea, the Korea Traditional Culture and Arts Promotion Association, and the Korea Traditional Master Craftsmen Association to jointly promote an art NFT business.

On the 21st, a business agreement ceremony for the joint promotion and activation of art NFT projects was held at the Herzium Gallery inside the YapX building. From the left: Bichena Chairman Yoon Jae-hwan, YapX CEO Choi Si-myung, Ifemi Korea CEO Kim Eun-soo, Sasaekuihyang Executive Director Kim Young-jun, and Korea Traditional Culture and Arts Promotion Association & Korea Traditional Masters Association Chairman Park Sang-geun. Photo by YapX

The organizations and companies participating in this MOU will collaborate to jointly promote the NFT business. This project will be centered around the NFT platform currently being co-developed by Bichena and ABC, a blockchain specialized development company. YapX plans to contribute to market activation through gallery theft prevention and unmanned docent solutions based on positioning technology, while Sasaekuihyanggi, Ephemico Korea, the Korea Traditional Culture and Arts Promotion Association, and the Korea Traditional Master Craftsmen Association will also play roles in expanding domestic and international markets.

The company explained that NFTs, which apply blockchain-based encryption technology, can verify the authenticity and ownership of artworks, thereby assigning rarity and uniqueness value to art pieces such as paintings, which has recently led to a sharp increase in interest. They added that digital asset transactions based on NFT technology are designed to pay fees each time they are resold, thus expecting continuous royalty income.

Along with signing this MOU, YapX will open the ‘Herzium Gallery’ within its headquarters building and plans to hold the opening ceremony, awards ceremony, and exhibition of the 3rd Ind?pendant KOREA Exhibition, which will take place from the 22nd to the 28th.

Choi Simyeong, CEO of YapX, said, “The first step of the NFT business jointly promoted from this MOU will begin at the ‘Herzium Gallery’ established in the headquarters building,” and added, “We will make multifaceted efforts to expand the business by broadening the network to various galleries across the country in the future.”

The 3rd Ind?pendant KOREA Exhibition, held to commemorate the opening of YapX’s headquarters ‘Herzium Gallery’ and as an international art festival embodying the aspirations of Korean art Hallyu, will showcase works by artists from over 50 countries worldwide.

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