Krafton to Collaborate with Seoul Auction Blue on NFT Business

[Asia Economy Reporter Seungjin Lee] Krafton announced on the 7th that it has made equity investments of 3 billion KRW and 5 billion KRW in Seoul Auction Blue and XX Blue, respectively, and signed a memorandum of understanding (MOU) for a non-fungible token (NFT) project.

Seoul Auction Blue is an art-specialized company affiliated with 'Seoul Auction,' the largest art auction company in Korea, operating the art co-purchase platform 'Sotu' to expand the online art market base. XX Blue is a subsidiary of Seoul Auction Blue and operates 'XXBLUE,' which provides limited edition digital content in the field of artworks. XXBLUE is a service that owns and curates intellectual property (IP) of various digital content, including well-known artworks, and presents them.

The first collaboration will be conducted through Krafton’s independent studio, Bluehole Studio. Bluehole Studio signed an MOU for an NFT project with Seoul Auction Blue and XX Blue on the 27th of last month and is collaborating on the production and sale of NFT avatars that can be applied in the metaverse world in the future. Bluehole Studio is developing avatars and personal spaces by utilizing its stable large-scale MMORPG server operation technology and next-generation graphics technology accumulated over many years. Seoul Auction Blue and XX Blue are responsible for NFT product planning, promotion, and IP management.

Lee Jung-bong, CEO of Seoul Auction Blue, said, "We expect that the diverse content and artist IPs of XXBLUE will contribute to the expansion and popularization of the NFT and metaverse ecosystem," adding, "XXBLUE has sustainable art IP, and we will continue to take on challenges with capable partners to grow and expand it."

Kim Chang-han, CEO of Krafton, said, "Through intensive research on new businesses such as NFTs and the metaverse, Krafton judged that the combination of secured technology and new businesses can contribute to creating a C2E (Create-to-Earn) ecosystem that brings enjoyment to users," and added, "We will continue to disclose specific details about business expansion not only through the collaboration of Bluehole Studio, Seoul Auction Blue, and XX Blue but also with various global partners."

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