CEO Breakfast Meeting Held on Martial Arts and NFT Themes

Chairman Gu Ja-yeol: "Supporting Companies to Expand Trade Horizons through Blockchain and NFT"

Koo Ja-yeol, Chairman of the Korea International Trade Association, is delivering a greeting at the '164th KITA CEO Breakfast Meeting.' / Provided by KITA

[Asia Economy Reporter Kim Pyeonghwa] The Korea International Trade Association (KITA) held the '164th KITA CEO Breakfast Meeting' on the 25th at the InterContinental Seoul COEX in Samseong-dong. The breakfast meeting was held with the theme of Non-Fungible Token (NFT) art.

In his opening remarks, KITA Chairman Koo Ja-yeol said, “With the advent of the Fourth Industrial Revolution era, the art sector is also digitalizing and the market is expanding,” adding, "Despite the global economic slowdown, growth was seen due to the development of media such as social networking services (SNS) and the rise of NFT art based on blockchain technology, which expanded online transactions.”

He continued, "The association will spare no support so that our companies can seize the newly formed market and expand the scope of trade," and said, "I hope that today’s lecture will help find opportunities for creating new value based on a correct understanding of the essential value and trends of art.”

Professor Joo Yeon-hwa of the Graduate School of Culture and Arts Management at Hongik University gave a lecture titled ‘From Leonardo to NFT: Growth and Recent Trends of the Global Art Market’.

Professor Joo explained, “The existing art industry is facing an important turning point as it converges with blockchain technology. Currently, about 80% or more of artwork purchases are led by people in their 30s to 50s, and online trading platforms are forming different transaction methods and communication cultures compared to before.”

She also said, "NFT technology is being used as a new communication method between consumers and creators,” and advised, “If this is applied not only to artworks but also to manufactured products, it could become a new marketing method through indirect consumer experience of products and the creation and sharing of product-related cultural content.”

KITA holds a CEO breakfast meeting every month to introduce trends in various fields such as economy, technology, and culture so that business executives can quickly adapt to changes in the global economy. KITA stated, "We will continue to deliver timely information to enhance companies’ adaptability to change.”

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