On March 17, DaFIN, which provides real NFT-based fintech services using art works, successfully signed an MOU with the Art Registration Association. This is to jointly study the registration of artworks and digital assets.
To complete the “art payment system” that has recently emerged in Korea, it is a key factor to systematize fair and transparent inspection and registration of artworks. The Korean Art Registration Association was established in 1994 and leads the art market to transparency and artists’ works to receive fair value. They have made steady efforts to institutionalize the registration of artworks and are also the subject of registration of the first work of the art security right registration system at the actual court registry.
The Art Registration Association has works by famous Korean modern and contemporary artists, including Lee Joong-seop. In addition, it performs the art registration work of many artists in Korea and provides gallery operation and services to promote the sales of artworks.
They are also interested in the NFT business that utilizes digital art technology of artworks. DaFIN can link traditional art to real NFT without converting it into digital art. In addition, it has an aspect that it can make many investors interested in ‘investing in sculptures of artworks’ through fintech services. Therefore, the Art Registration Association conducted an alliance with DaFIN.
First, transparency in the formation of the price of the work can be secured through basic work that allows taxes to be paid as artworks. In recent years, with the rapid growth of the digital asset market, it is believed that NFT works will also require business tasks such as setting up. Therefore, it is meaningful for the Art Registration Association and DaFIN to start joint research related to this.
Kim Kyung-jin, director of DaFIN, said, “DaFIN’s real NFT business and fintech services through it eliminate useless parts of the NFT market, but save the traditional art market as it is. Now is an important time to expand the registration of art assets to the registration of digital assets.”