ICONLOOP, one of the largest blockchain networks in South Korea, has announced today it will apply its blockchain-based certificate issuance service ‘broof’ to ‘ARTnGUIDE’, the first online service platform in Korea for co-purchasing works of art operated by Yeolmae Company.
This partnership aims to prevent forgeries and theft by recording ownerships of jointly purchased works of art on the blockchain, managing them reliably, and disclosing the details of transactions transparently.
‘ARTnGUIDE’ is the first online service platform in Korea for co-purchasing works of art. It contributes to the popularization of the investment in works of art and the market revitalization by providing the gateway to own high-priced art pieces, which have a high entry barrier in terms of price, with just a small amount of investments.
Showing the significant difference from existing ETH-based service, which only recorded ownerships of arts on the Ethereum blockchain, the partnership with ICONLOOP not only allows “ARTnGUIDE” to record ownerships of jointly-purchased works of art, but also record the images of arts on the ICON public blockchain.
‘broof’, which is applied to ‘ARTnGUIDE’, is ICONLOOP’s blockchain-based certificate issuance service that supports certificate issuance, storage, and prevention of falsification based on the ICON public blockchain network. ICONLOOP is trying to create a more reliable and secure certification system through ‘broof’, planning to expand the implementation of this service in various fields in our society. This partnership is significant as it is the first case of applying blockchain-based certificate issuance service to the art market.
“Blockchain technology can enhance the transparency and efficiency of art trading, effectively revitalizing the art purchasing market.” He added, “Through the cooperation with Yeolmae Company, which aims to popularize the art culture and vitalize the market, ICONLOOP will work together to protect intellectual property rights and prevent counterfeiting.”
– Jonghyup Kim, CEO of ICONLOOP
Founded in November 2016 with the aim of popularizing and vitalizing the art market, Yeolmae Company operates ‘ARTnGUIDE’ an online service platform for co-purchasing works of art, and the Art Lounge ‘Chiehwadam’ a space for group purchasers. Yeolmae Company is currently managing co-purchasing works by renowned Korean artists such as Lee Joongseop, Kim Hwanki, Lee Woohwan, and is expanding globally to include renowned foreign artists. Selected to ‘TIPS’ program run by the Ministry of SMEs and Startups in November 2017, Yeolmae Company has been developing analytical technologies of information on art price based on artificial intelligence and big data, and planning to apply them to the platforms currently in operation for more reliable art information.