Works by art masters Lee Jung-seob, Kim Whan-ki, and Lee Ufan can be found on Upbit's Non-Fungible Tokens (NFTs).
Upbit NFT, operated by Dunamu, announced on the 10th that it will introduce the works of three artists representing modern and contemporary Korean art history as physically-backed NFTs.
Physically-backed NFT drops are a new trend that connects digital and physical assets. NFT holders will have the right to acquire the associated physical artwork. Upbit NFT, the largest NFT platform in Korea, launched its service in 2021. It has supported the trading of NFTs in various genres, including works by renowned artists, K-POP, sports, and illustrations, both domestically and internationally.
The works to be introduced this time are physically-backed NFTs of the works of Lee Jung-seob, Kim Whan-ki, and Lee Ufan, who played an important role in establishing the identity of modern Korean art. These artists are among the top-ranked masters included in the "Top 30 Auction Prices in the Korean Art Market in 2024" announced by the Korean Art Appraisal Association. Their works are highly scarce and have consistently been recognized for their high value in the art market.
The first work to be dropped on the 10th is Lee Ufan's 'Correspondence', which embodies the aesthetics of relationships through restrained brushstrokes and empty spaces. This artist is known as a leading figure of the Mono-ha movement, combining Minimalism and Eastern philosophy.
On the 20th, works by Kim Whan-ki, who is recognized as a pioneer in opening the abstract direction of modern and contemporary Korean painting, will be released. Two works that capture Korean sentiment and lyricism can be experienced through the Upbit NFT drop.
On the 27th of this month, a work by Lee Jung-seob, with its emotional and intense brushwork, will be introduced. The opportunity to own the original work of this artist, who is widely known for his work 'Ox', will be provided.
These physically-backed NFT drops will be conducted through auction bidding on the Upbit NFT platform, and the winning bidders will receive the original physical artwork and the certificate of authenticity.
A Dunamu representative said, "It is meaningful that we can introduce the works of Korea's representative art masters to Upbit NFT users and provide them with the opportunity to own the works directly." They added, "We will continue to introduce diverse works and play a bridging role between the art world and the public."
Meanwhile, Upbit NFT plans to further expand its service base, focusing on products and customer experience. In the product area, it will strengthen offline and physically-backed services, and in terms of customer accessibility, it plans to provide NFT services in more diverse ways.
