ICONLOOP, a blockchain enterprise based in South Korea, announced on Tuesday it has apply its blockchain-based certificate issuance service, which is called broof, to ‘ARTnGUIDE’, an online service platform in Korea for co-purchasing works of art operated by Yeolmae Company. ICONLOOP reported it has signed a strategic partnership with Yeolmae Company for this collaboration.
“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.”
ICONLOOP claims that ARTnGUIDE is the first online service platform in Korea for co-purchasing works of art. The platform notably 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.”
While sharing more details about the collaboration, Jonghyup Kim, CEO of ICONLOOP, added:
“Blockchain technology can enhance the transparency and efficiency of art trading, effectively revitalizing the art purchasing market. 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.”
