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| From left, Kobea Group President Lee Chang-Yong, Korean Institute of Culture and Arts Ability Evaluation (KCAEI) Chairman Bae Han-Sung (Franky Bae) and AMFOC President Yang Eui-Sig. Courtesy of AMFOC |
By Sim Hae-ree
The Asia Model Festival Organizing Committee (AMFOC), Kobea Group and the Korean Institute of Culture and Arts Ability Evaluation (KCAEI) have signed a memorandum of understanding to promote Korean entertainment content and fine arts through joint projects.
With the help of Kobea Group, the operator of UZNEX, Uzbekistan's digital asset trading platform, KCAEI is planning to enable the purchase of artworks of the Franky Foundation using cryptocurrency. Publicly listed coins at the Uzbekistan cryptocurrency exchange ― the KBH and AMF tokens ― will be used.
They have also agreed to tokenize digital securities (security token offerings) of the art pieces owned by Kobea Group and the foundation.
And they are planning to work with Art Cater, which owns a 500 billion won artwork sales platform on the global online auction site eBay.
eBay has been playing a huge role in providing a platform for auctioning artworks. The world's largest broker of artworks, Sotheby's, cooperated with eBay in 2014 and 2017, with work by the late Bae Dong-shin, a world-renowned, Korea-born painter, selling for $1.5 million (1.7 billion won) at an international art auction on the site.
AMFOC and AMF Global have been linking the blockchain platform and K-entertainment businesses, including management for models and influencers, K-drama production and e-commerce projects. In cooperation with Kobea Group and KCAEI, AMFOC will venture into blockchain and integrate the technology into the culture and fashion businesses.
Meanwhile, AMFOC will host the world's first virtual modeling contest in December. The virtual contest is expected to draw global attention as a new platform to promote Korean content around the world.
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