Art Meets Cutting-Edge Science and Technology (April 12, 2022)
- Date : 2022-06-03
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International Cooperation Team
Art Meets Cutting-Edge Science and Technology
The Korea Institute of Science and Technology (KIST; President: Dr. Seok-Jin Yoon) and the Galleries Association of Korea (Chairman: Mr. Dalseung Hwang) signed a memorandum of understanding (MOU) at KIST’s headquarters in Seoul on April 12 to accumulate data on art appraisals and develop new technologies related to non-fungible token (NFT) conversion.
With the rise of the 4th Industrial Revolution, the digital transformation of the art world has become an inevitable trend, prompting changes in art content, transaction methods, and buyer tendencies and characteristics. This trend is expanding the exhibition of art, which had been limited to galleries, into a digitally virtual space close to infinity in size, and is bringing fundamental changes to the art world, such as the transaction of digital works through blockchain-based NFTs.
In line with the trend of the times, KIST and the Galleries Association of Korea will accumulate data for conducting a scientific joint analysis and scientific appraisal of materials such as canvases and pigments. In addition, they have signed a business cooperation agreement to provide technical advice on kinetic art artists along with new technologies applicable to art fields such as blockchains and AI, which are the basis of NFT transactions.
The President of KIST, Dr. Yoon, commented, "Cooperation between our two organizations is expected to be the starting point for the introduction of cutting-edge analytical science and technology within the domestic art community, while also greatly contributing to revitalizing the digital ecosystem related to art exhibitions and trading."