• About
  • Privacy Policy
  • Terms
  • Contact
Friday, January 27, 2023
Financial Eye News
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • VideosNew
No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • VideosNew
No Result
View All Result
Financial Eye News
No Result
View All Result

DAO Snaps up South Korean Cultural Treasure that Dates Back to Antiquity

March 19, 2022
in Cryptocurrency
Reading Time: 3 mins read
49 2
ADVERTISEMENT

A decentralized autonomous organization (DAO) has bought a South Korean national treasure – in what represents a remarkable first for the nation’s culture and crypto sectors.

ChannelA reported that the national treasure – a miniature gilt-bronze shrine that accompanies another piece – had been put up for auction by the Kangsong Art Museum in January and has been bought by a crypto-powered DAO.

The piece dates back to the early part of the Goryeo Period of Korean history (918-1392) and is part of a set that comprises a trio of gilt-bronze Buddhist deities – in essence, a “home” for the three figures.

The cash-strapped Kangsong Art Museum had hoped to raise at least USD 2.18m for the shrine in January, as well as over USD 2.5m for the figures. However, the auction on the items had to be closed after no bids were forthcoming on either.

But the museum announced that the “Singapore-based” Heritage DAO had bought the shrine for an undisclosed figure – and had promptly donated 51% of the item’s ownership to the museum, where it will now be permanently displayed in its “physical form.”

The remaining 49% will be retained by the DAO, which will seek to make fractionalized ownership of the item available to its members. These members could then be free to trade their shares in the treasure as NFTs.

The museum was quoted as stating:

“We are grateful that Heritage DAO, a blockchain-based community of global culture lovers, has decided to make this permanent donation and the majority stake donation based on their love and interest in [Korean] cultural heritage.”

The media outlet reported that the DAO had been eyeing the bidding process back in January, but had evidently failed to meet the reserve price – mustering some USD 1.5m worth of ethereum (ETH).

The museum was tight-lipped on sale price details, but called the donation “unconditional.”

The Korea Herald further quoted the museum as stating that it had been “surprised by the offer,” which had been “made about a month after the auction failed.”

The report added that under existing cultural heritage laws, state-designated national treasures “are not allowed to be taken out of the country.”

ChannelA noted that the fact that the accompanying figures are still looking for a buyer – a suggestion that if the DAO – or another like-minded body – does not stump up the funds required to buy the other half of the piece, the tiny deities could yet be separated from their shrine.

Most of the DAO’s purchases to date have been photographs, but it has previously made physical item purchases, including “several rare historical items” such as “glass plates from the Meiji Period of Japan history, and the Middle East [in the] late 1800s.”

Back in January, Forbes reported that the DAO had been eyeing the auction. A member of the DAO, Leon Kim (also the CEO of a firm named Crayon) was quoted as talking up the idea of contacting the museum over a possible “private sale” deal.

The same media outlet added that the piece may be even older than the listed date on the South Korean Culture Heritage Administration’s website – and may date back to the 6th century CE.

Kim said, at the time:

“We would love to purchase National Treasure Number 73 with whatever we have raised so far in a private deal to be struck with Kansong Art museum facilitated by the auction house.” 

Kim was also quoted as talking up the idea of 49% ownership, as well as the DAO’s “intention to have the physical treasure under the custody of either Kansong or the National Art Museum for the public to access.” 
____
 
– What’s in Store for DAOs in 2022?
– Top Trends at ETHDenver 2022: DAOs, DAOs, Regulation, DeFi, and DAOs

– DAO Rallies To Collect USD 4B For Denver Broncos Buy
– AssangeDAO Wins the Bid for Pak’s Clock NFT for USD 53M

Source: Crypto News

ADVERTISEMENT
Share6Tweet4Share1SendShareSend

Related Posts

Cryptocurrency

X-eleven’s Fintech for the Post-Fiat Era is Conquering the Market

December 5, 2022
Cryptocurrency

Top crypto tweets of the day – December 5th | Financial Eye Crypto

December 5, 2022
Cryptocurrency

Are Big Eyes Coin (BIG), Tora Inu (TORA), and Orbeon (ORBN) Diamonds In The Rough?

December 5, 2022
Cryptocurrency

Botched Bitcoin Experiment Using Chivo Wallet Cost El Salvador’s Taxpayers Over $20 Million – Report

December 5, 2022
Cryptocurrency

Siacoin (SC) Price Prediction 2023/2025/2030

December 5, 2022
Cryptocurrency

Financial Eye Strategist: “We’re in the Final Stages of This Bear Market for Cryptos”

December 5, 2022

Popular Stories

  • AIG to launch cut-price IPO of life and asset management unit

    48 shares
    Share 19 Tweet 12
  • EY boss targets $10bn boost from Silicon Valley tie-ups after break-up

    32 shares
    Share 13 Tweet 8
  • Tesla delays plan to restore Shanghai output to pre-lockdown levels -memo

    32 shares
    Share 13 Tweet 8
  • TV production giant Banijay to go public via Arnault-backed Spac

    30 shares
    Share 12 Tweet 8
  • Nio to Invest $32.8M Building R&D Labs in Shanghai By Financial Eye

    30 shares
    Share 12 Tweet 8
ADVERTISEMENT

Latest News

Taylor Swift Fans Sue Ticketmaster’s Parent Company

December 5, 2022

Fisker trades down following price cut at Citi By Financial Eye

December 5, 2022

UAW president faces run-off election as reformers make gains

December 5, 2022

Felipe Valls, 89, Whose Cuban Restaurant Became a Political Hub, Dies

December 5, 2022

Longroad buys 98-MW solar farm in California

December 5, 2022
Facebook Twitter LinkedIn

Financial Eye is one of the most trusted news sources for Financial News, global news and local USA news, we provide the news from the most trusted sources.

LEARN MORE »

Recent News

  • Taylor Swift Fans Sue Ticketmaster’s Parent Company
  • Fisker trades down following price cut at Citi By Financial Eye
  • UAW president faces run-off election as reformers make gains

Sections

  • Business
  • Climate
  • Commodities
  • Companies
  • Cryptocurrency
  • Cryptocurrency
  • Forex
  • Green Energy
  • Latest Financial News
  • News
  • Politics
  • Stock Market News
  • Technology
  • Videos

© 2022 Financial Eye News Media

No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • Videos

© 2022 Financial Eye News Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Subscribe To Our Daily News Round-Up.

The top ten most-read stories direct to your inbox

You have Successfully Subscribed!

You have Successfully Subscribed!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.