30 performing artists, NFT issued
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Seoul Foundation for Arts and Culture, MOU with Galaxia SM-Galaxia Next
The Seoul Foundation for Arts and Culture will start producing and issuing NFTs (Non-Fungible Tokens) of 30 performing artists.
The Seoul Foundation for Arts and Culture (CEO Lee Chang-ki) signed a three-party MOU with Galaxia SM (CEO Lee Ban-seok) and Galaxia Next (CEO Shin Dong-hoon) to support the overall issuance and distribution of NFTs by artists in the field of basic arts. signed a day
The Seoul Foundation for Arts and Culture runs the 'NFT Launching Project for Basic Arts' as part of the 'Ten Innovation Plans' announced in January. This business agreement was made when two companies, Galaxia SM and Galaxia Next, which have recently been prominent in the domestic NFT field, agreed on the purpose of this project and expressed their intention to actively cooperate in terms of social contribution.
This year, which is promoted as a pilot project, preferentially selects about 30 artists in the performing arts field, such as theater, dance, and traditional music, which have yet to enter the NFT market compared to the visual arts field, to support the production of NFT content for artists, and expand the genre and scale of support in the future. are going to go out
The work through this agreement will be largely promoted in three stages: ▲ production ▲ mediation ▲ distribution. First, the Seoul Foundation for Arts and Culture selects artists to participate in the project and supports the production of NFT content. In addition, it will also prepare its own NFT platform and offline gallery to introduce NFT contents.
Galaxia SM plans the direction of NFT conversion for content created through the support of artists from the Seoul Foundation for Arts and Culture, and is in charge of mediating tasks such as contracts related to distribution and settlement of profits. Galaxia Next will be in charge of NFT issuance through blockchain system registration, content distribution and technical support using the company's NFT platform 'MetaGalaxia'.
NFT content, which is art produced through trilateral cooperation, will be announced to the public online and offline in October, and all sales proceeds, excluding platform fees in the distribution process, will go back to the participating artists.
