ICONLOOP Brings Its Blockchain Service broof to Art & Guide, a Joint Art Purchase Platform
For the collaboration, ICONLOOP has entered into a strategic partnership with Yeolmae Company. The partnership aims to prevent forgery and theft by recording ownership of jointly purchased artworks on the blockchain for secure management and by disclosing transaction histories transparently.
Art & Guide is Korea's first online platform for joint art purchases. By opening a path for investors to own high-priced artworks — normally out of reach because of the price barrier — through small investments, it is helping to popularize art investment and energize the market. Through this partnership with ICONLOOP, the platform will be able to record not only ownership of jointly purchased works but also their images on the ICON public blockchain, whereas previously only ownership was recorded on Ethereum.
broof, the service being applied to Art & Guide, is ICONLOOP's blockchain certificate issuance service. Built on the ICON public blockchain network, it supports the issuance and permanent storage of tamper-proof certificates. ICONLOOP is working to create a safer and more trustworthy certification system through broof and to bring it into every corner of society, and this partnership carries significant weight as the first application of that system to the art market.
"Blockchain technology can raise the transparency and efficiency of art transactions and, in doing so, energize the art purchase market," said ICONLOOP CEO JH Kim. "Through this collaboration with Yeolmae Company, which shares our goal of popularizing art culture and growing the market, we will work together on protecting intellectual property rights and preventing forgery."
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