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The First NFT Art Auction in Korea Sold Mari Kim’s Artwork for KRW 600 Million

Missing and Found, a 10 seconds animated artwork by world-renowned Mari Kim, was sold for 288 ETH at South Korea’s first NFT art auction on March 17, launched by Pica Project.

The bid started at the price of KRW 50 million. After a rather heated competition, a Korean bidder managed to take the artwork with them at a winning bid of 288 ETH, more than 11 times higher than the initial bid and the highest selling price of any artworks by Mari Kim. At that time, 288 ETH equated to KRW 600 million.

Missing and Found (by Mari Kim, 2021)

The auction was hosted on DeFine Art’s website, a decentralized Non-Fungible Token (NFT) platform developed by Piction Network, a creator-centered decentralized digital content infrastructure, and operated alongside Pica Project.

Both of the two largest international auction houses, Sotheby’s and Christie’s, have already organized NFT auctions of their own. This auction held at DeFine Art’s website happens to be the first of its kind in Korea, which makes it a notable historical event in Korean art history.

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