Iconloop Signs Deal With Art Site to Create Record of Ownership

The works include five by Lee Ufan, founder of the avant-garde School of Things, and three works of Whanki Kim, an early abstract artist in Korea.

AccessTimeIconAug 22, 2019 at 4:30 p.m. UTC
Updated Dec 10, 2022 at 9:22 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Iconloop has signed a deal with Yeolmae Company to provide a blockchain-based certificate issuance service for the company's ARTnGUIDE platform, which acts as an intermediary site for the joint ownership of art.

The agreement was covered heavily in the local press. It was confirmed by the company by email and by a release and via ARTnGUIDE's website.

Under the terms of the deal, Iconloop's 'broof' service will record the ownership of the artwork, along with the image of that work, in a manner that prevents falsification of the record. A timestamped certificate is issued that displays the image as well as a 'chop' stamp signature.

ARTnGUIDE currently has 16 jointly-owned works listed on its website. The works include five by Lee Ufan, founder of the avant-garde School of Things, and three works of Whanki Kim, an early abstract artist in Korea.

At present, the co-ownership of each work is recorded by utilizing an ethereum-based service. The record, which is publicly accessible, includes ownership status and a detailed change history.

Iconloop says that its offering significantly differs from the existing system as it will allow for the recording of the image. It is not clear whether the broof system will completely replace the current records platform or work along side of it.

Iconloop is a South Korean technology company and a subsidiary of Dayli Financial Group. Dalyi was founded in 2015, and Iconloop was founded a year later. One of Iconloop's projects is ICONhttps://theicon.ist/2019/01/10/iconloop-or-icon/, the public blockchain network.

The company works with a wide range of partners, including Samsung, Mirae Asset and KB Kookmin Bank. It also has a coin, ICX, which is ranked 40th globally by CoinMarketCap with a market cap of about $100 million.

ARTnGUIDE was formed in 2018. The first work purchased via ARTnGUIDE was Kim Hwan-ki's Sanwol (1963). It was acquired in October 2018 for 45 million won ($37,000) and sold about two months later for a 22 percent gain, according to the company.

Painting via CoinDesk archives

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about