DailyMuseum Corporation, a trailblazing culture and arts IT firm from Korea, is set to revolutionize cultural investments with the introduction of PieceAuction, a groundbreaking auction solution aimed at bridging the gap between the public and the world of arts and culture.
In recent years, platforms allowing investments in music copyrights and artwork have faced scrutiny due to concerns about the reliability of information provided by suppliers, leading to potential manipulation of stock issuance and trading prices. Moreover, issues surrounding
the effectiveness of the Domestic Art Promotion Act have surfaced, highlighting the challenges in ensuring fair compensation for creators in the art market.
Empowering Public Participation in Art Pricing
DailyMuseum’s PieceAuction offers a solution by enhancing the credibility of artwork pricing through open auctions accessible to the public. Unlike traditional auctions where only one buyer wins, PieceAuction allows numerous investors to bid in small amounts for the pieces they desire, democratizing art ownership and valuation.
The patented PieceAuction system allows individuals to co-own art by purchasing shares and collectively deciding on its price, departing from traditional models where suppliers set prices. This approach fosters a more inclusive and transparent art market, stimulating interest and engagement among investors.
Key features of PieceAuction include:
- Democratized Art Pricing: The public determines the value of artworks through democratic bidding, reducing the risk of disputes between suppliers and investors.
- Blockchain Technology: Ensures artists’ rights to royalties with each transaction, supporting the creation of future pieces through partial ownership and funding.
- Innovative Revenue Model: DailyMuseum’s revenue structure includes auction margin profits, transaction fees, and joint ownership artwork operation profits, with plans for international expansion and category diversification.
Global Ambitions & Expansion Plans
DailyMuseum’s ambitions extend beyond art into movies, dramas, music, literature, and photography, with the aim of democratizing creativity and sparking cultural phenomena akin to the global hit Squid Game.
CEO Jeon Seung brings a wealth of experience from global platforms like Groupon and Seoul Auction, complemented by 18 years as an artist exhibiting works worldwide. The DailyMuseum team blends expertise in IT and cultural arts, connecting culture with the masses through innovative technology.
DailyMuseum is showcasing PieceAuction at the 2024 International Exhibition Inventions in Geneva from April 17 to 21. Jeon Seung, CEO of DailyMuseum, expressed enthusiasm for the global stage showcase, stating, “We’re here to showcase our innovative ideas and prove their excellence on a global scale. PieceAuction isn’t just about the expo; it’s about carving new international markets for cultural investments.”
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