The growth of information and communication is accelerating the way we live by narrowing the gap that is different from before. Furthermore, these changes have accelerated since March 2020. As more and various products are available for online purchase, the market is growing. According to a report recently released by the International Data Corporation (IDC), “If this trend continues, by 2023, the size of the market in which the traditional analog market is converted to the digital market is estimated to be 6.8 trillion U.S. dollars.”
The auction market sought after by many art lovers is also shifting from online art search to a service that enables direct auctions and the movement towards digital markets is also active in the art market.
In keeping up with these changes, the news that artist Kim Byung Jong, who interpreted traditional techniques and materials in a modern style presented an NFT work incorporating digital technology for the first time becomes a hot topic.
The main character of the work is the “Seo Seol’s main entrance of Seoul University”, which was presented as a gift to President Xi Jinping during his visit to Korea in 2014 by Kim Byung Jong, who is known as a ‘living artist’ and has drawn various works about life and nature. The artist depicts snow falling with red pine symbolizing China and Korea and expresses his hope that young intellectuals of both countries, like the pine trees, will harmonize with each other and form a close friendship. After President Xi Jinping had returned to China, author Kim Byung Jong continued to receive great attention, having a phone interview with China’s leading news agency, Xinhua News Agency and received more than 100 purchase-related inquiries from Greater China.
As there are many works that embody the red color as a symbol of ‘auspiciousness’ and the green color as a symbol of the ‘color of life, artist Kim Byung Jong gained a lot of interest in China. Experts consider this use of color to be a factor leading to the popularity of artist Kim Byung Jong in Greater China because it is linked to the ‘Feng Shui color preference” in the Greater China region.
After news about Kim Byung Jong’s first NFT work, which has attracted worldwide attention outside of Korea and China, was released even before the auction, it was also reported on about 20 Chinese media outlets including Sohu, Tencent, Baidu, and Zhonghua in June. Art Beijing Director Mengyang commented, “Kim Byung Jong’s paintings will be a great stimulus to the Chinese art circle. There are many things that Chinese painters who have stuck to traditional methods should learn from his work.”
Meanwhile, this auction hosted by the NFT integrated services platform Nvirwolrd will be simultaneously held as an online auction in a total of 22 countries including Korea, Greater China, the United Kingdom, the United States, France, and the United Arab Emirates. The auction will be held from 9:00 am on August 25 to 3:00 pm on August 31 GMT. According to author Kim Byung Jong, all profits will be donated to UNICEF in order to support food, water, and sanitation projects for undernourished international children.