Dunamu completes first NFT sales – The Korea Herald

The Upbit NFT Beta logo (Dunamu)

The Upbit NFT Beta logo (Dunamu)

Dunamu, the operator of cryptocurrency exchange Upbit, said Wednesday that it sold its first NFT art: two paintings by the famous Korean pop artist Jang Koal.

The first art piece, “Mirage Cat 3,” started its bidding price from 0.0416 bitcoins, worth 2.8 million won ($2,350), and was sold on Wednesday on the Upbit NFT Beta platform to a bidder who had offered 3.5098 bitcoins, or about 240 million won, the company said.

The nonfungible token, digital counterparts of real-world assets, mostly of visual art or music, that guarantee ownership through blockchain technology, was sold to the highest bidder at the auction.

The second piece, “You Are Not Alone 1,” went under the hammer on the same day in a Dutch auction process where the bidding starts high and the prices drop until it is sold.

The bidding price started from 0.0014 bitcoins, worth 95,609 won, and went down slightly to around 95,602 won. A total of 900 pieces were sold to 168 investors.

“We were able to see that NFTs expand the artwork’s value and allow a bigger stage for the creators to show their works,” a Dunamu official said.

On Tuesday, the blockchain company opened its Upbit NFT Beta service on Upbit’s website, where users can sell and purchase NFTs at auctions.

By Byun Hye-jin (hyejin2@heraldcorp.com)

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