Crypto Community HeritageDAO Seeks to Acquire Korean National Treasures
Singapore, Singapore, January 26, 2022, Chainwire
The sudden birth of InheritanceDAO,$HDAO, was the crypto industry’s response to the unfortunate news that two (2) national treasures in South Korea are being auctioned off as a desperate measure by an art museum to survive this pandemic. A highly controversial practice around the world, it is the first time and potentially the only time in South Korea to see national treasures in an auction.
National Treasure No. 72: 계미명금동일광삼존불입상: Triad of standing Buddha in gilded bronze with inscription “Year Gyemi”
National Treasure No. 72 (계미명금동일광삼존불입상: Gilt bronze standing Buddha triad with the inscription “Gyemi Year”) and No. 73 (금동삼존불감: Portable gilt bronze Buddha triad shrine ) are Buddhist works of art from the year 563 and 11th century respectively. HeritageDAO aims to buy these national treasures and give the seller custody of the originals in Korea while $HDAO (1) splits and sells 49% of the ownership as non-fungible tokens and (2) keeps 51% to $HDAO.
National Treasure No. 73: 금동삼존불감 – Portable Gilt Bronze Buddha Triad Shrine
$HDAO as a whole is to protect, collect, share and enjoy the essence of cultural heritage, covering both monetary and non-monetary aspects in all eras around the world. In collaboration with Crayon.Finance, a company backed by Animoca Brands and Brinc, $HDAO was initiated by an anonymous expert in the fields of ancient and modern arts over a cup of tea on a Sunday afternoon (Link) only 4 days before the K-Auction place for national treasures. Community members began donating to the treasury on January 26, and the increase intends to continue in early February to directly win the auction or collect the treasures from the auction winner.
National treasures are difficult to sell due to the government buyer’s reporting obligations to maintain the condition of mint treasures. Often it is illegal to export national treasures out of the country, as in the case of South Korea. With limits, $HDAO believes that these national treasures are heavily undervalued with a limited number of trades made in the past. However, the transfer of value is borderless once ownership is minted in the form of non-fungible tokens and fractional ownership allows more retail collectors to engage in the buying and selling of treasures.
The ancient and modern art industry is the ideal target for DAO governance, as the transfer of value is not limited to the location of the original asset once the NFT is minted on the properties and /or intellectual property. DAO’s governance structure means that $HDAO is uniquely positioned as a partner to museums around the world to harness the potential of the Crypto and NFT space. With most museums having a very limited understanding of how blockchain works, $HDAO offers a new opportunity for these organizations to quickly access the crypto space and its audiences, as well as benefit from global liquidity. .
“With non-fungible tokens opening up a new dimension of possibilities for assets such as national treasuries and DAOs continue to grow and engage communities around assets of interest, the future of the token industry art, both ancient and modern, could very well be powered by NFTs and managed by DAOs,” said Leon of Crayon.Finance.
HeritageDAO as a whole, is to protect, collect, share and enjoy the essence of cultural heritage, covering both monetary and non-monetary aspects in all eras across the world via the power of blockchain and non-monetary tokens. fungible.
- Leon Kyoungnam Kim
- Pencil Labs Pte Ltd
- [email protected]
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