Incheon City Creates Metaverse Representation of Incheon Landing Operation Within The Sandbox

Late Korean artist Lee Jung-seob’s ‘Bull’ NFT on auction at OpenSeaNFT marketplace OpenSea is hosting an ongoing auction for a digital representation of the painting “Bull” by the late Korean artist Lee Jung-seob, Yonhap News TV reported on Tuesday. Celebrated for his distinctive lines in his paintings, Lee passed away in 1956. This auction is set to conclude on Dec. 12, with the starting bid placed at 300 WETH (Wrapped Ethereum), which is approximately equivalent to $626,000.Photo by Hans Eiskonen on UnsplashWhite bull as NFTLee’s “Bull,” featured in the OpenSea auction, is distinguished by its depiction of a white bull set against a dark green background. This particular piece is one of Lee’s unpublished works and is currently being offered for sale by a private art collector. Regarding the authenticity of the painting, the description on the OpenSea page states, “This work received a handwritten evaluation from Professor Jung Jum-sik, a founding member of the Lee Jung-seob Art Award, on November 9, 2000.”The current owner of the original artwork has expressed their intention for auctioning it as a desire to share a valuable piece of art. The painting originally belonged to poet Ku Sang and has since changed hands multiple times, experiencing some damage along the way. While the copyright for an artist’s work typically remains with their inheritors for 70 years posthumously, in the case of Lee Jung-seob, this period has already lapsed.Authenticity and NFT investmentsMeanwhile, art appraisal experts are advising caution, emphasizing the need to first confirm the authenticity of the original painting. This caution stems from the fact that the painting has not undergone evaluation by an official appraisal organization.During his interview with Yonhap, Jung Jun-mo, CEO of Korea Art Authentication Appraisal Inc., offered a word of caution regarding investment in NFTs tied to artworks with questionable authenticity. He emphasized that NFTs representing works that lack genuine authentication also hold no value in terms of authenticity. Jung advised potential investors to thoroughly verify the legitimacy of such artworks before proceeding with any investment in their NFT representations.Last year, many paintings of modern Korean artists were converted into NFTs, but they sparked controversy over issues of authenticity. Experts in art investment have since been advising thorough research prior to making any investments in these digital assets. They warn that losses incurred from transactions involving these NFTs fall squarely on the investors.

South Korean Banks Adopt Blockchain for Streamlined Civil Servant LoansSouth Korea’s state-run financial organizations and banks are embracing blockchain technology to streamline the loan process for government employees and enhance loan management for banks.Photo by Shubham Dhage on UnsplashBlockchain-aided loan servicesIn a collaboration announced today at the Korea Federation of Banks (KFB) in Seoul, the Korea Financial Telecommunications and Clearings Institute (KFTC), the Government Employees Pension Service (GEPS), and four local banks are coming together to introduce blockchain technology in providing loan services specifically tailored for civil servants. The four participating banks are NongHyup Bank, Hana Bank, DGB Daegu Bank, and Gwangju Bank.Easier applicationAt present, civil servants are required to acquire a physical loan recommendation letter from the GEPS in order to apply for a bank loan. However, with the implementation of the new loan system, the GEPS will have the capability to issue blockchain-based letters, which can be obtained by civil servants either in-person or remotely at banks. This innovative approach will significantly simplify the verification process for these letters.Easier managementFurthermore, the manual exchange of loan-related information, such as repayment history and retirement details, between banks and the GEPS will be replaced by a more efficient system. The KFTC will take on the role of mediator, ensuring that any changes to this information are immediately reflected in real time. This streamlined approach will significantly enhance loan management for lenders.The launch of this service is scheduled for November this year, bringing about improved accessibility to loans for government employees. As the project progresses, other financial institutions are expected to join in, further enhancing the convenience of public servants. Additionally, these collaborating organizations will explore joint services aimed at providing the necessary support to stabilize the livelihoods of civil servants.

e-CNY Payments Enabled for Hong Kong Visitors From Mainland ChinaBank of China’s Hong Kong arm recently launched a digital yuan shopping festival, aiming to spur local consumption and promote the adoption of central bank digital currencies (CBDCs). The festival, which commenced on July 18, allows visitors from mainland China to make purchases in Hong Kong using the digital yuan.Bank of China (Hong Kong) Limited (BOCHK), a subsidiary of China’s central bank, initiated trials of e-CNY cross-border payments in Hong Kong last year, paving the way for the current shopping festival.Photo by Eric Prouzet on UnsplashSubsidized useAccording to a press release published by BOCHK earlier this week, as of July 18, digital yuan wallet holders have been able to use China’s CBDC to make payments at over 200 participating merchants across Hong Kong. Furthermore, consumers have the opportunity to receive shopping subsidies in digital yuan by scanning QR codes at specific stores, as stated in the BOCHK press release.The range of merchants accepting e-CNY payments spans from electronics sellers and pharmacies to supermarkets. Among the participants is U Select, a Hong Kong-based supermarket chain with a wide presence of more than 90 stores throughout the city.BOCHK strategically chose the summer tourist season for the expansion of e-CNY payments in Hong Kong. Chen Guang, representing BOCHK, mentioned the influx of tourists to the special administrative region, presenting a prime opportunity to attract more users and bolster local consumption through this cross-border shopping festival.The move makes BOCHK the first institution to partake in the cross-border e-CNY trial in Hong Kong. In December 2022, the bank initiated the first phase of its “digital yuan exclusive experience,” which allowed a limited number of BOCHK consumers to shop in the city using the digital yuan.Adoption strategyThe digital yuan has witnessed robust adoption in recent times, with China leading the global development of CBDCs. The Bank of China has been actively striving to advance and popularize the use of digital yuan in the country. Various initiatives, including business loans, trial expansions, and partnerships with prominent technology firms, have been undertaken to propel the widespread adoption of the digital currency.The introduction of the digital yuan shopping festival in Hong Kong signifies yet another significant step in China’s efforts to promote its CBDC and drive its usage in both domestic and international transactions. With over 200 merchants already participating and a seamless payment experience for tourists, the festival has the potential to encourage further adoption and shape the future of digital payments in the region.As this initiative gains momentum, it will be crucial to observe its impact on local consumption and the broader implications for CBDC adoption in the global financial landscape.The rate of China’s CBDC development and beyond that, the intent with which it is striving to drive adoption through a seemingly never-ending series of initiatives has been unmatched by any other nation. With that, the first real results of the active and widespread use of a CBDC are going to come from the country that makes up one-fifth of the world economy.