Art de Finance, a decentralized art financial platform, announces its partnership with the ARSHEXA Corporation Limited which has the Incheon airport art storage project underway on Dec 27.
With its headquarters in Zug, Switzerland, Art de Finance is a platform that transforms physical art into NFT and evaluates art NFT through its decentralized mechanism. The company has announced it will be providing services such as trading and linking with decentralized financial service (DeFi) through its platform via priced physical art NFT.
Through this partnership and with the completion of the art hub storage project in 2026, Art de Finance's art pieces will be stored in the Incheon airport's storage space in the near future.
Art storage space maintains consistent temperature and humidity perfect for preserving high-value artwork and protects artwork from any physical threat. ARSHEXA Corporation Limited's Incheon airport art storage project is valued at 400 Million USD and the amount of investment and the size of the storage have been known to be the largest of its kind.
Major international airports around the world are striving to establish culture and art-related services and facilities and are strategizing to secure growth opportunities in art businesses. Incheon International Airport is also planning to establish itself as a culture and art-focused airport with its introduction of art storage facilities.
Currently, art storage facilities only exist in four major cities in the world: Singapore Changi Airport's 30,000㎡ Le Freeport, Luxemburg Findel Airport's 22,000㎡ High-Security Hub, and Switzerland's Geneva Airport's 10,000㎡ Ports Francs.
The art storage facility that ARSHEXA is building is the largest in the world with a total surface area of 83,228㎡ spanning the first lower level and the fourth upper level. With its cost estimated at 379.5 billion won, the facility will take place on the west side of the Incheon International Airport spanning 43,669㎡ , and will be finished by 2026.
Experts predict with the completion of the art storage facility in the Incheon International Airport, the majority of the artwork based in Hong Kong will turn to Incheon via Hexit (Hongkong+Exit).
Hong Kong is Asia's largest art market and with its entire city designated as a free trading port, art customs clearance enjoys relatively lax regulations. Art trading corporations such as Sotheby's and Christie's with large influence over Hong Kong's art market have their own storage facilities in various parts of Hong Kong to maintain their assets.
However, an industry representative spoke that in recent years, China's influence over Hong Kong has become increasingly overt and this has led to uncertainty surrounding the anonymity and security of high-value art storage.
Predictions have been made that Incheon will become the international art hub as Japan possesses the risk of earthquakes and this is considered more perilous than South Korea's proximity to North Korea.
"This partnership is crucial to Art de Finance's physical art storage and security," said an Art de Finance spokesperson. "There has been an endless controversy surrounding digital NFT and their physical form and their price volatility have also been an issue in the past. We plan to provide a curating system so physical art can be transformed into NFT at an appropriate price point to provide a solution to NFT price volatility and contribute to the NFT market's growth along with an art market."
Art de Finance provided technical support for Busan City's official marketplace operation throughout the Busan Blockchain Week Event last September. Through this partnership, Art de Finance announced it will aid ARSHEXA Corporation Limited's blockchain-related services with its technological capabilities.
Disclaimer : There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. This is not investment advice. Please do your own research.
Company : Art de Finance
Contact person : Henry kim
Location : Zug, Switzerland
Contact email: Henrykim@artdefinance.io
SOURCE: Art de Finance
Release ID: 505213
Original Source of the original story >> Decentralized Art Financial Platform Art de Finance Partners with Incheon Airport Art Hub Consortium ARSHEXA