A Struggling South Korean Museum Is Auctioning National Treasures; Meet the 2 DAOs Trying to Buy Them

The HeritageDAO and National Treasure DAO efforts are among the most ambitious and significant yet. The two sculptures, one of a miniature gilded bronze shrine with a Buddha inside is from the 11th century, and the other of a gilded bronze triad of Buddhas that dates to the 6th century are among fewer than 400 artworks that South Korea’s government has designated national treasures., Thursday will be the first time a South Korean museum has auctioned national treasures..

“For fundraising, initially we thought about an ERC-20 token like ConstitutionDAO,” Cheong added. “We almost finished that initial contract coding but then several lawyers said ‘Oh, no, no it’s very dangerous’ because the South Korean government still officially prohibits ICO kinds of things.” “This week, when we started to fundraise, Coinone prohibited exporting KLAY to metamask or other individual wallets,” Cheong said. “They only allow exporting to other exchanges’ accounts.”Leon Kim, the CEO of Crayon Finance – a new DAO-based NFT finance platform backed by Animoca Brands – founded HeritageDAO when he and his team were approached by “an anonymous expert in the fields of ancient and modern arts over a cup of tea” on Jan. 23.

Kim told CoinDesk that HeritageDAO is speaking with the Gansong Art Museum to potentially strike a deal for less than the asking price. The Gansong could favor such a deal because both the HeritageDAO and the National Treasure DAO plan to leave the artifacts in the museum if one of them wins the auction. HeritageDAO expects to hear back from the museum by noon Korea Standard Time, 3 a.m. .

Removing a national masterpiece from South Korea is illegal, so the list of potential buyers is small, he said.

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