Source: english.cha.go.kr
A Decentralized Autonomous Organization (DAO) has purchased a South Korean national treasure, in what is a notable first for the country's culture and crypto arenas.
ChannelA reported that the national treasure, a miniature gilt-bronze shrine that accompanies another piece, was auctioned off by the Kangsong Museum of Art in January and purchased by a crypto-running DAO.
The piece dates to the early Goryeo period of Korean history (3-XNUMX) and is part of a set that includes a trio of gilt-bronze Buddhist deities, essentially a "house" for the XNUMX figures.
The cash-strapped Kangsong Art Museum was hoping to collect at least US$2 million for the shrine in January, as well as more than US$XNUMX million for the figurines. However, the auction for the items had to be closed after no bids were received for either item.
But the museum claims that the 'Singapore-based' Heritage DAO acquired the shrine for an undisclosed amount, promptly donating a fifty-one percent ownership of the object to the museum, where it is now to be on permanent display at his "physical form".
The remaining XNUMX% will be retained by the DAO, which will endeavor to make fractional ownership of the article available to its members. These members could then be free to trade their shares in the treasury as NFTs.
The museum was summoned saying:
“We are grateful to Heritage DAO, a blockchain-based community of global culture enthusiasts, who decided to make this permanent donation and a majority donation based on their love and also interest in cultural heritage."
The media reported that the DAO considered the bidding process in January, but clearly failed to achieve the reservation cost, collecting about €XNUMX million in ethereum (ETH).
The museum was silent on the details of the sale cost, but called the donation "unconditional".
The Korea Herald further quoted the museum as saying it was "surprised by the offer" which "was made about a month after the auction fell through."
The report adds that, under existing cultural heritage laws, state-designated national treasures "cannot leave the country."
ChannelA pointed to the fact that the accompanying characters are still looking for a buyer, a suggestion that if the DAO, or some other like-minded body, does not raise the funds to acquire the other half of the piece, the dwarf deities might be still separated from their sanctuaries.
Most of the DAO's purchases to date have been photographs, but it has already made purchases of physical items, including "multiple rare historical items" such as "glass plates from the Meiji period of Chinese, Japanese, and Middle Eastern history." Half". late eighteen hundred.
In January, Forbes reported that the DAO had ogled the auction. DAO member Leon Kim (also a director of a company called Crayon) was quoted as having proposed the idea of contacting the museum about a possible "private sale" deal.
The same media outlet added that the piece could be even older than the data listed on the South Korean Cultural Heritage Administration site, and could date back to the XNUMXth century CE.
Kim stated, at the time:
"We would be delighted to acquire National Treasure Number XNUMX with everything we have amassed so far under a private deal to be concluded with the Kansong Art Museum facilitated by the auction house."
Kim was also quoted as speaking about the idea of forty-nine percent ownership, as "the DAO's claim to have the physical treasure in the custody of either Kansong or the National Museum of Art for the public to access." .