Paycoin enters the Korean art market through supporting NFT purchase with Paycoin(PCI)
Greetings from the Paycoin team!
Today, we are excited to announce the very first implementation of Paycoin (PCI) into the Korean art market that will be launching in the very near future.
On Nov. 1st, Flexpay, a Buy Now Pay Later (BNPL) platform, announced that it has signed a strategic partnership with the art tech company, Gallery K to support Paycoin payments in art business. Through this partnership, we expect users will be able to purchase various art, including NFTs, at Gallery K through Paycoin (PCI).
Flexpay is a subsidiary of Danal, one of the largest payment gateway in South Korea. Flexpay is a platform that supports Paycoin payment and it will begin supporting BNPL when users purchase artworks, which we believe will increase users’ access to Gallery K and increase the popularity in art market. Additionally, we will provide a 15% discount when users complete their purchase using Paycoin (PCI).
Recently, investment in art has shown a strong and rapid growth in the public. At the 20th Korea International Art Fair (KIAF) held at COEX on the 13th of October, artworks worth 65 billion Korean Won (approximately 55 million USD) were sold, doubling the 31 billion Korean Won profit back in 2019. According to the industry expert, as the Millennial and Generation Z are getting more familiar to blockchain and NFTs, participation in the art fintech sector has shown an impressive growth.
Kim Jung-pil, CEO of Gallery K, said, “Art market in the future, especially for the Millennial and Generation Z who prioritizes personal style and tastes over fame, will most likely to increase exponentially through the NFT.” He added, “This partnership marks a critical cornerstone for Paycoi as it will become the very first virtual asset that will be used in the Korean art market.”
As a payment project, we will also put our efforts in pioneering the payment sector within the growing NFT and art market
Last but not least, Paycoin will be attending “NFT BUSAN 2021” held in Busan from the 4th to the 6th of November. Youngil Kim, the chief of business division at Danal Fintech, will be announcing more details and plans about Paycoin and NFTs. The keynote will start on Nov. 6th 14:30 ~ 15:00 KST.
See you, and stay tuned!
About Paycoin
Paycoin is a blockchain project that is providing the virtual asset based payment service. As a subsidiary of “Danal” — an integrated payment solution provider — Danal Fintech provides virtual asset payment services based on Paycoin blockchain, which reduces the intermediaries in the existing payment process, enabling lower transaction fees and faster settlement cycles to merchants, and a safe and convenient payment environment to users. Paycoin is the first virtual asset that is being commercialized as payment in Korea, and we aim to lead this new payment market and drive adoption for the service.
Website | KakaoTalk(KR) | Kakao Channel(KR) | Telegram(ENG) | Twitter(ENG) | Facebook(KR) | Paycoin Wallet(KR) | Paycoin Global Wallet
