▲CJ OliveNetworks' first NFT published work 'Wolha 2021'

- There was a limited-time offer of artist Ryu Jae-cheon’s ‘Wolha 2021’ on Dunamu NFT trading platform ‘Upbit NFT Beta’

- It was conducted in a Dutch auction, which is a reverse auction, setting a record of 200 copies being sold out with 0.014 BTC final balance.

- Using AI artwork platform AiRT, colors were added to the original to demonstrate NFT's genuine characteristics.

- In the future, new K-Art which combines art and IT technology, such as discovering and collaborating with new artists, will be c implemented.

[CJ OliveNetworks=December 2, 2021 (Thursday)] CJ OliveNetworks (CEO Cha In-hyeok) set a record of selling out K-art work that was introduced through Upbit NFT, Dunamu’s NFT trading platform, for the first time in an instant.

CJ OliveNetworks selected the traditional ink-and-wash painting as the first NFT work to promote the beauty of Korean painting to the public through its genuine media technology and collaboration with Ryu Jae-cheon, a landscape painter.

Artist Ryu Jae-cheon, a representative artist in the field of Korean ink-and-wash landscape painting, has held solo exhibitions not only in Korea, but also abroad, such as Germany, China, and Singapore, to promote the beauty of traditional Korean painting to the world. In particular, he is acclaimed for pioneering a new field of traditional landscape painting by grafting LED lighting to the ink-and-wash painting to express a dreamy and fantastic world of work.

200 NFT editions of ‘Wolha 2021’ by artist Ryu Jae-cheon, which began at 12:00 on December 1st, were sold out starting at 0.014 BTC (about 1 million won) through a Dutch auction, a reverse auction. Wolha 2021 is a digital content rebirth of Ryu's representative series, Wolha (Moon and River), which utilized the coloring technology of AI artwork platform AiRT developed by CJ OliveNetworks in particular.

CJ OliveNetworks demonstrated NFT's genuine characteristics by applying colors that are hard to find in traditional ink-and-wash paintings while maintaining the representative colors used by artist Ryu Jae-cheon and the unique colors of Korean paper.

In addition, being created in the form of digital video content that added changes of the moonlight to existing works with AI technology, traditional art, which was normally difficult to be enjoyed, was produced in a form that buyers can enjoy by combining IT technology with traditional ink-and-wash landscape painting.

Beginning with this NFT sellout, CJ OliveNetworks plans to create a K-art ecosystem by actively discovering new artists in the field of art and presenting various forms of digital content by incorporating digital technology.

“CJ OliveNetworks is working with Dunamu to promote various business cooperation to enter the NFT market,” said Lee Joo-young, manager of NEXT Business, who oversees CJ OliveNetworks’ NFT business. “The NFT sellout of Korean paintings that happened for the first time in Korea marks the first achievement. Based on the AI ??artwork platform developed in-house, we will continue to present works that buyers want to own, such as immersive digital art works.”