Part of the venture concerns using NFTs, or non-fungible tokens, a hot-button area in the global art world at the moment.

South Korea’s Hana Bank reportedly (The Korea Herald, 27 February) has said that it will expand its wealth management services to trading artworks – both physical and digital.

Hana Bank is partnering with Seoul Auction Blue, an online auction house, to work on developing new businesses such as non-fungible tokens and metaverse platforms, and operate online education and community platforms on art, the report said. 

The bank said that the two institutions will also provide traditional art services including artwork sales, art collection and art loans. (WealthBriefingAsia was unable to locate a statement or reference to the matter on the bank’s website.)

Non-fungible tokens – one of a number of new digital assets – have become hot talking points in the art world. NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens such as cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.

The news story said that Hana Bank will provide consulting services for clients interested in purchasing and selling artworks. It also plans to provide storage services and carry out art exhibitions featuring clients’ art possessions.