Yoon Kim：Hi everyone!
MIKI：Hi Kim, Would you make a self-intro before we go to the questions?
Yoon Kim：Pleasure to be here thank you so much for intro MIKI.My name is Yoon, and I am the founder of 3space art, which is a NFT marketplace for digital artwork and collectibles. um a bit about my past career.
I started my career in manufacturing, but eventually fell down the rabbit hole and went full crypto! I was never a good trader, so I focused on building applications and worked on great projects such as ICON and ELYSIA. I was particularly interested in real-world applications, so when I learned more about NFTs, I thought this was it! This is something that the wider audience can understand and look forward to! Been working on 3space ever since.
MIKI：Thank you Kim. Now our AMA officially starts. There are many application scenarios for NFT, which has attracted much attention for more than a year. How do Korean crypto investors view the investment prospects of NFT?
Yoon Kim：I think alot of people were surpirsed when Cryptopunks was first trading at such a high price. Now its become a symbol of status and ‘authenticity’ — the utlimate flex on social media.
Other generative projects like Bored Ape Yacht Club offer great community and implies exclusiveness in a digital society, which I think will be inevitable. All this is great, and will be an important part of the future, but majority of population are unaware of the intrinsic value on cryptopunks or BAYC yet, and will take more time to develop.
In Korea, I think more people still view digital art NFTs i the more traditional sense. You buy exclusive art from a promising artist, hold it/decorate it/save taxes for a while and maybe it will be the next Mona Lisa or Starry Night.
Recently more people have been paying attention to digital art (new media art) because of all the buzz around the Metaverse, and with NFTs people are willing to allocate NFTs into their portfolio.
MIKI：For collectors, what are the differences and advantages of holding NFTs and holding physical artworks?
Yoon Kim：Mobility and Scalability. Physical artworks are often restricted by space, whereas digital art can be carried on your phone 🙂. I think this has two advantages. First, physical artworks need effort. If it is an investment, you will need maintenance. If your using it for decor-entertainment, how often do you replace it? All this needs additional care. I think NFTs are more suitable for today since we already have devices which help solve the problems above.
The only disadvantage would be the surreal and majestic experience on physical artworks and the space in it. but thats what 3space is trying to do, make digital art more relatable experience.
MIKI：What about NFT transactions on 3Space ? What measures have you taken to expand the user base and acceptance of NFT art?
Yoon Kim：So we opened our marketplace in October and have been experiencing growth. We want to try and make NFT collecting as easy as possible, so we’ve been putting our development efforts there. We still need more time, but will get there.
Oh we are also the first company in Korea to support korean won fiat onramp to buy NFTs, officially licensed and everything that took us awhile to convince…
Besides that we’ve been pretty much focused on exposing our artists and artwork in offline exhibitions and events. We believe that engaging in familiar environments can reduce the dismissal of revealing art that is less known.
So big malls, office spaces, tv stores, exhibitions — anything that has electronic displays we have been approaching them to display our NFT art. so far its working, but we need more technical development. The idea is that anyone can casually encounter an artwork in a public place, and be able to simply buy it using the QR code. we are testing it right now with an offline venue, and should be implemented by January we’ll see!
MIKI：What are 3Space ‘s criteria for selecting NFT art that are already launched?
Yoon Kim：At first we wanted to make a open platform like Opensea where anyone can mint and upload their art but then it’ll be difficult to select artwork for exhibitions and events we are organizing. It might even chase off people who are looking for quality artists and artwork.
we will eventually get to a permission-less, community owned platform but first we need support from a wider audience. as of now, we are focused on bringing emerging artists from Korea who are digital native. We also handle 1/1 editions and not generative art. A bit centralized on the picking and curation process, but eventually it will be community driven 🙂
MIKI：How is 3Space’s token economics designed, and what rights can users obtain by holding the token?
Yoon Kim：So our $PACE tokens is part of an incentive program for artists, collectors and supports. The goal is to use tokens to create a cooperative environment for participants, and support each other’s goals with funding. In the meantime, we also want PACE tokens to be the gateway to offline exhbition and events. If we can host events at prominent venues and allow access/exhibit with only PACE tokens, I think we can create a system where there is a balance between EARNING and SPENDING tokens. We will be hostin an event soon, we’ll see how it goes.
MIKI：Now we have the last official question for the 3Space, audiences can prepare for your own questions. What are the recent important developments of 3Spce? What is the next focus and development plan?
Yoon Kim：Multi-chain support and wallet connection was the biggest change compared to our previous model. Unless your using Korean WON to collect NFTs, you can simply connect your Metamask or Klip wallet wihtout signing-up.
Of course, you will get benefits for signing up such as airdrops, and PACE token distribution for purchases, but it is totally up to you to decide whether you want to be part of the platform or just remain as a pubic key. Offline, we’ve had progress with notable companies here in Korea.
We started displaying art for the LG headquarters in Seoul, which I think is an important milestone for us. We are also talking to other big companies and landmarks to showcase art, so we are excited for the events ahead of us.
We started displaying art for the LG headquarters in Seoul, which I think is an important milestone for us. We are also talking to other big companies and landmarks to showcase art, so we are excited for the events ahead of us. Its NFT + DEFI, so if you stake NFTs in the ‘art pool’ you will be delegating us the exhibition rights and in return receive APY on tokens.
MIKI：What are the other benefits that artists gets from using your platform, aside from selling their NFT artworks?
Yoon Kim：So the biggest benefit is that we help artist showcase their artwork in different places, often out of reach from artist. The more exposure artists get, the more recognition they have and I feel like sometimes that is more important than monetary incentives. Our strength is in b2b deals so we provide advantages in this area.
MIKI：What various kind of NFTs are published & Traded On 3spaceart?
In Total, How many NFTs have been Published?
Yoon Kim：Mostly digital native art that is either digital graphics, 2D/3D animation or motion graphic. we have total of 15 artist with 160 different pieces, so far more than 80 pieces have been organically sold. Another advantage is that our NFTs share same metadata as Opensea, so the secondary sales can start there.
MIKI：Look forward to more updates of the 3Space in the future! Thanks to Kim for sharing.