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This startup launch an eatable NFT, the new form of art created by the collaboration between VR director, celebrity chef, and renowned artist

Chi Ko 2021/09/16
 EchoX提供
EchoX提供

NFT management platform EchoX, a startup incubated and spin-off from LeadBest Consulting Group, launched its very first NFT performance art called "We Are What We Eat." The NFT was created by leading cultural figures VR Gold Award Director Hsin-Chien Huang, Celebrity Chef André Chiang, and Contemporary Artist Billy Chang. EchoX aims to help more artists embrace the charm of NFT.

Originally, EchoX is a project inside LeadBest Consulting Group, which is a venture studio focus on digital empowerment. The project team members foresaw the importance of NFT for the art world, so decided to spin off as a startup and roll out the product in a short time.

According to the data from statista, in 2020, the global market value of NFT is around 330 million US dollars, compared to the 50 billion US dollars in the global art market value, which only contributes less than 1%.

Not so long ago, Beeple's NFT platform, WeNew, released the NFT commemorative work "LOUIS: The Game '' for the 200th birthday of Louis Vuitton, which has attracted significant attention and sparked a new wave of cross-arts NFT practices. Though the NFT market is hot, much of the focus has been on creating digital art by digital creators.

Beeple's artwork is quite papular in the NFT world.

EchoX, unlike most NFT trading platforms focusing only on the digital art circle, actively tries to collaborate with artists and galleries. EchoX wants to leverage NFT to the physical artworks.

EchoX use NFT to empower artist by 3 ways

The EchoX NFT platform can empower an art by minting an NFT as the corresponding traceable anti-counterfeiting certificates mapped to the original artwork. It allows creators, artists, or brand owners to easily mint their NFT and issue them on various platforms while grasping business opportunities in real-time price tracking.

EchoX use NFT to empower artist by 3 ways.

Furthermore, their smart receipt and safekeeping system allow artwork owners to auction or merchandise more easily with NFT, whereas the corresponding physical work is kept in the gallery or a third-party institute. This characteristic also increases the artwork liquidity with the authentication ensured.

EchoX also enables NFT to be applied as a co-creation certificate for performance art, allowing art creators to issue NFTs as an invitation to participate and produce together and furthermore to share the right of future potential dividends.

“It is foreseeable that more art trading will take place online through virtual certificates, NFT, which also echoes the original vision of EchoX. That is, to provide NFT management tools and online curatorial consulting services for galleries and creators,” said EchoX COO Gregory Liu. ”More curating projects have been in preparation all the way until the end of the year.

Backed by multiple blockchain experts

EchoX is funded by SG Asia Capital and incubated by LeadBest Consulting Group. The strategic investment round was led by the LeadAgileX Industry Empowerment Fund and backed by angel investors including Mindfulness Capital. It is estimated a total of 1.2 million US dollars as the initial investment of this project.

"The cultural and creative industry also needs digital empowerment. So far less than 1% of the global art industry applies blockchain technology. EchoX is aiming at the other 99% entering the brand-new market together. The future possibility is exciting," commented Chia-Hsien Lee, CEO of LeadBest Consulting Group, the incubator of EchoX.

So far less than 1% of the global art industry applies blockchain technology. EchoX is aiming at the other 99% entering the brand-new market together, said Chia-Hsien Lee.

The founding team members including international curating consultant Dr. Shin-Yi Ya, LeadBest founder Chia-Hsien Lee, Dr. Ju-Chun Ko.

Moreover, EchoX is linking to one of the top blockchain multi-signature vault systems, Cybavo, for the preservation of NFT assets.

About the Author
Chi Ko
Journalist 英文採訪編輯
Author >

Chi Ko is a journalist at Meet Global, a Taiwan-based startup community, where he reports ambitious Taiwanese startups to aim at going to the global market, as well as the latest news for the Taiwan startup ecosystem. Previously, he worked as a research assistant at Center for Condensed Matter Science from National Taiwan University and work as a guest editor at Academia Sinica to cover latest research breakthroughs. Within his career, he has interviewed various experts in their field, including Maw-Kuen Wu, former Minister of National Science Council; Bob Hung, general manager of Trend Micro Taiwan. He lives in Taipei.

If you know any Taiwanese startups aim to global market, feel free to leave a message at kochi@bnext.com.tw

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