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How two DAOs tried to save a South Korean museum



South Korea's largest private art collection is on the brink. Financially, the museum had been in bad shape for a long time. To make ends meet, the cultural institution wants to sell two statues that are classified as national treasures by the South Korean government.



Due to financial constraints, the Kansong Art Museum was forced to put up two national treasures from the collection for auction on January 27th.

Two Decentralized Autonomous Organizations (DAOs) have set themselves the goal of auctioning off the two golden works of art, which date back to the 11th and 6th centuries respectively, and continuing to display them in the museum.

The National Treasures DAO hoped to raise about $4 million by Jan. 26 to meet the reserve price and auction costs for a statue. Funds should be raised using NFTs on the Klaytn blockchain. A corresponding smart contract infrastructure should take over the repayments if the goal is not achieved.

Ultimately, however, the DAO only took a little over half by the deadline and missed its goal of acquiring one of the national treasures.

The HeritageDAO is another coalition that attempted to enter the museum's auction. However, this attempt also failed. According to media reports , the national treasures remained in the care of the Kansong Art Museum .

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