토큰증권발행(STO)을 통해 본 미술시장 내 정보 비대칭성 해소방안

Abstract

This study focuses on the information asymmetry in the art market, examining the problems caused by the asymmetry and exploring the utility of Security Token Offerings(STO) as a means to address and resolve these issues. To do so, the study initially applied the concept of information asymmetry commonly used in economics to the art market to understand the challenges within the market. Subsequently, an investigation was conducted into how information asymmetry operates in the context of art objects and the unique characteristics of the art market. Based on this foundation, the study, going beyond the traditional solutions, examined how STO with blockchain technology and security tokens could address and mitigate information asymmetry. Finally, the study analyzed how information asymmetry could be regulated from a perspective known as screening. In other words, it anticipated that the screening and regulatory nature of capital market law could proactively prevent information asymmetry in the art market, contributing to transparency. In summary, this research acknowledges the issue of information asymmetry in the art market and proposes the use of blockchain technology and security tokens for fractional investments as a solution, exploring new possibilities to enhance transparency and efficiency in the market.