On January 25, 2022, Crayon Finance has announced through their official Medium channel that they will start their first SubDAO project called ‘HeritageDAO’.
Crayon Finance is a Decentralized Autonomous Organization (DAO) based Non-Fungible Token (NFT) Finance Platform that provides financial instruments for NFT holders and collectors to access more money market options such as SubDAO based collective purchase, trade, sales of NFTs, NFT collateralized loan and Fungible Token (FT) collateralized NFT lease/rental to create various Decentralized Finance (DeFi) strategies.
The main reason for Crayon Finance to form the HeritageDAO is to solve the problem that Kansong Museum is facing due to Covid-19 as well as to raise funds.
Kansong Museum is the first private art museum in Korea, opened in 1938 by Kansong, Jeon Hyeong-pil. Jeon Hyeong-pil dedicated his life to preserving and researching Korea’s representative relics that were devaluated and purposefully obliterated during the Japanese colonial era, as well as to acknowledging their cultural excellence and beauty.
Currently, Kansong Museum is facing a financial crisis because of ongoing Coronavirus and is selling National Treasures on Auction in desperate measures to recoup liquidity. Once the National Treasure is sold to the hand of an individual, we won’t be able to see the Treasures in Museum.
HeritageDAO was formed to raise US$10M worth of funds to securely win the auctions for 2 National Treasures and solve the problems that Kansong Museum has.
Crayon Finance will form a DAO, which resembles Constitutional DAO, and raise big enough contributions to win the auctions.
If Crayon Finance wins the auction, they will have the Kansong Art Museum or National Art Museum of Korea to have the physical National Treasures under their custody.
If the project goes successful, the DAO may then explore the goals of generating liquid through NFT minting, raising awareness, and most importantly preserving the Kansong Art Museum to custody the physical goods.