SINGAPORE, Sept. 12, 2021 /PRNewswire/ — Not so long ago, digital artists whose artworks were posted all over social media, were frustrated that they were not earning much income from their works irrespective of the number of likes, comments and shares they got. On the other hand, art connoisseurs/collectors have been limited in how they can trade their art pieces as auction houses where predominantly the only avenue for them to sell their collections.
With the usage of blockchain technology, NFTs (non-fungible tokens) has completely changed how art and collectibles can be bought and sold. Through NFTs, artists now have a new way to monetise their art, collectors can access a more diversified range of collectibles and investors can have access a wider pool of buyers.
While there has been news with respect to the growing interests in NFTs, this strong interest was also seen during the recent inaugural Coinllectibles™️ Fusion NFT™️ on OKEx NFT marketplace. Within the first day of the launch, an investor paid US$100,000 (28ETH) for the Coinllectibles™️ Fusion NFT™️ Item #001 – a pair of heritage ceramics, which was almost twice the item’s valuation price. The investor immediately placed the piece out in the secondary market and resold it at 150,000 USDT, successfully making a US$50,000 profit. The new owner then resold the iconic piece for 250,000 USDT and made a profit of about US$100,000. The collectible is currently on sale for sale for 289,000 USDT (https://www.okex.com/defi/nft/markets/detail?id=29978). As a whole, all the Fusion NFT™️ were sold out during the launch and Coinllectibles™️ saw a total sales turnover of more than US$600,000 during the first 4 days.
Observing this development, Joseph Morton from Equity.Guru commented that this could be a “game of greater fool hot potato” (https://equity.guru/2021/09/10/this-week-in-crypto-standard-regulation-edition/). While that may be the case for regular NFTs, this article takes a look at how different Fusion NFT™️ is and how Coinllectibles™️, a fully owned subsidiary of Cosmos Group Holdings Inc. (OTC: COSG), aims to add value to the collectibles market.
1. Fusion NFTs™️ – Buyers get both the digital tokens and the physical collectible
NFTs are characterised by its feature of tokenizing items with unique blockchain-based ID tags. Unlike regular NFTs, where buyers only get a digital asset, buyers of Fusion NFTs™️ get both the digital non-fungible tokens as well as the physical art piece. In this way, Fusion NFT™️ buyers not only get to buy and sell the digital non-fungible tokens online, they are also able to enjoy the items in the real world.
2. Ownership security and provenance
To make the buying and selling of Fusion NFTs™️ secure, Coinllectibles™️ has incorporated state-of-the-art 3D imaging technology to authenticate as well as provide provenance for the collectibles. This is akin to using the facial recognition function to unlock a handphone, the 3D image that is contained within the NFT will be able to authenticate ownership as well as whether the item is genuine. As added security, Coinllectibles™️ also embeds microchips to the collectible items. Apart from all these technological protection, Fusion NFTs™️ also consists of robust documentation to provide owners with legal protection as well. All these are put together to holistically protect the interest of stakeholders, that will ultimately lead to a more secured buying/selling experience online.
3. More than art and collectibles collection
Beyond the buying and selling of NFTs, Coinllectibles™️ aim to bring greater enjoyment to our Fusion NFT™️ owners. Firstly, Fusion NFTs™️ owners will get to decide between taking possession of the physical collectibles or putting the items up on exhibit in the world’s first gallery for Fusion NFTs™️ at K11 MUSEA in Hong Kong. Secondly, Coinllectibles™️ is exploring the possibility of working with game producers so that Fusion NFT™️ owners will also get to enjoy the items in an online environment. While some of these initiatives are still work-in-progress, Coinllectibles™️ believes that all these additional benefits help differentiate Fusion NFTs™️ from the rest.
In conclusion, not only are NFTs attracting the attention from artists and collectors, investors are also eyeing the extensive market opportunity of this crypto art and collectibles trade. Based on Statista, the total number of NFT from Apr 2021 to Aug 2021 was more than 263,000 – which approximates to 1 NFT sold each minute. All these showcase the immense potential and profitability of NFTs being traded in the primary and secondary market. We are still in the early days. While it is anyone’s guess how the NFT market will become, the prospects for now is extremely bright.
About Cosmos Group Holdings Inc.
Cosmos Group Holdings Inc. (OTC: COSG) was formerly a television network and multimedia information and distribution company focused on serving the homeland security and emergency preparedness industry. The group’s future will focus in the development of blockchain NFT technologies and platforms to facilitate the global trading of arts and collectibles.
About the Company – Coinllectibles™️
Coinllectibles™️ is an ACT (Arts and Collectibles Technology) company, which is redefining how the world thinks about art and collectible ownership in the digital age.
Their minted curated Fusion NFTs™️, capture all the rights and independent valuation and ownership of physical arts and collectibles securely underpinned by smart contracts stored on the blockchain.
Coinllectibles™️ Fusion NFTs™️ bridge the physical and virtual dimensions of the arts and collectibles market, providing a pleasurable, transparent, and frictionless experience to customers from all walks of life.
About Coinllectibles™️ Fusion NFT™️
Coinllectibles™️ prides the Fusion NFT™️ as the industry “Gold Standard”. Being a Gold Standard, a Fusion NFT contains the following on the Inter Planetary File System (IPFS) – (1) a sale and purchase agreement reflecting the purchase, by the person minting the Fusion NFT™️, of the underlying asset at a fair value with all rights and restrictions clearly detailed, (2) bailment terms governing the rights to possession whilst the underlying asset remains with Coinllectibles™️, (3) a transfer deed reflecting the transfer of the ownership of the underlying asset (together with all rights and restrictions) by the transferor to the holder of the Fusion NFT™️, (4) ownership title deed written into the description of the Fusion NFT™️ and (5) the unequivocal identification file of the underlying asset, whose ownership is reflected in the title deed represented by the Fusion NFT™️.
Source: Cosmos Group Holdings Inc.