SINGAPORE, June 6, 2022 /PRNewswire/ — Coinllectibles™️, a wholly owned subsidiary of Cosmos Group Holdings, Inc. (OTC: COSG), is the first publicly traded blockchain company on the US OTC Markets to offer Web3 as a Service (3aaS) to all auction houses, galleries, artists, celebrities and relevant stakeholders within the arts and collectibles industry – helping them access the Web 3.0 blockchain market. Based on research by Prophecy Market Insights, the Web 3.0 blockchain market is estimated to be worth US$87.76billion by 2030 and successfully rolling this service out will see Coinllectibles™️ opening another highly profitable front of its business.
What is 3aaS and how will it benefit the art and collectibles market?
3aaS is a service that helps businesses adopt and responsibly implement blockchain, NFT (Non-Fungible Token) and metaverse technologies. Coinllectibles’™ Web3 capabilities include building vibrant metaverses, creating purposeful DOTs (Digital Ownership Tokens) from NFT technology, as well as utilising blockchain for ledger and record purposes. Supplementary technologies and expertise of Coinllectibles™ include artificial intelligence as well as autostereoscopic 3D.
Specific to the art industry, talk has been rife about the “anywhere-purchasing” experience for some time. Until recently, it was commercially and technologically not viable as art and collectible transactions require a myriad of legal paperwork, due diligence, etc. However, the establishment of blockchain technologies and the mass acceptance of NFTs, have now made “anywhere-purchasing” possible. This is where Coinllectibles’™ 3aaS comes in to help businesses within the art and collectibles industry take advantage of this growing trend. Ultimately, it is envisaged that the offering of 3aaS will make the buying and selling of art and collectible easier, quicker, and more secure for everyone.
Commenting on 3aaS, Ms Marsella Cheng, Coinllectibles PR Director commented, “What makes Coinllectibles™ different from other NFT companies is our usage of Digital Ownership Tokens (DOTs). Unlike regular NFTs, our DOTs include legally binding documentation, along with all other important digital files, which are embedded into the metadata of the NFTs and minting onto a reliable blockchain. When it comes to physical assets, we pair the tangible item to the DOT via our proprietary identification technology. We have done extensive market research, and we are one of the few companies that offer such a comprehensive Web 3.0 solution. Thus, we are confident that Coinllectibles™ is well positioned to help companies within the arts and collectibles space access the fast-growing Web 3.0 market.”
For more information on 3aaS, please contact [email protected].
Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that COSG is a holding company that may not realize the expected benefits of NFT’s offered by Coinllectibles™️. A further list and description of these risks, uncertainties and other risks can be found in COSG’s regulatory filings with the U.S. Securities and Exchange Commission, including in its current report on Form 8-K filed on September 17, 2021. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. COSG undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
For media queries, please contact:
Ms Marsella Cheng
About Cosmos Group Holdings Inc
Cosmos is a business group that operates in two business segments:
- • Arts and Collectibles
- • Financing
Through CoinllectiblesTM, the group provides authentication, valuation and certification (AVC) service, sale and purchase, hire purchase, financing, custody, security and exhibition (CSE) services to art buyers through traditional channels, as well as through leveraging blockchain technology through the creation of non-fungible tokens (NFTs).
With subsidiaries licensed under Hong Kong’s Money Lenders Ordinance, the group currently primarily provides unsecured personal loan to private individuals, with a small portfolio of mortgage loans. The group is integrating the two business segments by offering secured financing services to prospective art and collectibles purchasers to provide a one-stop arts and collectibles purchasing and financing experience.
About the Company – Coinllectibles™️
Coinllectibles™️ is a technology company supporting the collectibles industry with a focus on rare memorabilia and artworks that exist and have intrinsic value in the real world, whether tangible or intangible in nature.
Coinllectibles™️ applies blockchain, marketplace, metaverse and NFT technologies as tools to disrupt and enhance the real-world collectibles industry. The technology underpinning NFTs (non-fungible tokens) has multiple functional use cases that Coinllectibles™️ is applying to areas including art, sports, watches, numismatics, limited edition toys, limited edition fashion wear and sneakers. NFTs have the power to transform our societies and some areas may be subject to regulations. Coinllectibles™️ uses NFT technology solely to provide a legally binding digital ownership token (DOT) to a tangible or intangible collectible, which our analysis suggests would functionally fall outside any regulatory parameter.
About Coinllectibles™️ Fusion DOT
Coinllectibles™️ prides the Fusion DOT as the industry “Gold Standard”. Being a Gold Standard, a Fusion DOT contains the following on Arweave – (1) a sale and purchase agreement reflecting the purchase, by the person minting the Fusion DOT, 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 DOT, (4) ownership title deed written into the description of the Fusion DOT and (5) the unequivocal identification file of the underlying asset, whose ownership is reflected in the title deed represented by the Fusion DOT.
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SOURCE Cosmos Group Holdings Inc.