a new way of investing in art and collectibles -Fusion NFTs
With the usage of blockchain technology, NFTs (non-fungible tokens) has completely changed how art and collectibles can be bought and sold. There is a new way of investing in art and collectibles.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.
Based on Statista, the total number of NFTs from Apr 2021 to Aug 2021 was more than 263,000 – which approximates to 1 NFT sold each minute. There seems to be immense potential and profitability of NFTs being traded in the primary and secondary market however it is still early days with this crypto art and collectibles trade. It is anyone’s guess how the NFT market will be however the prospects for now appear extremely bright.
NFTs are characterised by the feature of tokenizing items with unique blockchain-based ID tags. So with regular NFTs,buyers only get a digital asset. Cosmos Group Holdings Inc. (OTC: COSG), aims to add value to the collectibles market with Fusion NFT™️ and Coinllectibles™️.
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.
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 the technological protection, Fusion NFTs™️ also consists of robust documentation to provide owners with legal protection as well. All documentation is put together to holistically protect the interest of stakeholders, that will ultimately lead to a more secured buying/selling experience online.
Coinllectibles™️ 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.
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™️
(5) the unequivocal identification file of the underlying asset, whose ownership is reflected in the title deed represented by the Fusion NFT™️
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.
