Coinllectibles™️, a fully owned subsidiary of Cosmos Group Holdings Inc., is pleased to announce the development of its proprietary Fusion NFT™️ as the industry’s gold standard in NFT minting.
NFTs – also known as non-fungible tokens – are one-of-a-kind, verifiable digital assets that represents real world objects like art, music, in-game items and videos. NFTs are usually bought and sold online, often with cryptocurrency, and they are generally encoded with the same underlying software as cryptocurrency. NFTs first gained mainstream attention in March 2021 when Christie’s sold an NFT by the artist Beeple for a jaw-dropping USD69 million.
With the rising interest in NFTs, Coinllectibles™ became the first publicly traded blockchain company on the US OTC Markets with a mission to improve the overall experience in the art and collectibles sector by enhancing efficiency, transparency and accessibility. To achieve that, the company devoted resources to develop the proprietary Fusion NFT™️ to ensure transparency in authentication, valuation and certification for art and collectibles.
Fusion NFTs™️ are NFTs linked to, and representing ownership in, physical collectibles – a fusion of real and digital assets. The Fusion NFTs™️ developed by Coinllectibles™ are able to capture all the rights and independent valuation and ownership of physical arts and collectibles, and then securely underpinned by smart contracts stored on the blockchain.
Coinllectibles™️ prides the Fusion NFT™️ as the industry’s “Gold Standard” by having several unique characteristics. Firstly, the Fusion NFT™️ is able to embed the sale and purchase agreement that reflects the purchase with all rights and restrictions clearly detailed within it. Secondly, the Fusion NFT™️ is also able to store the bailment terms governing the rights to possession whilst the underlying asset remains with Coinllectibles™️. Should there be a change of hands of the asset, the Fusion NFT™️ is able to write 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™️. An ownership title deed will then be written into the description of the Fusion NFT™️, forming the unequivocal identification file of the underlying asset, whose ownership is reflected in the title deed.
Commenting on the Gold Standard Fusion NFT™️, Dr Herbert Lee, Chairman of Board at CoinllectiblesTM said, “Coming from the perspective of an art collector, I value authenticity and provenance for my art pieces. Similarly, I expect NFT collectors to feel the same as well and that is why Coinllectibles sets out to differentiate our NFTs from the rest, by offering the “Gold Standard” and making sure artists and collectors achieve enhanced value creation and preservation in the growing NFT market.”