Coinllectibles™️ Successfully Acquires 80% of Grand Gallery For HK$6million
On February 14, 2022, Coinllectibles, a subsidiary of Cosmos Group Holdings (OTC: COSG), announced its acquisition of 80% of Grand Gallery for HK$6 million. This strategic move aims to enhance Coinllectibles' growth in the NFT space by integrating physical art with blockchain technology. CEO Toby O'Connor emphasized the importance of this acquisition in bridging digital and traditional art, while Gerald Gn expressed optimism about future collaborations with art galleries. The initiative is positioned to attract new customers and expand Coinllectibles' market footprint.
- Acquisition of 80% of Grand Gallery for HK$6 million enhances market presence.
- Strengthens Coinllectibles’ position in the NFT market through collaboration with traditional art.
- Potential to attract new customers and broaden market base by bridging digital and physical art.
- Financial resources may not last as long as anticipated.
SINGAPORE, Feb. 14, 2022 /PRNewswire/ -- Metaverse Blockchain Fusion NFT™️ company, Coinllectibles™️, a wholly owned subsidiary of Cosmos Group Holdings, Inc. (OTC: COSG) is pleased to announce the successful acquisition of Grand Gallery in Hong Kong for a valuation of HK
Collaboration and partnerships with art galleries and auction houses is an area of focus supporting Coinllectibles' growth in 2022. Coinllectibles™️ provides a market leading NFT encompassing certificate of ownership, valuation report and identification criteria working with the strengths of galleries that we form relationships with in a range of benefits to both parties. Coinllectibles™️ is able to add value to galleries and auction houses by providing the NFT minting technological capabilities, as well as access to a wider customer base for art collection, including new entrants to the art and collectibles market looking to diversify and collect traditional or physical art pieces.
Commenting on the acquisition, Gerald Gn, Head of Corporate Finance at Coinllectibles™️ said, "Throughout the process of securing this acquisition, we are heartened that Grand Gallery was receptive to the idea of delving into the NFT space with its collection of traditional art pieces. It is a huge step forward for them and we definitely welcome others to come onboard as well."
Toby O'Connor, CEO at Coinllectibles™️ added, "This is another important step forward to us. We are very excited about this new phase of development in the business which further defines our positioning between digital and physical. We look forward to continuing to build partnerships across the globe."
To keep up to date with the latest offerings of Fusion NFTs™️ by Coinllectibles™️, please visit the MetaMall at www.coinllectibles.art.
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.
About Cosmos Group Holdings Inc
Cosmos is a business group that operates in two business segments:
- Arts and Collectibles
- Financing
Through Coinllectibles™️, 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 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.
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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 blockchain – (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™️. In summary, a Fusion NFT™️ is a Digital Ownership Title (DOT) to the physical collectible it represents.
About Spink
Spink is the world's leading auctioneer of Stamps, Coins, Banknotes, Medals, Bonds & Shares, Autographs, Wine & Spirits, Books and Handbags & Accessories. Since its foundation in 1666, the Spink name has become synonymous with tradition, experience and integrity. Holder of royal warrants and numerous records for prices achieved at auction, Spink offers an unparalleled range of services to collectors worldwide. Headquartered in London, with offices in New York, Hong Kong, Singapore and Switzerland, Spink holds over 70 auctions a year. Catalogues can be accessed through the Spink website (www.spink.com), Spink Live online bidding platform (www.live.spink.com) or via the Spink App for mobile phones and tablets.
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SOURCE Cosmos Group Holdings Inc.
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