SINGAPORE, Nov. 15, 2022 /PRNewswire/ — Following the conclusion of the inaugural Web 5.0 Conference in Singapore on 1 November 2022, key management personnel of metaverse blockchain company Coinllectibles™️, a fully owned subsidiary of Cosmos Group Holdings Inc. (OTC: COSG), comment on the conference and the focus on real life applications of blockchain in the developing centralised Web 2.0 and decentralised Web 3.0 ecosystems.
Toby O’Connor, CEO of Coinllectibles shared, “The event sought to add perspectives to the developments in centralised Web 2.0 and decentralised Web 3.0. We directionally positioned discussion around a Web 5.0 that contains elements of Centralised and De-fi and that provides interoperability between apps and platforms where users have enhanced user experience, control and ownership to improve how we live. There were also a lot of practical and fun direct application of technology in areas of art, collectibles and ESG and film.”
Chai Kok Young, Chief Technology Officer of Coinllectibles added, “Coinllectibles has always focused on the usage of blockchain technology to provide a legally-binding digital ownership token (DOT) to a tangible or intangible collectible. The strength of blockchain is its immutability and transparency, such that the digital asset can be freely shared and distributed while preserving ownership through a ledger system. With Coinllectibles’ DOTs, it is a functional use case as blockchain can help to maintain data integrity, and provide collectible owners with provenance. I was glad to be able to meet with industry stakeholders during the Web 5.0 Conference to exchange and share ideas on how we can further tap on blockchain to further disrupt and enhance the collectibles industry.”
On the aspects of how Digital Ownership Tokens (DOTs) can impact the legal industry, Joshua Chu, Chief Risk Officer of Coinllectibles summarised the key talking points during the conference as follows, “The legal panel discussion had a good mix of practising lawyers, dispute resolution specialists as well as former leading regulators. We had a very fruitful discussion on how smart contracts and tokenisation can improve commerce, dispute resolution, and how Web 2.0 and Web 3.0 technologies can potentially address and solve inefficiencies in modern paper-based legal practices. With the adoption of blockchain technology in the legal industry, the future of legal practice is limitless, transforming into value for our clients. I would, in particular, like to thank the Deputy Secretary General Mr. Eric Ng of HKIAC, Mr. Louie Lee and Ms. Sally Lin of Prosynergy, Mr. Louis Cheung, Mr. Moses Park and Mr. Ohoon Kwon for their exceptional industry insights during our session.”
The Web 5.0 Conference was also a platform for NFT art to be showcased, both in its physical form, and in 3D format on a glasses-free autostereoscopic tablet and a 3m by 3m video wall. “It was definitely an eye-opening experience for our conference attendees to be able to witness for themselves the fusion of phy-digital assets that Coinllectibles has been doing for the last 1 year. I am also proud that we showcased the works of some of the artists whom we are working closely with, such as David Chan and Umibaizurah, and launched Singapore’s first Art and Collectibles DOT Auction in partnership with 33 Auction. All in all, it was a very good first conference for us in establishing our presence here in Singapore and I am very excited for the pipeline of other events and conferences that we will be participating in time to come”, said Terry Lee, Head of Art at Coinllectibles.
For more information on the highlights of the Web 5.0 Conference, Coinllectibles and its DOT offerings, please visit 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 DOT’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 annual report on Form 10-K filed on April 15, 2022. 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.
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About Cosmos Group Holdings Inc
Cosmos is a business group that operates in two business segments:
- Arts and Collectibles
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 digital ownership tokens (DOTs). 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 DOT technologies as tools to disrupt and enhance the real world collectibles industry. The technology underpinning DOTs (digital ownership 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. DOTs have the power to transform our societies and some areas may be subject to regulations. Coinllectibles™️ uses DOT technology solely to provide a legally-binding digital ownership token (DOT) to a tangible or intangible collectible.
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.