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Global arts market evolves

The global arts market is evolving in the digital realm, according to Cosmos Group Holdings.

According to The Art Basel and UBS Global Art Market Report 2021, the annual transactional volume of the global arts market is estimated to have been $50.1 billion in 2020.

For its part, Forbes estimates that the global market for collectibles reached $370 billion in 2016.

Reuters reported that the market for collectible NFTs was approximately 13.7 million in the first half of 2020.

In that context, Cosmos Group exposed that its digital property tokens (DOT) are based on NFT blockchain technologies as the underlying technological infrastructure, although it is still in the early stages of adopting its DOT, the NFT trading volume as reported by Reuters for the first half of 2021 reached approximately $2.5 billion.

Building on NFT blockchain technologies, Cosmos Group believes that DOTs have the potential to be as revolutionary and widely adopted as the Internet.

The unique properties of DOTs position them as a digital alternative to represent the ownership of art pieces and collectibles.

Cosmos Group expects the DOT ecosystem to expand into the mainstream art community around the world in the coming decades.

Global arts

On October 22, 2021, Massive Treasure, a subsidiary of Cosmos Group, acquired 51% of NFT Limited (NFT) by issuing 2 million 350,229 common shares of the company.

NFT owns Talk+, a cryptocurrency and messaging-focused mobile app that seeks to simplify the cryptocurrency experience by allowing users to send crypto via instant messages to other people.

Cosmos Group hopes that the inclusion of Talk+ will allow it to attract more native non-crypto users and expand the reach of its community.

In late December 2021, Cosmos Group launched its metaverse platform (MetaMall), which it sees as an important step in further engaging with its growing community of collectors and partners.

Its MetaMall will feature pieces from a growing range of artists and athletes.

In March 2022, the company launched a new sports division in its MetaMall and partnered with a former NBA basketball player as the president of Coinclectibles Sports.

 

Redacción Opportimes

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