Cosmos Group Holdings (COSG) Year in Review
12/29/2022 - 08:23 AM
SINGAPORE Dec. 29, 2022
2022 was an extraordinary year for Coinllectibles in its first full year of operations, with great growth targets achieved for both the financial lending business and the arts and collectibles business. Both business units saw rapid revenue growth. We have also made success in ceramics areas, a range of partnerships with living artists, acquisitions and expansion in applying technology with the use of DOT technology to value-add to the arts and collectibles, increasing the authentication and tracking of these valuable assets. Coinllectibles also operated in a market environment that was a tale of two halves of exuberance to negativity. While impacted by market sentiment, Coinllectibles continued to progress activities and our central mission to use blockchain related technology to achieve increased efficiency and enjoyment in real world art and collectibles through responsible innovation has remained unchanged.
Financial Lending
With most coverage on local personal lending market, our financial lending business be able to maintain a stable growth, despite the local economy is still affected by the pandemic most of the period. We continue to maintain a profitable business operation on the financial lending front, which the Company plans to put in more effort to grow in the coming year. We will seek further opportunities to integrate our two business units together to extend financial lending into the arts and collectibles market.
The valuable partnerships we have forged
We are privileged by many of the relationships that we have been able to build in 2022 with artists, auction houses and collectors. We expanded the application of DOTs to photographs, sculptures, paintings, and a range of collectibles across a range of artists in different geographies. Partners invest in us as well as Coinllectibles in them as we seek to mutually build communities around collectible art forms that we can do more with in the future. One such example was an invitation by renowned UK auction house Spink & Sons to their first DOT around a discovery of a rare coin with proceeds going to charity. The DOT was auctioned alongside the very rare Henry III gold coin that attracted global attention and achieved a record sale price. It was the first numismatic DOT minted and we have since done three further collaborations with Spink using DOTs.
Acquisitions made to accelerate business growth
Our organic growth has been complemented by acquisitions. Coinllectibles made three acquisitions over the year to accelerate growth in key areas of the business in technology, a gallery and in a business vertical. Phoenix Waters Productions run by CEO, Bizhan Tong , is producing a range of great film content that is attracting an increasing following of fan base. On the other hand, Talk + has an innovative technology app that we look to use to facilitate secure community communication around art forms for our DOTs. Our model combines digital with physical collectibles and we were pleased to acquire Grand Gallery in Hong Kong. This is part of an ongoing objective to work with an increasing number of galleries around the world alongside our digital presence.
Digital Ownership Token (DOT)
Coinllectibles is an arts and collectibles company. We differentiate ourselves from other market players by applying the Digital Ownership Token ("DOT") that addresses rights and title of ownership to a physical art or collectible piece that is underpinned by smart contracts stored on the blockchain. . This advance technology provides a better tool for authentication and ownership tracking of the arts and collectibles. While the development costs of the technology platform is high, for the benefits of COSG shareholders, our management has decided to move the development and all related costs out of the Company, and we will continue to acquire the usage of the technology from our related partner, reducing the costs and improving the profitability ability of the Company.
In summary
2022 is a year where the group committed ourselves to innovate, experiment, improve and progress in a rapidly changing market environment. As we look toward a new year, the art and collectibles segments will continue to see robust growth in uncertain market environments. Specifically in the areas of ceramics collectibles, Coinllectibles has enjoyed strong success with multiple well-received drops across our Bronze and Heritage ceramics collections. Hence, we seek to build on this and expand in other areas of our art and collectibles business. We thank all of our many partners for their trust and collaboration and look forward to further engagement and strategic collaborations over the coming year.
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.
For media queries, please contact: Media@Coinllectibles.Art
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 application 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 an art and collectibles 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, 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.
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SOURCE Cosmos Group Holdings Inc.
