KUALA LUMPUR: Largest collectible auctioneer in Malaysia, Trigometric, today launched world's first and largest numismatics Non-Fungible Token (NFT) trading platform called NumisArt.
In conjunction with the Ninth Kuala Lumpur International Numismatic Fair, the new platform aims to double the company's foothold in the ever-growing global numismatic market. The company will be promoting the new platform during numismatics shows happening around the world.
On NumisArt, collectors can break the limitations set with conventional collecting and trading by minting collectibles into NFTs to preserve them with enhanced value and create a sustainable source of income. NFT is the best way to represent assets unique in their nature - such as old currencies.
"Old banknotes and NFTs are a match made in heaven. It is the perfect fit between physical and virtual. Each banknote has its own serial number, so there will never be two identical banknotes in the world. The same is true for NFTs, as each one is unique and irreplaceable. As a result, numismatics is the best candidate for NFTs," said NumisArt co-founder and Director, Hann Boom.
To ensure the safety of NumisArt users, Trigometric spent nearly eight months developing the platform in accordance with international standards. The platform has received certification by CertiK, a Web3 audit company focusing on blockchain security with best-in-class AI technology to protect and monitor blockchain protocols.
Sharing the new platform, Boom said the platform will not only serve as an alternative way of trading but also can double as a place to display personal collections.
"The creation of NumisArt allows collectors to show the world their numismatic collections, while expanding their collection to wider audience which will provide with better trading opportunities," said Boom, adding that creators will earn a royalty fee of five per cent for each NFT transaction, creating a life-long sustainable income every time the NFT they created is traded.
Through NumisArt, collectors can now safeguard their collections as all transaction records where all data of the banknote which minted into NFT will be stored forever via blockchain technology along with identity of the original creators and trading history. The cost for minting old currencies into NFTs on NumisArt is US$35 (approx. RM158) each.
To reduce the possibility of counterfeits, the banknotes traded on the platform are required to be graded by a third-party grading service for paper money, Paper Money Guaranty (PMG) for authentication. Through a partnership with PMG, all currency NFTs are certified and verified with their own number and code too.
"Through NumisArt, Malaysians can play a leading role in actively promoting numismatic collecting and culture to the world. I hope it will open doors for the younger generation to appreciate the appeal of numismatism and join us in preserving this distinctive cultural heritage," he said.
According to Boom, compared to traditional processes which could take up to several months, all transactions on NumisArt are fast, simple and transparent as it allows transactions between NFT creator and interested buyer to take place on the platform itself. Transactions are made using digital currency or stablecoin such as USDT.
Sharing further, NumisArt has housed a number of rare banknotes minted into NFTs including a very rare Nissan Estate emergency notes issued during World War II which was in circulation for only five months during the initial stages of Japanese occupation in the Tawau district, British North Borneo.
Accordingly with the launch, Trigometric also announced its own limited edition NumisArt commemorative Test Note with NFT and Augmented Reality (AR) technology available for sale at the fair happening until September 13, 2022 at Hilton Kuala Lumpur.