Malaysia’s largest collectible auctioneer, Trigometric incorporates NFT and numismatic on blockchain technology to add a brand new dimension to numismatic collecting and trading experience.
At the 9th Kuala Lumpur International Numismatic Fair, Trigometric, the largest collectible auctioneer in Malaysia, announced the launching of NumisArt, the world’s first and largest numismatic Non-Fungible Token (NFT) trading platform. This act aims to increase the company’s presence by twofold in the rapidly expanding worldwide numismatic market..
The global numismatic trading market has grown rapidly in recent years, particularly since the COVID-19 pandemic, both in terms of sales as well as prices for highly sought-after collectibles.
According to data released by Paper Money Guaranty (PMG), the world’s largest third-party banknote grading service, the company has graded over 500,000 Malaysian banknotes, including Malaya and Malaya & British Borneo. Malaysia ranked third overall, only behind China and the United States in banknotes grading. This shows that Malaysia has a large community of numismatist collectors.
Due to technological advancement, numismatics such as coins and banknotes will likely become obsolete in the future. They may even share the same fate as most works of art and antiques, and deteriorate over time.
To understand more on NumisArt, watch the video below where it is explained in more details.
To address this, NumisArt was created with the aim to modernise the delivery and infrastructure, allowing collectors to break through the limitations of conventional collecting and trading by minting their valuable collectibles into NFTs to preserve them with enhanced value and create a sustainable source of income.
It is worth nothing that in addition to purchase the virtual numismatic NFT on NumisArt, the buyer will also receive the actual banknote. It also retains currency collectors’ desire to preserve physical banknotes. By tying physical banknotes to NFT, NumisArt also ensures the items traded on its platform contain actual value in real life.
To reduce the possibility of counterfeits, old currencies traded on NumisArt are required to be graded by PMG as every banknote that PMG graded is a source of trust and credibility among buyers and sellers. Through partnership with PMG, all currency NFTs are certified and verified with their own number and code.
On the security front, the Company spent nearly eight months to develop NumisArt in accordance with international standards. It has successfully obtained certification from CERTIK, the world’s leading thirdparty blockchain security audit company for Web3. Through its full suite of end-to-end security services, CertiK has protected over RM1.34 trillion worth of crypto assets for well over 3,200 enterprise clients.
Most importantly, as compared to traditional process which could take up to several months, all transactions on NumisArt are fast, simple and transparent as it allows instant transaction which undoubtedly provides an attractive reason for collectors to utilise the platform.
Collectors can now protect their collections owing to NumisArt because all transaction records will be permanently saved using blockchain technology. As a result, the original authors’ identities will always be documented and they will continue to get 5 percent royalties from any transactions going forward. In other words, they can continue to make money continuously and pass it on to future generations even when they no longer possess the actual banknote.
Hann Boom, co-founder of NumisArt explained:
The creation of NumisArt allows collectors to show the world their numismatic collections, while expanding their collection to wider audience which will provide them with better trading opportunities. 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 numismatic and join us in preserving this distinctive cultural heritage.Co-Founder of NumisArt, Hann Boom
To commemorate the launch of NumisArt, the company held a special “Mystery Egg Hatching” event on the first day of the numismatic fair. These mysterious eggs were released prior to the event, and each egg contained a limited-edition NumisArt Commemorative Test Note. These test notes with NFT and Augmented Reality (AR) technology are limited to 3,333 pieces, each with a unique serial number. The physical test notes were distributed to the buyer on the event day.
The Company is currently active in promoting NumisArt to collectors outside of Malaysia, and its next step will be exhibiting at the upcoming Singapore International Coin Fair 2022 (SICF 2022) at the Sands Expo and Convention Centre in Singapore from September 16 to September 18.
For more information on NumisArt and their exhibitions and auctions, click here. To know more on Trigometric, visit their website and Facebook.
To see more NFT-related articles like these, do read ‘P.Zero1’: Dato’ Pandelela Rinong Exclusive NFT Now Live on Auction!