Malaysia’s largest collectible auctioneer leverages on blockchain technology to add a new dimension to numismatic collecting and trading
Kuala Lumpur, 12 September, 2022 – Trigometric, the largest collectible auctioneer in Malaysia, today announced the launch of NumisArt, the world’s first and largest numismatic Non-Fungible Token (NFT) trading platform at the 9th Kuala Lumpur International Numismatic Fair. This is a move intended to double the Company’s foothold in the ever-growing global 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 Mhojhos Research, the global coin collecting market boasted approximately 17.59 billion US dollars annual revenue in 2020, and this has given Trigometric tremendous confidence in the outlook and the potential of the numismatic auction and trading market, a market which it built its expertise and credentials.
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 (includes Malaya and Malaya & British Borneo), ranked third overall, only behind China and the United States. This shows that Malaysia has a large population of numismatic collectors.
Thanks to technology 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.
Minting collectibles into NFTs for preservation and enhanced value
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 ensure the items traded on its platform contain actual value in real life.
Trusted process to ensure safe and secure trading
Founded in 2002, Trigometric has established its credibility and leadership position in the Malaysian and regional market with extensive experience in organising as well as participating in many international exhibitions and auctions.
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.
Aside from being the only numismatic grading organisation authorised by the American Numismatic Association (ANA), PMG also provides paper money grading service to the Professional Numismatists Guild (PNG).
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 third-party blockchain security audit company for Web3. Through its full suite of end-to-end security services, CertiK has protected over $300 billion (approximately 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.
Establish eternal rights and interests for creators while creating sustainable income
Through NumisArt, collectors can now safeguard their collections as all transaction records will be stored in perpetuity via blockchain technology. This means that identity of the original creators will always be recorded and they can forever enjoy the five percent royalties for every future transaction. In other words, even though they no longer hold the physical banknote, they can still earn money in perpetuity and can pass it down to future generations.
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. Creators can also earn a royalty fee for each NFT transaction thus create a life-long sustainable income stream as long as the banknote keeps changing hands.
“Through NumisArt, Malaysians can play a leading role in actively promoting the numismatic collecting and culture to the world. I hope it will open doors for younger generation to appreciate the appeal of numismatic and join us in preserving this distinctive cultural heritage,” he said.
Boom, who is also the director of Trigometric added: “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”
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.
Since NumisArt went live, a number of rare banknotes were minted into NFTs through the platform, especially a series of remarkably rare Nissan Estate emergency notes issued during World War II. The Nissan Estate notes only circulated for five months during the initial stages of Japanese occupation in the Tawau district, British North Borneo.
These emergency notes are extremely scarce and historically significant. Printed in denominations of 50 Cents, $1, $5, $10 and $25. The $25 note which was graded and authenticated by PMG in 2021 is currently worth RM1.2 million, making it one of the most valuable numismatic NFTs on NumisArt.
The Company is actively 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.