Coinllectibles appoints Singaporean Terry Lee as CEO to strive for greater market penetration into the US$65billion art market

SINGAPORE, Dec. 8, 2022 /PRNewswire/ -- Metaverse Blockchain company Coinllectibles™️, a fully owned subsidiary of Cosmos Group Holdings Inc. (OTC: COSG), is pleased to announce the appointment of Terry Lee as the Chief Executive Officer of Coinllectibles Pte Ltd. He will be responsible for growing the market adoption for art and collectibles DOTs (digital ownership tokens) in the region. The appointment will take effect on 1 January 2023.

Lee is an experienced gallerist, and an astute art specialist in Asia Contemporary and Modern Art who specialises in the creation of art funds and art collections. Previously, he has amassed over 25 years of top management, leadership and professional experience as a dynamic and established top executive involved in a broad suite of operations in finance, business development, supply chain, strategic planning and crisis management in the Asia Pacific region. At present, apart from being the founder of Art Seasons Gallery, Lee is also serving as Honorary Secretary and in the Executive Committee of the Art Galleries Association Singapore. 

"As Chairman of the Advisory Board at Coinllectibles, I warmly welcome Terry to the executive management team. Prior to his CEO appointment, Terry was serving as Head of Art within the company. With his expertise and, enthusiasm over an illustrious career in the art area, we believe Terry will continue to strengthen our presence within the art and with the collector community and certainly look forward to his leadership and contributions," says Toby O'Connor, Chairman of Advisory Board at Coinllectibles.

Commenting on the appointment, Lee says "I see a lot of untapped potential in the market. The global art market has grown to US$65.1 billion¹ in 2021, an increase of 29% from 2020, with China growing strongly with a market share of 20%, which is US$13.4 billion². There is still high liquidity with traditional buyers as well as new and younger high net worth people coming into the market so I believe the art and high-end collectibles market remains robust. I envision to work on building Coinllectibles' brand to reach a wider audience so that we can successfully penetrate into the art scene and drive collectors to our Metamall. Our technology adoption is also what makes us different from the rest of the NFT companies so we will strongly advocate for DOT acceptance moving forward."

For more information on Coinllectibles' DOT offerings, please visit www.coinllectibles.art.

Remarks:

1. Art market worldwide - statistics & facts, Published by Statista Research Department, Apr 5, 2022. https://www.statista.com/topics/1119/art-market

2. The Art Basel and UBS Global Art Market Report 2022. https://www.ubs.com/global/en/our-firm/art/2022/apac-key-findings.html 

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.

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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 creation 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 a technology 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, metaverse 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.

Website:          www.coinllectibles.art
Facebook:        https://www.facebook.com/Coinllectibles
Instagram:       https://www.instagram.com/coinllectibles/
Twitter:           https://twitter.com/coinllectibles
LinkedIn:          https://www.linkedin.com/company/coinllectibles
Telegram:       https://t.me/Coinllectibles

About Coinllectibles™️ DOT

Coinllectibles™️ prides the DOT as the industry "Gold Standard". Being a Gold Standard, a DOT contains the following on Arweave – (1) a sale and purchase agreement reflecting the purchase, by the person minting the DOT™️, of the underlying asset at a fair value with all rights and restrictions clearly detailed, (2) bailment terms governing the rights to possession whilst the underlying asset remains with Coinllectibles™️, (3) a transfer deed reflecting the transfer of the ownership of the underlying asset (together with all rights and restrictions) by the transferor to the holder of the DOT™️, (4) ownership title deed written into the description of the DOT™️ and (5) the unequivocal identification file of the underlying asset, whose ownership is reflected in the title deed represented by the DOT™️.

SOURCE Cosmos Group Holdings Inc.