Neorigin Officially Launches NFT Secondhand Luxury Goods Site... "NFT Game Also Scheduled for Release Next Year"

[Asia Economy Reporter Hyunseok Yoo] Neoorigin, a KOSDAQ-listed company, announced on the 1st that it officially opened an NFT-based secondhand luxury goods trading site through its subsidiary Readyverse.

The NFT-based secondhand luxury goods site VMM (Virtual Matters Matter) currently allows trading of world-renowned secondhand luxury watches such as Rolex and IWC. The transaction methods include cryptocurrencies like Ethereum, and the site supports three languages: Korean, English, and Chinese.

A distinctive feature of VMM is that ownership transfer through the assignment of NFTs (Non-Fungible Tokens) precedes the physical transaction. The physical holder stores the item at a consignment institution (vault) with appraisal capabilities under Korea’s largest luxury trading platform and secures the NFT, then registers the NFT on VMM. Another trading party, the investor, charges cryptocurrencies such as Ethereum into a virtual account and purchases the registered NFT. Once the NFT purchase is complete, the investor can receive the physical item from the consignment institution at any time if needed.

The company plans to expand its business areas based on this NFT-based physical transaction technology to enable more diverse transaction types in metaverse spaces, such as P2E blockchain games and NFT trading of physical artworks.

A Neoorigin representative said, “The newly launched NFT luxury secondhand trading site introduced a new transaction method called ONBL (Own Now Buy Later), which mints ownership of high-priced luxury goods and artworks as NFTs to trade ownership and claim the physical items.” He added, “Since Neoorigin earns revenue through transaction fees, we plan to focus on increasing transaction volume, and the revenue is expected to be reflected in the performance starting from the first quarter of next year.”

NFT minting refers to the concept of minting digital assets as NFT tokens, similar to minting legal tender coins.

Currently, Neoorigin is developing an NFT game using the IP of ‘Yeolhyeol Samguk,’ a game by its largest shareholder Mujoy, as its second NFT business. The game is targeted for completion in the first half of next year.