[Featured Stock] Neorigin Trades Ownership NFTs for Rolex Pre-Owned Luxury Goods... Also NFT Games with Major Shareholder

[Asia Economy Reporter Hyungsoo Park] Neorigin is showing strong performance. The growth expectations appear to be influencing the stock price as it officially opened an NFT-based luxury secondhand goods trading site through its subsidiary Readybus.

At 10:11 AM on the 3rd, Neorigin is trading at 1,315 KRW, up 12.88% from the previous day.

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

VMM is characterized by ownership transfer through NFT assignment prior to 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 an NFT. The NFT is then registered on VMM. Another trading party, the investor, charges cryptocurrencies such as Ethereum into a virtual account and purchases the registered NFT. Investors who purchase the NFT can receive the physical item from the consignment institution whenever needed.

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

A Neorigin representative introduced, "The NFT luxury secondhand trading site has 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, "Neorigin earns revenue from transaction fees and plans to focus on increasing transaction volume, with profits expected to be reflected in performance starting from the first quarter of next year."

NFT minting refers to creating digital assets as NFT tokens. Neorigin is developing an NFT game using the IP of the game ‘Yeolhyeol Samguk’ by its largest shareholder Mujoy as its second NFT business. The goal is to complete development by the first half of next year.