May 17, 2022 13:33 ET | Source: REVA REVA
London, UK, May 17, 2022 (GLOBE NEWSWIRE) — REVA, which emerged as a most promising start-up crypto enterprise acquired recently by the giant of traditional auction house, UK EARL INTERNATIONAL AUCTION LTD, for US $50 million, launched its mortgage auction business. After the acquisition by UK EARL INTERNATIONAL AUCTION LTD, the valuation of the young enterprise quickly reached $500 million.
Founded in Silicon Valley, REVA is a professional blockchain technology research and development enterprise, focusing on the research and development and exploration of emerging technologies in the industry. With core technologies in the field of NFT, REVA is recognized as the world’s leading well-known digital art NFT collection service platform. Since its establishment in 2019, the company has focused on the collection and auction of high-end NFT works of art, and has successfully led many NFT auctions in New York, Washington, Los Angeles and other places. REVA’s complete technology and skilled NFT market operation experience have attracted the attention of industry leaders including Christie’s, Sotheby’s, UK EARL INTERNATIONAL AUCTION LTD and Opensea. After repeated consultations, REVA rejected the acquisition proposals of several groups and finally chose UK EARL INTERNATIONAL AUCTION LTD.
UK EARL INTERNATIONAL AUCTION LTD revealed in an official press statement that REVA became its wholly-owned subsidiary after being acquired. REVA will continue to maintain its independent brand and operation, and become the core platform for UK EARL INTERNATIONAL AUCTION LTD to be responsible for NFT market business. In the future, UK EARL INTERNATIONAL AUCTION LTD, as the parent of REVA, will provide continuous financial, technical and resource support. Although no one knows what the next trend of NFT market is, it can be said that REVA’s strategic vision is outstanding. NFT mortgage auction business will continue to provide good investment opportunities in 2022 and beyond. REVA is also likely to become another unicorn company in the NFT field.
Despite the geometric growth of the NFT market, there are still many problems. The main reason for this problem is the serious polarization of NFT products. Anyone can generate and create their own NFTs on the platform, which makes users completely unable to distinguish which NFTs have real value from tens of millions of NFTs. On the other hand, a handful NFTs are sought after by most people, but the price is high. After being purchased and collected by a few large investors, they are no longer sold, and ordinary NFT users are rejected.
As an institution deeply involved in the field of NFT for many years, REVA accurately sees that in the current market environment, liquidity and price are only concentrated in the high-quality products of hot projects, and the huge NFT market is facing a wide range of problems such as lack of liquidity and distorted valuation. REVA boldly launched its NFT mortgage auction business, pointing directly at the two pain points of poor liquidity in NFT market and lack of price evaluation system. While providing liquidity and allowing idle NFT to release more value, REVA can further clarify the valuation of assets and solve the pain points.
REVA mortgage auction business subverts the trading rules of real assets and digital assets. The NFT mortgage auction business launched by REVA has opened up new opportunities for holders to monetize their NFT. It has become a new way to earn passive income in the cryptocurrency world. Users who hold NFT can obtain benefits without selling or losing ownership of their collections by auctioning their assets in REVA mortgage.
In order to make a clear asset valuation for NFT, REVA has invested a lot of money to build a team composed of digital art appreciation experts, blockchain technology experts, NFT technology experts and financial analysis experts. At the same time, the company’s board of directors and core operation team have acquired teams, including Viking’s world’s top financiers, senior auctioneers and artists of British Grand Public Auction House, providing professional and high-quality services for REVA’s digital art NFT collection and auction business, with a secure auction transaction guarantee.
REVA mortgage auction business makes NFT more financial. It can not only meet the immediate liquidity needs, but also make profits by taking advantage of short-term investment opportunities. More importantly, it can take advantage of long-term investment opportunities to meet the needs of “real life” without selling valuable assets.
REVA’s NFT mortgage auction business actually consists of three parts. One is NFT mortgage. REVA accepts the entrustment of customers holding high-value NFT collections and can provide loans to customers through NFT mortgage to solve customers’ cash flow problems. Customers need to pay loan interest to REVA platform on a weekly basis.
The second is NFT entrusted auction. While pledging the NFT collection to REVA, the customer enters into a protocol with REVA and entrusts REVA to auction and cash the NFT collection. REVA will evaluate the value of the NFT collection through the historical auction amount records of the NFT collection and the professional opinions given by the expert appraisal team, and sign a specific entrustment contract with the customer according to the evaluation results. The contents of the entrustment contract include NFT mortgage protocol. In addition to the NFT entrusted auction protocol, there is also an auction guarantee protocol.
Third, the auction guarantee protocol is based on the evaluation value signed by both parties. REVA will auction and guarantee the entrusted product. If the final transaction price is higher than the entrusted price, the higher part of the profit will be shared by the customer, the investor and REVA. If the final purchase and auction amount is lower than the entrusted price, REVA and the investor will make compensation together.
As a platform party, REVA mainly plays the role of business organization in the mortgage auction business. The REVA platform accepts the entrustment of customers to carry out NFT mortgage auction business, and commercializes this business, and then the investors choose the specific products released by the REVA platform to participate in crowdfunding. REVA is responsible for business organization, value evaluation, organizing auction, and charging a certain proportion of transaction handling fees.
In addition to that, REVA provides hosting services, providing customers with a simple way to match the buyers and sellers of NFT, which is very suitable for new users. Users don’t have to worry about losing their keys. This convenient and reassuring way is also suitable for experienced people. The operation interface usually adopts humanized design, and the whole process also has strong fault tolerance. If there is a problem, the platform will help through support services.
The views, suggestions, and opinions expressed here are the sole responsibility of the experts. Do your own research before making a financial decision related to any crypto company or asset.