Cosmos Group Holdings is a Nevada-registered holding company that operates in Hong Kong through subsidiaries, selling physical artworks and collectibles primarily to institutional buyers and wealthy individuals in Hong Kong and Asia. The company acquires art and collectible pieces, authenticates and appraises them through third-party experts, and resells them at a markup. A key feature of the business is the use of blockchain technology to create "Digital Ownership Tokens" (DOTs) — digital records tied to each physical piece that embed independent valuations, 3D scans, high-definition images, AI-generated fingerprint IDs, and legal ownership documents, functioning essentially as a digital deed. DOTs are sourced from third parties following a 2022 corporate restructuring. Beyond direct sales, Cosmos Group charges fees for authentication, valuation, and certification services; custody and exhibition services; and transaction fees on secondary sales. The company sells through direct channels, auction house partnerships, and its own online marketplace. Cosmos Group has undergone numerous business pivots since its founding in 1987, with the current arts and collectibles model dating to 2021. Revenue is highly concentrated, with a single customer accounting for a material portion of FY2024 revenue, reflecting the early-stage nature of the business. The company has flagged going concern issues and estimates it needs to raise approximately $50M over the next 12-24 months to execute its business plan.