Asset giant VanEck launched Segmint, a new NFT marketplace and digital asset platform, in partnership with Nueva.Tech, Delegate.xyz, MINTangible.io, Portals.to and Walletchat.fun.
Segmint aims to make it easier and safer for users to share their NFTs, cryptocurrencies, and other digital assets with others, with an option to manage their own private keys.
The new platform from VanEck initially targets EU and Asian markets.
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The new platform implements the “Lock & Key Model” to enable users to store their digital assets in a secure vault and grant others shared access and ownership with specific permissions without affecting security, according to Segmint. It also provides a multi-signature wallet solution for enhanced security.
Matt Bartlett, SegMint founder, explained the role of the Lock & Key Model,
“We identified a significant pain point in the digital assets ecosystem — the challenge of sharing access and ownership in a self-custody world,” Bartlett said. “The Lock & Key Model addresses this by offering a user-friendly solution that empowers individuals to share their assets while retaining control securely.”
In addition to digital asset sharing and storage solutions, VanEck’s new platform offers token-gated utility and NFT minting, letting users create and own their NFTs.
Token gating is a practice that uses crypto tokens as a verification method to control access to specific features, functionalities, or resources within a platform or community. Initially, these offerings will be free.
In the first phase, SegMint will focus on cryptocurrency users who own or want to access NFTs, with some understanding of blockchain concepts. The first group of users to complete ID verification will receive a free “Adventurer” NFT to be able to perform tasks and be rewarded with additional perks.
VanEck said this model would create use cases for organizations with user communities needing asset-sharing solutions, such as NFT holders collaborating with creative projects or businesses. The firm believes it will help bridge the gap between digital and real-world assets and unlock fresh use cases like tokenized real estate.
The new platform initially targets European Union (EU) and Asian markets. According to Segmit’s terms and conditions, US citizens and residents of countries sanctioned by the EU are currently ineligible to participate.
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Segmint is not VanEck’s entry into NFT but a new approach to the space. In 2022, the giant partnered with Korean NFT agency NUMOMO to introduce Vaneck Community NFT, an innovative hub for investors to join the Vaneck cryptocurrency community. The firm stated it was the first NFT a global asset manager offered.
Jan van Eck, CEO of VanEck, said he was amazed by the NFT phenomenon. He also predicted that blockchain technology would completely transform Wall Street. However, the executive noted that the delayed adoption was due to regulators.
VanEck was also among the first traditional financial institutions to embrace crypto. The firm was also one of the first funds to file for a spot Bitcoin exchange-traded fund (ETF) in November 2021. However, its filing was rejected by the US Securities and Exchange Commission (SEC).
After regulatory approval, VanEck’s spot Bitcoin fund, HODL, finally launched in January this year, alongside ten other spot Bitcoin ETFs.
To put more focus on its spot Bitcoin ETF, VanEck decided to stop trading the VanEck Bitcoin Strategy ETF (XBTF), a Bitcoin futures ETF, on the CBOE stock exchange last month. CBOE delisted XBTF on January 30.
Launched in November 2021 alongside other SEC-approved Bitcoin futures ETFs, XBTF played a role in the surge of the world’s leading cryptocurrency to its all-time high of $69,000. VanEck explained the move as the result of evaluating operating results, liquidity, the amount of assets the fund manages and investor psychology.
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