VanEck, a renowned asset management firm, is venturing into the nonfungible token (NFT) domain with the introduction of a novel self-custody platform named SegMint.
This move aims to mirror the success of its Bitcoin exchange-traded fund (ETF) in the United States.
The platform is designed to let users vault and fractionalize digital assets, offering keys that are tradable on its exclusive exchange.
Matthew Bartlett, the NFT community and Web3 head at VanEck, shared insights with Cointelegraph just before SegMint’s unveiling at NFT Paris.
As the first U.S. asset manager to propose a spot Bitcoin ETF back in 2017, VanEck has since been recognized for its active engagement in cryptocurrency ETFs and digital asset ownership realms.
Bartlett, who brings nearly two decades of experience from traditional finance and a passion for NFTs, spearheads the firm’s NFT and Web3 initiatives.
His assignment to build an in-house platform for NFT ownership and digital asset fractionalization was motivated by Jan van Eck’s directive and Bartlett’s own interest in NFTs, which he humorously described as being an “NFT degen.”
Bartlett’s journey into the NFT space began in 2017, involving activities such as minting and auctioning in Decentraland, as well as spearheading a free NFT giveaway linked to physical events at the New York Stock Exchange and Nasdaq.
Over the past seven years, VanEck has developed a comprehensive digital asset team, focusing on cryptocurrency investments and digital asset management.
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SegMint distinguishes itself by prioritizing self-custody and fractional ownership.
Bartlett emphasized the platform’s solution to common issues faced by other NFT platforms, particularly regarding custodial practices that restrict asset control and benefits like airdrops.
SegMint ensures users retain ownership through Web3 wallet-based vaults, allowing for the minting of tradable SegMint keys without relinquishing asset control.
The platform, which debuted on February 28, necessitates a Know Your Customer process for creating vaults and keys.
Bartlett expressed hope that SegMint would appeal to holders of prominent NFT collections, aiming to make top-tier NFTs more accessible globally.
Looking ahead, Bartlett sees potential in tokenizing real-world assets, such as real estate, vintage wines, and luxury watches, through partnerships with blockchain platforms.
He envisions a scenario where, for example, a vacation home is fractionally owned through tradable keys, democratizing access to high-value assets in a manner akin to a hybrid between Airbnb and traditional timeshares.
While acknowledging the challenges and time required to realize these ambitious projects, Bartlett remains optimistic about the innovative applications of blockchain technology in asset ownership and management.
VanEck’s Bitcoin ETF, approved by the U.S. Securities and Exchange Commission in January 2024, has already attracted significant investment, highlighting the growing interest in cryptocurrency investments among investors looking to diversify their portfolios.
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