VanEck launches NFT platform, set to offer split ownership of token-backed watches and wine by March

Global investment manager VanEck has launched an NFT marketplace and digital assets platform called SegMint in collaboration with Nueva.Tech, Delegate.xyz, MINTangible.io, Portals.to and Walletchat.fun.

Founded in 1955, VanEck has a long history in asset management — primarily engaged in issuing exchange-traded funds. VanEck was one of the first to file an application for a spot bitcoin ETF in the U.S., with its HODL product launching alongside nine other spot bitcoin ETFs on Jan. 11.

The platform was born out of VanEck’s digital assets research effort, designed to improve accessibility and security in the space via its “Lock & Key Model,” according to a statement shared with The Block.

SegMint’s model aims to simplify the self-custodial sharing of digital assets. The process is akin to having a secure vault to store digital assets and issue keys to others, granting them shared access and ownership without compromising security, according to the firm.

“We identified a significant pain point in the digital assets ecosystem — the challenge of sharing access and ownership in a self-custody world,” SegMint founder Matt Bartlett said. “The Lock & Key Model addresses this by offering a user-friendly solution that empowers individuals to securely share their assets while retaining control.”

Additional SegMint features include a custom multi-sig wallet solution, NFT minting capabilities and token-gated utility — initially offered for free, VanEck said.

The idea isn’t new, with one of VanEck’s technology partners, Delegate, previously gaining rapid adoption for delegating certain rights for NFTs and other tokens to other wallets — reducing the risk of theft.

Crypto-native focus and restricted access

The platform’s initial focus would be on crypto-native users who own or want access to NFTs and have some familiarity with blockchain concepts. Those among the first to use SegMint, who have completed the ID verification process, will receive also a complimentary “Adventurer NFT” — able to engage in “quests” and rewarded with additional benefits, VanEck said.

VanEck argues the model also creates use cases for organizations with a community of users who need an asset-sharing solution, such as NFT holders collaborating on creative projects or businesses sharing digital resources, bridging the gap between digital and real-world assets and ultimately opening up applications like tokenized real estate.

However, access to the platform is not universal, excluding residents or citizens of the United States, according to the platform's terms and conditions. “Depending on the user's country of residence, access to the platform may be limited. We expect interest in Europe and Asia,” Bartlett said.

Token-backed Rolexes and wine

Initially, Bartlett said, VanEck will mainly focus on helping holders of PFPs from top-shelf NFT collections, like Bored Ape Yacht Club and Pudgy Penguins, fractionalize ownership of those digital assets.

But he also said VanEck plans to slowly grow the platform’s range of services and help users fractionalize ownership of tokens which back real-world assets, such as real estate. Bartlett said in an interview with The Block that splitting ownership of tokens which back real estate may take a while to bring to market in light of regulatory challenges. “That will be a grind,” he said.

By the end of March though, Bartlett said SegMint users should be able to fractionalize ownership of tokens which back luxury items like Rolex watches and fine wine. But he stressed that as SegMint’s services grow it will only allow for the fractionalizing of real-world assets if done through an approved provider.

“We want to be thoughtful about the collections we put on the platform,” he added.