Coinsilium Group Limited: Nifty Labs commences development for RSK-powered ‘NFT on Bitcoin’ MarketplaceLondon, UK, 11 May 2021
Coinsilium Group Limited (AQSE:COIN) (OTCQB:CINGF), the Blockchain and Open Finance venture builder, is pleased to announce that its wholly-owned Gibraltar subsidiary Nifty Labs Limited ("Nifty Labs"), through its partnership with Indorse Pte. Ltd. (“Indorse”), has commenced development work on a new Non-Fungible Token (“NFT”) project to create an ‘NFT on Bitcoin’ marketplace powered by the RSK blockchain, the smart contract platform secured by the Bitcoin network.
- Development work on NFT marketplace platform has now commenced, expected to complete within c.6 month
- Marketplace solution for NFT tokens to be built using RSK blockchain technology enabling ‘NFTs on Bitcoin’
- The initial focus to be on NFT use-cases such as digital art, music, sports, gaming and metaverse assets
- RSK to prioritise token bridge build enabling the transfer and movement of RSK blockchain standard NFTs to other blockchain standard NFTs, including Ethereum ERC721
Development work for NFT Marketplace
The initial build specifications are for an all-encompassing, general-purpose technical marketplace platform solution for NFT tokens via the RSK blockchain. Minting and transacting NFTs on RSK is expected to be a more cost-effective medium given the lower transaction fees incurred by RSK blockchain users. A team of three software developers, one designer and a project manager have been deployed to work on the initial commissioning and build phase.
The platform will incorporate various modules including an NFT minter, a gallery, and the capability to trade NFTs for alternative RSK-based tokens such as RBTC (bitcoin on RSK pegged to bitcoin through a 2-way peg known as Powpeg), RIF, Money on Chain stablecoins such as Dollar on Chain (‘DOC’) and Rif Dollar on Chain (‘RDOC’), and Money on Chain governance tokens (‘MOC’).
The marketplace will initially be built to host the most popular NFT categories which currently include digital art, sports, music and gaming and metaverse assets such as parcels of virtual land and 3D avatars. It is intended that the marketplace will have the capability to offer functionalities similar to those available on other popular NFT marketplaces and with potential compatibility with NFTs on other platforms. Future options may also include interoperability between various layer 1one and layer 2two blockchain protocols.
The RSK team has informed Coinsilium that it will prioritise development work on an NFT token bridge as a complement to its existing bridge for fungible tokens. This will enable the transition of RSK blockchain standard NFTs to other blockchain standard NFTs such as the Ethereum ERC721 standard. In its first iteration, the NFT token bridge can be expected to deliver interoperability between the emerging ‘NFT on Bitcoin’ market and the established NFT on Ethereum markets, opening doors to a much larger number of actors in the NFT space to use and interact with NFTs on Bitcoin.
The build and development of the technical aspects of the marketplace are expected to take up to six months to complete. Timescales for completion and delivery to full technical functionality are also dependent on several external factors, the most significant of which being the completion and activation of the NFT Token bridge. Further updates will be provided to the market in a timely manner.
Coinsilium CEO, Eddy Travia, commented: “Announcing the initial details for the build and development of the ‘NFT of Bitcoin’ marketplace marks a significant moment as we accelerate our commercial activities in conjunction with the rapid growth of NFTs. The sector is fuelling a new wave of cryptocurrency adoption and we are confident that the Nifty Labs-developed NFT marketplace on RSK will demonstrate that Bitcoin, the most secure blockchain of all, will become a major part of the NFT success story.
“While the NFT space is at an early stage of its development, our partners at Indorse have significant experience in designing complex smart contracts; having demonstrated their know-how with the public alpha release of 'Nifty Scanner', a digital asset analysis software solution for NFTs. Indorse is therefore the ideal partner for the development of the marketplace and we look forward to updating the market as progress is made.”
IOV Labs CEO (parent company to RSK), Diego Gutierrez Zaldivar, commented: “NFTs are supporting the booming blockchain and digital asset landscape, and their use-cases – ranging from art, music, content, and virtual property ownership – continue to grow at an exponential pace. The world is only just warming up to the endless possibilities that NFTs offer. Given the importance of this flourishing market we are working on a token bridge that will allow the seamless moving of assets between networks. We are thrilled about the agreement between Coinsilium and Nifty Labs choosing RSK to develop an NFT marketplace, bringing the unparalleled security of Bitcoin to the space and enabling RSK to become a major player in tomorrow’s NFT-dominated economy.”
Coinsilium and Indorse
As announced on 2 March 2021, Nifty Labs entered into a memorandum of understanding (“MoU”) with Indorse, a Singapore company in which Coinsilium holds a 10% equity interest, to form a partnership in order to launch a NFT' technology development studio in Gibraltar.
On 22 March 2021, Coinsilium announced that it had provided an initial working capital and development facility of up to GBP250,000 to Nifty Labs. A proportion of these funds were allocated to the commissioning and fast-track development of Nifty Labs' first proprietary NFT platform solution. Indorse will manage the technical aspects of the project under the supervision of its CEO and technology leader, Gaurang Torvekar.
Disclosure: Coinsilium holds a vesting interest of 1,951,846 RIF (RSK Infrastructure Framework) tokens. Coinsilium Chairman Malcolm Palle is a director of IOV Labs Ltd, the parent company to RSK.
The Directors of Coinsilium Group Limited take responsibility for this announcement.
For further information, please contact:
Coinsilium Group Limited
Malcolm Palle, Executive Chairman
Eddy Travia, Chief Executive
+44 (0) 7785 381 089
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
(AQSE Growth Market Corporate Adviser)
+44 (0) 207 469 0930
SI Capital Limited
+44 (0) 1483 413 500
Coinsilium is a focused Blockchain and Open Finance venture builder. As the first ever IPO of a blockchain company in 2015, Coinsilium has harnessed its experience and wide-ranging network to invest in leading blockchain projects such as RSK/IOV Labs, Indorse and Blox.
In July 2020, Coinsilium executed an agreement with top 100 blockchain protocol company IOV Labs, to establish a 50/50 Joint Venture Company in Singapore to promote and commercialise RSK's products, services and technologies in global markets and to promote the adoption in the region of the RIF token which powers the ecosystem of solutions developed by RSK, their partners and developers around the world.
Coinsilium shares are traded on the London-based AQSE Growth Market, under the ticker symbol "COIN", and on OTCQB Venture Market ("OTCQB") in New York under the ticker symbol "CINGF".
Notes to Editor:
Total NFT sales in 2020 were worth about $250m and surged 2,100% to USD 2 billion in the first quarter of 2021 according to a report published by NonFungible.com.
On 20 April 2021, Coinsilium announced that Indorse had released the public alpha version of ‘Nifty Scanner’, a digital asset analysis tool providing detailed essential background information on how and where the assets (the media and the metadata) associated with an NFT are stored. Nifty Scanner is a browser extension available on Google Chrome, Mozilla Firefox, Opera and Brave. Nifty Scanner currently displays data of NFTs for sale on OpenSea and will shortly be compatible with other popular marketplaces as well.Back