Coinsilium eyes non-fungible token market

Coinsilium Group Limited (LON:COIN) is planning to launch a non-fungible token (NFT) technology development studio in Gibraltar. The blockchain and open finance venture builder has signed a memorandum of understanding (MoU) with Indorse, a Singaporean company in which Coinsilium holds a 10% equity interest, to form a partnership or joint venture to create an entity that has been dubbed “Nifty Labs”. Nifty Labs will develop smart contract systems for NFT applications including a bridge for NFTs on Bitcoin using Rootstock (RSK) blockchain technology. Currently, although smart contracts and tokens that are compatible with ERC-721 – the open standard that describes how to build non-fungible or unique tokens on the Ethereum blockchain – can be written on the RSK blockchain, there are still several missing elements needed to make the RSK ecosystem conducive for markets such as digital arts, gaming, collectibles and various other potential applications, Coinsilium said. Nifty Labs intends to develop various capabilities through the RIF marketplace enabling the RSK ecosystem to compete effectively with the other leading NFT protocols and platforms. “This development marks a significant step forward for Coinsilium in the advancement of its newly adopted blockchain venture builder strategy,” said Eddy Travia, the chief executive officer of Coinsilium. “With increasing attention and fast-growing investor interest in NFTs (NBA Top Shot has now reached USD250 million in aggregate sales of 'NFT Moments' as of last week according to CryptoSlam), the timing of this new proposed partnership with Indorse could not be better for Coinsilium's ambitions within the fast-growing NFT space. The proposed partnership will also bring Indorse's technical skills to the fore as demand for the development of NFT solutions continues to grow at an exponential rate,” Travia added.