LONDON: Coinsilium Group Limited’s wholly owned subsidiary Coinsilium (Gibraltar) Limited has concluded a Technical Development and Support Agreement with Vietnam-based RedFOX Labs Joint Stock Company, to support the creation of a range of Virtual Asset and Digital Collectible marketplaces and to facilitate the trading of Non-Fungible Tokens (NFTs) across various prospective market sectors.
The Company has identified the NFT market segment as an emerging blockchain technology opportunity with significant growth and revenue generating potential where Coinsilium is well-positioned to play to its strengths, given its strong industry profile, relationships and global partnership network.
The global market for Virtual Assets and Digital Collectibles is a fast-growing segment within the rapidly evolving blockchain industry. NFTs are the enabling technology and the universally referenced nomenclature for the market segment.
NFTs are now being utilised in a growing array of commercial models including the digitisation of assets, the creation of digital collectibles, as well as for bridging physical to digital assets across various markets, such as gaming, sports, music and fine arts. In these markets, unique digital assets are being created with their own specific set of features and properties, allowing new forms of interaction between brands or content owners and their customers, and between artist/sports personalities and their fans.
In July 2020 the NFT market recorded $100m in trades which has since increased by over 50% to $154m. According to NonFungible.com, the most popular NFT applications, in USD sales value, are currently gaming (Axie Infinity), sports collectibles (Sorare), art (SuperRare) and virtual-reality space (Somnium Space); the aggregate USD sales volume of NFTs in the past month was $8.2m which represents more than 4 times the NFTs USD sales volume for the month of December 2019.
NFT’s are powering a growing number of highly scalable digital peer-to-peer marketplaces such as OpenSea, Decentraland, SuperRare and Atomic Hub. These highly scalable trading venues offer tremendous efficiencies; automating the monetisation process whereby creators of digital content receive a percentage of the revenues derived from each sale.
The Company has an existing commercial relationship with RedFOX through its Joint Venture company with IOV Labs, IOV Labs Asia, as announced on 18 August 2020, whereby the parties have entered into a Memorandum of Understanding (‘MoU’) to build fast scaling internet businesses on and for the RSK Blockchain in the Southeast Asian region.
The Technical Development and Support Agreement with RedFOX announced today is for the delivery of services with respect to a specifically commissioned Digital Collectible project which the Company expects to be able to announce in the coming weeks. It is also expected that the RedFOX Agreement can subsequently be extended to cover services for other virtual asset and digital collectible marketplace initiatives currently under evaluation.
RedFOX has significant experience in successfully issuing and commercialising NFTs such as the RedFOX KOGs series which has proven to be the most popular series of NFTs on the WAX platform since these playable NFTs were launched earlier this year.
Management believes that the RedFOX team, led by its Chief Executive Ben Fairbank, has the ideal skill set and experience to support Coinsilium with its initial NFT project and in the design and roll-out of potential subsequent projects.
Malcolm Pallé, Chairman of Coinsilium, commented: “We are most excited to announce Coinsilium’s move into the fast growing and potentially lucrative NFT space, in-line with the Company’s new blockchain and crypto-finance venture building strategy.
“It is also most encouraging to have RedFOX as our technical partner, with their proven track record and high-profile industry status. As stated in this release, we look forward to releasing the full details of our first commercial NFT project shortly, in readiness for the Company’s imminent relaunch as a Blockchain, DeFi and Crypto Finance venture operator.”
Ben Fairbank, Chief Executive of RedFOX Labs, commented: “It is an exciting time in the evolution of digital collectibles and their interoperability with games, sports, music and art, through the use of blockchain technology. Provable ownership, immutable records and data, and an emerging secondary trading market are just the beginning.
“We have a strong vision for where the industry is headed and of its capabilities. We look forward to working closely with Coinsilium on delivering NFT products and solutions that are multi-dimensional and challenge the existing legacy systems they will surely disrupt.”
Coinsilium is a focused Blockchain, DeFi and Crypto Finance venture operator. 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 the Asian 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, the primary market for unlisted securities operated by Aquis Stock Exchange, a Recognised Investment Exchange under the Financial Services and Markets Act 2000 under the ticker symbol “COIN”, and on OTCQB Venture Market (“OTCQB”) in the United States under the ticker symbol “CINGF”.
RedFOX is a blockchain venture builder based in Vietnam, that identiﬁes and builds successful pure play business models for the Southeast Asian markets. RedFOX works to build, launch and scale high growth ventures in Southeast Asia. Its focus is to unlock the true market potential of the digital economy for high consumer demand services such as e-commerce, e-media, e-travel and e-sports/gaming. RedFOX builds companies that promote Access, Adoption and Application for the Internet Economy.
The RedFOX team innovates with emerging technologies, differentiates with superior Customer Experience and Value, and maintains a relentless focus on Digital Inclusion.