LONDON: Coinsilium Group Limited’s wholly-owned Gibraltar subsidiary Nifty Labs Limited, in partnership with Indorse Pte. Ltd., has commenced development work on a new Non-Fungible Token (NFT) project to create an ‘NFT on Bitcoin’ marketplace platform powered by the RSK blockchain, the smart contract platform secured by the Bitcoin network.
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 an 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 GBP 250,000 to Nifty Labs. A proportion of these funds were allocated to the commissioning and fast-track development work for Nifty Labs’ first NFT platform solution, with Indorse to manage the technical aspects of the project under the supervision of Nifty Labs Tech Lead and Indorse CEO Gaurang Torvekar.
At the time of the announcement details relating to the project remained confidential due to prevailing commercial sensitivities, however the Company is now pleased to be able to provide initial details herewith.
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, 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 1 and layer 2 blockchain protocols.
The RSK team has informed Coinsilium that it will be prioritising 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 is 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 on 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.
“Whilst 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 platform 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.”
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10 May, 4:00 pm GMT-4 · Disclaimer