Coinsilium Group Limited: Nifty Labs NFT Marketplace Update

Coinsilium Group Limited (COIN)
Coinsilium Group Limited: Nifty Labs NFT Marketplace Update

29-Jul-2021 / 07:00 GMT/BST
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COINSILIUM GROUP LIMITED

("Coinsilium" or the "Company")

Coinsilium Group Limited: Nifty Labs NFT Marketplace Update 

London, UK, 29 July 2021 - Coinsilium Group Limited (AQSE:COIN) (OTCQB:CINGF) the blockchain and Open Finance company, is pleased to provide a progress update regarding the build and development of the 'NFT on Bitcoin' marketplace which is being developed by its wholly-owned Gibraltar subsidiary, Nifty Labs Limited ('Nifty Labs'), in partnership with Indorse Pte. Ltd. ('Indorse'), a Singapore company in which Coinsilium holds a 10% equity interest.

Highlights:

• Development of the marketplace is progressing well, and project completion is anticipated to be within the initial six-month timeframe as announced on 11 May 2021.
• The first iterations of the smart contracts that underpin the marketplace have been written and internal testing is currently being undertaken. Decentralized systems security expert Coinspect has been appointed to undertake an external formal smart contract audit.
• User Interface for the NFT minter module is now complete, with development work on the interface for the marketplace well underway. Both contribute to the Decentralised Application, which is targeted for launch on the RSK Testnet at the end of August 2021.
• The RSK team is progressing with its development of a token bridge that will enable the conversion of NFTs from RSK to Ethereum and vice versa. 

Coinsilium CEO, Eddy Travia, commented:

"The progress that has been made by everyone involved in the project to get us to this advanced stage has been significant, and that work will continue at pace. NFTs are a hot topic and achieving worldwide notoriety across a number of sectors including art, sport, music, gaming and many others. Completion of the 'NFT on Bitcoin' marketplace keeps the business at the forefront of digital innovation and development. It is also expected to accelerate our commercial activities, with revenue anticipated to be generated via two streams: the sale of newly minted NFTs; and platform fees from marketplace trading. We look forward to keeping the market updated with progress on the project."

Progress report: 'NFT on Bitcoin' marketplace

On 11 May 2021 the Company announced that Nifty Labs commenced development work on a new project to create an 'NFT on Bitcoin' marketplace platform powered by RSK blockchain, the smart contract platform secured by the Bitcoin network. The build and development of the technical aspects of the marketplace was expected to take up to six months to complete, and we are pleased to announce that the project is progressing well and is on track. When complete, the platform will incorporate various modules including an NFT minter, a gallery, and the capability to trade NFTs for alternative RSK-based tokens. The marketplace is initially expected to host the most popular NFT categories including digital art, sports, music, gaming and metaverse assets such as parcels of virtual land and 3D avatars.

There are two fundamental components to the build of the NFT Marketplace, the first being the 'Minter' module which enables users to create NFTs on the RSK blockchain and the second being the token listing and trading marketplace. Each component requires a corresponding smart contract and a User Interface ("UI"). The development of both these components is well underway and version 1 ("v1") of the smart contracts have been written. The development team is currently testing the smart contracts internally ahead of a comprehensive and formal security audit. Nifty Labs has appointed Coinspect, information security experts for decentralised operators, to undertake the smart contract audit. Coinspect has performed security audits for multiple decentralised projects including several associated with the RSK ecosystem.

The UI for the NFT minter has been completed, and the development of the UI for the marketplace model is well underway. Both interfaces contribute towards the make-up of the Decentralised Application ("DAPP") that supports the running and operating of the marketplace. The DAPP is targeted for launch on the RSK Testnet towards the end of August. 

Progress report: RSK development of token bridge

In parallel to the development work on the minter and marketplace, RSK is prioritising development work on an NFT token bridge that will enable the conversion of NFTs from RSK to Ethereum and vice versa. Nifty Labs is additionally coordinating with the RSK team to create 'webhooks' that will allow newly minted NFTs on the RSK blockchain to be visible and tradable on the Nifty Labs trading platform and marketplace. 

The Directors of Coinsilium Group Limited take responsibility for this announcement.