What is Going on with Coinsilium?
Coinsilium Group Limited (CINGF) has announced that its “Nifty Labs” will use its partnership with Indorse to develop a new Non-Fungible Token (NFT) marketplace platform that will be powered through an RSK blockchain (a contract platform secured by Bitcoin). This new marketplace will be able to host some of the most popular NFT categories, such as digital art, sports, gaming, and 3D avatars. This marketplace is also expected to have similar functionalities to other popular NFT marketplaces and the possibility of being compatible with NFTS from other platforms. The development of this marketplace has now commenced and is expected to be complete in six months. CINGF shares are down 5.08% Tuesday morning.
Speaking on the project and their partnership with Indorse, Coinsilium’s CEO, Eddy Travia, states, “”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."
What This Means for Coinsilium?
This is a promising project for Coinsilium as they move into providing a new NFT marketplace. Eddy Travia also states that, “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.”
Diego Gutierrez Zaldivar, IOV Labs CEO, expresses that, “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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Coinsilium Group Ltd is engaged in investing in blockchain technologies with a focus on fintech. Geographically, it operates in the United Kingdom and the British Virgin Islands. The company generates maximum revenue from the British Virgin Islands.
