Coinsilium Group Limited (COIN)
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: NFT Marketplace beta Testnet Launch
London, UK, 20 December 2021 - Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Blockchain and Open Finance venture builder, is pleased to announce that the beta version of its NFT Marketplace, which has been designed and built by its wholly-owned subsidiary Nifty Labs Limited ("Nifty Labs"), is now live on the RSK Testnet. Nifty Labs is an NFT technology development partnership between Coinsilium and portfolio company Indorse Pte. Ltd. ("Indorse").
● The NFT Marketplace beta has launched on the RSK Testnet
● Video walkthrough demo of NFT Marketplace now available
● Presentations and demo events with strategically and commercially interested industry parties scheduled to commence early in Q1 2022
● Evaluation of commercial and operational considerations for the NFT Marketplace continue, with 'White-labelled' SaaS proposition with third-party offering via licensing agreements expected to be the most viable 'go to market' model
Coinsilium CEO Eddy Travia commented: "We are delighted to be able to unveil our NFT Marketplace platform which goes live on the RSK Testnet today, as the first technical solution to come out of Nifty Labs, Coinsilium's NFT development partnership with Indorse.
"The NFT Marketplace, together with the NFT minter, are powered by RSK technology, which enables the creation of smart contracts for NFTs secured by the Bitcoin network, with corresponding lower gas fees compared to those on the Ethereum network.
"With this Testnet release, we now have a powerful solution to showcase to strategic and commercially interested parties, as we move towards the commercialisation phase for this project. We are very much looking forward to providing the market with further progress updates in the new year.
"On behalf of the board of Coinsilium, I would also like to take this opportunity to thank all our shareholders for their continued support and offer our best wishes for the festive season as we look forward to 2022 with continued confidence and optimism."
Progress report: beta launch of NFT Marketplace
Further to the Company's announcement of 23 November 2021, the beta phase of the NFT Marketplace has now launched on the RSK Testnet. The NFT Marketplace will remain live on the Testnet while undergoing a period of public beta testing that also provides for a secure and controlled environment for showcase demonstration and presentation purposes. The Company is planning to host a series of presentation events for strategically and commercially interested industry parties commencing early in Q1 2022.
The NFT Marketplace can be accessed via the following link: https://testnet-nifty-marketplace.netlify.app/
To accompany the launch, a demonstration video walk through of the NFT Marketplace's features and functionality has been produced. The video provides an overview of the Marketplace's minting, listing, trading, and browsing features and capabilities and is available to view via the following link: https://youtu.be/sR1DNfkt18Y
Public testing and engagement with the NFT Marketplace on the Testnet requires the use of a Metamask crypto wallet and tRBTC and tRIF Testnet tokens. Testnet tokens can be obtained via a link on the Marketplace platform.
Proposed commercial and operational model
As stated in the Company's announcement of 23 November 2021, the Directors are of the view that a 'white-labelled' Software as a Service ('SaaS') proposition with a third-party offering (for example to brands, artists or other creatives) via licensing agreements is likely to present the most viable commercial 'go to market' model for the NFT Marketplace. Coinsilium continues to work closely with its advisors in evaluating a range of considerations to ascertain the optimal and most cost-effective commercial and operational model that has the best potential for long-term scalability and corresponding revenue growth.
The Directors of Coinsilium Group Limited take responsibility for this announcement.
Notes to Editor
NFT terminology lexicon
"Artificial Intelligence" (AI): Artificial intelligence (AI) is intelligence demonstrated by machines, as opposed to the natural intelligence displayed by humans or animals. Some popular accounts use the term artificial intelligence to describe machines that mimic cognitive functions that humans associate with the human mind, such as learning and problem solving.
"Avatar": An avatar is a graphical representation of a user or the user's character or persona. It may take either a two-dimensional form as an icon in Internet forums and other online communities or a three-dimensional form as in games or virtual worlds.
"Augmented Reality" (AR): Augmented reality (AR) is an interactive experience of a real-world
environment where the objects that reside in the real world are enhanced by computer-generated perceptual information. AR can be defined as a system that incorporates three basic features: a combination of real and virtual worlds, real-time interaction, and accurate 3D registration of virtual and real objects.
"Metamask": is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications.
"Metaverse": The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the Internet.
"NFT" or Non-Fungible Token: NFT stands for non-fungible token. Non-fungible is an economic term used to describe things that are not interchangeable for other items because they have unique characteristics or properties such as photos, videos, audio, and other types of digital files. NFTs can be used to tokenise things (or assets) such as art and collectibles, secured by a blockchain and can only have one official owner at a time.
"Play to Earn" or P2E Gaming: Play-to-earn gaming is a new gaming model where participants are rewarded with cryptocurrency or NFTs for participating in games. The games usually require the initial purchase of one or more NFTs which allows players to generate crypto income simply by playing the game. Each game's mechanism can differ, but the rewards typically come from staking, farming a game's currency, or generating tradeable NFT items.
"Smart Contract": NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFT's. When an NFT is minted, code stored in a smart contract is executed that conforms to certain standards, such as ERC-721 (single) or ERC 1155 (multiple). This information is added to the blockchain where the NFT data is stored.
"Testnet": The testnet is an alternative blockchain used for testing. Testnet coins or tokens are separate and distinct from actual coins and are never supposed to have any value. This allows application developers and testers to experiment, without having to use real coins or worrying about breaking the blockchain.
Coinsilium is a focused Blockchain and Open Finance venture operator based in Gibraltar, a pre-eminent global regulatory jurisdiction and a leading hub for innovative financial technology. In 2015, Coinsilium became the first blockchain company to IPO. The Company has evolved to develop revenue-generating strategic advisory services and is a highly regarded innovator with proven technological and commercial expertise and development capabilities in the NFT arena and also within Open Finance.
Coinsilium has developed an array of commercial partnerships and joint ventures around the world to support its development capabilities, giving it access to best-in-class tech experts, a strong network, and asserting its profound industry profile. It has a 50:50 venture with IOV Labs in Singapore, enabling the promotion and commercialisation of RSK's products, services and technologies in global markets; and has partnered with blockchain technology experts Indorse to create Nifty Labs, a Non-Fungible Token ('NFT') technology development studio in Gibraltar.
Coinsilium shares are traded on the APEX segment of the AQSE Growth Market in London, under the ticker symbol "COIN", and on the OTCQB Venture Market in the United States under the ticker symbol "CINGF".
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