Coinsilium Group Limited (COIN)
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: Nifty Labs NFT Marketplace public beta launch set for mid- December 2021
London, UK, 23 November 2021 - Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Blockchain, and Open Finance venture builder, is pleased to announce a progress report relating to its Non-Fungible Token ("NFT") Marketplace, which is being designed and built by its wholly-owned subsidiary Nifty Labs Limited ("Nifty Labs"), an NFT technology development studio based in Gibraltar, in partnership with portfolio company Indorse Pte. Ltd. ("Indorse").
Eddy Travia, CEO of Coinsilium, commented: "We are delighted to be able to announce the forthcoming launch of the public beta version of the Nifty Labs NFT Marketplace. The timing of the launch could not be better as the global NFT market is maturing fast and the need for bespoke alternative solutions for brands and creatives is becoming more apparent. The pace of build that has been achieved is a testimony to the execution capabilities of our technical partners at Indorse as we expect them to deliver a working platform well within budget. I would also like to thank the Indorse team, overseen by Gaurang Torvekar, for all their hard work and support in this exciting venture. We look forward to providing further progress updates to the market as the project enters its commercialisation phase."
Progress report: Nifty Labs 'NFT on Bitcoin' Marketplace
Over the last six months the Nifty Labs development team, in conjunction with Indorse, has been working on the initial technical build of the NFT Marketplace. Further to Coinsilium's announcement of 16 September, the Company is delighted to confirm that the public beta Testnet launch of NFT Marketplace is planned for mid-December 2021. The launch will be accompanied by the release of a demonstration video to provide a 'walk through' of its features and functionality.
Initially the NFT Marketplace will support the listing of RSK-based NFTs created using accepted standards i.e. ERC721 and ERC 7211. The Nifty Labs development team is currently working on compatibility solutions for legacy non-standard RSK based NFTs on a selective case-by-case basis. As previously announced, 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.
The global NFT market has grown exponentially since the start of the development of the NFT marketplace as has the potential available inventory. The NFT space generated $10.67 billion in trading volume during Q3, an increase of 704% from the previous quarter.
As announced on 22 March 2021, the Company provided Nifty Labs with an initial working capital and development facility of up to GBP250,000 to cover technical development work on the NFT Marketplace. The Company has provided several progress updates in the interim, reporting on delivery milestones including the successful completion of the smart contract audit and the successful Mainnet launch for the NFT minter. The Company is now pleased to report that, with the initial technical development work on the platform nearing completion, the NFT Marketplace is set to be delivered well within budget.
Commercialisation of Nifty Labs Marketplace
The NFT Marketplace platform model is designed to generate operating revenues through the minting of new NFTs and commissions/platform fees derived from secondary market trading activities. With the technical build phase nearing completion and the public beta launch imminent, the Company is now turning its focus towards operational and commercial considerations. It is currently working closely with its advisors to ascertain the optimal cost-effective commercial models for long-term scalability.
Amongst the commercial options currently under review include the launch of a 'white labelled' Software as a Service ('SaaS') proposition with a third-party offering to brands, artists, creatives, etc, via licensing agreements. The Company is currently reviewing various models whilst evaluating and working on the production of supporting commercial agreement templates.
RSK NFT Token Bridge
The Company has been advised by the RSK token bridge development team that whilst overall development work continues to progress well, it will require more time to ensure that the NFT token bridge is compatible with legacy NFTs previously deployed using now-outdated standards. Whilst the integration of these standards is being worked through efficiently, it will result in a relatively short delay in the completion of the RSK/ETH token bridge. The RSK team has advised the Company that they now expect the token bridge to be operational during Q1 2022.
It is important to note that the launch of the NFT Marketplace will not be impacted by the timeframe for the launch of the token bridge and all NFTs deployed using accepted NFT standards (i.e. ERC721 and ERC 7211) will be able to list on the Marketplace once the public beta goes live in December 2021. However the interoperability between NFTs on the Ethereum and RSK networks will only be functional once the token bridge is operational.
The Directors of Coinsilium Group Limited take responsibility for this announcement.
Notes to Editor
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 OTCQB Venture Market in the United States under the ticker symbol "CINGF".
"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.
"NFT" or Non-Fungible Token: A unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.
"NFT Minter": A Minter is a software solution/programme that enables the publishing (Minting) of a unique instance of an NFT on the blockchain.
"Smart Contract": Smart Contracts are programs stored on a blockchain that run when predetermined conditions are met. They are typically used to automate the execution of an agreement so that all participants can be certain of the outcome, without the involvement of intermediary.
"Testnet": The testnet is an alternative blockchain used for testing.
"Token Bridge": The token bridge is designed to enable the transition of RSK blockchain standard NFTs to other blockchain standard NFTs such as the Ethereum ERC721 + ERC1155 standard and vice versa.
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