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.

 

Coinsilium Group Limited Malcolm Palle, Executive Chairman Eddy Travia, Chief Executive	+44 (0) 7785 381 089 www.coinsilium.com
Peterhouse Capital Limited Guy Miller / Mark Anwyl (AQSE Corporate Adviser)	+44 (0) 207 469 0930
SI Capital Limited Nick Emerson (Broker)	+44 (0) 1483 413 500
Buchanan Communications Chris Lane / Toto Berger (Media and Investor Relations)	+44 (0) 20 7466 5000 E: coinsilium@buchanan.uk.com

 

Notes to Editor

 

About Coinsilium

 

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 a 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 ("OTCQB") in the United States under the ticker symbol "CINGF".