Coinsilium Group Limited (LON:COIN) (OTCQB:CINGF) provided a progress update on the launch of Nifty Labs Ltd, its Gibraltar subsidiary, which in early March entered into a Memorandum of Understanding (MOU) with Singaporean firm Indorse to form a joint venture to launch a non-fungible token (NFT) technology development studio.
The blockchain and cryptocurrency venture firm said Nifty Labs has completed its change of name from TerraStream and alongside Indorse is continuing to advance discussions towards a formal agreement.
READ: Coinsilium updates on progress of NFT venture project
In the interim, Coinsilium said it agreed to provide Nifty with an initial working capital and development facility of up to £250,000, a proportion of which will be allocated to the commissioning and fast track development work for the first NFT platform solution, with Indorse to manage the technical aspects of the project.
The company said due to commercial sensitivities, details relating to the NFT project remain confidential in the early stages and that further updates will be provided to the market in a timely manner.
Nifty Labs and Indorse are aiming to use the partnership to develop smart contract systems for NFT applications, as well as explore opportunities for other smart contract systems and models with applications across various industry sectors.
NFTs function effectively as digital, blockchain-based certificates of authenticity for a piece of art or other creative work, allowing the owner of the NFT to claim ownership of the original creation even if it has been copied.