Coinsilium Group Limited (LON:COIN) updated investors on the memorandum of understanding (MOU) and proposed partnership between its Gibraltar subsidiary Nifty Labs Ltd and Indorse, a Singaporean firm in which it owns a 10% stake.
The blockchain and open finance venture firm said the two parties continue to advance discussions toward finalising the partnership structure of Nifty Labs and conclude the respective legally binding agreements. At the same time, the parties are evaluating various commercial NFT projects and opportunities.
On March 2, Nifty and Indorse said they agreed to form a partnership to launch a non-fungible token (NFT) technology development studio in Gibraltar,
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Coinsilium added while discussions are ongoing, the parties agreed if any commercial agreements relating to in-house projects or prospective third-party clients are concluded ahead of the completion of the partnership deal, as an interim solution the agreements will take place with a provision for a revenue share agreement, the terms of which will be established in each case.
"Nifty Labs is currently experiencing an unprecedented level of enquiries and demand for NFT development services across a range of sectors including digital art, collectibles, music, sports and social media, even before our partnership agreement with Indorse has been formally concluded”, Coinsilium chairman Malcolm Palle said in a statement.
"From a commercial perspective it is imperative that we continue to maintain the momentum that we have built since the announcement of the launch of Nifty Labs and capitalise on the growing number of commercial opportunities we are now being presented with. Whilst formal discussions regarding the partnership agreement remain ongoing, a revenue share model in respect of each and any commercial agreement will therefore fulfil this requirement, until such time that the respective formal agreements are concluded", he added.