Coinsilium Group Ltd (LON:COIN) said its subsidiary Nifty Labs has started development work on a new non-fungible token (NFT) project to create an ‘NFT on Bitcoin’ marketplace platform powered by the RSK blockchain, a smart contract platform secured by the Bitcoin network.
The blockchain and open finance venture firm said the development of the marketplace platform is expected to complete within six months, with the initial focus to be on NFT use-cases such as digital art, music, sports, gaming and metaverse assets.
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The platform will incorporate various modules including an NFT minter, a gallery, and the capability to trade NFTs for alternative RSK-based tokens, the company said, adding that the platform will initially host the most popular NFT categories which currently include digital art, sports, music, gaming and metaverse assets such as parcels of virtual land and 3D avatars.
Coinsilium also said the RSK blockchain will prioritise token bridge build, enabling the transfer and movement of RSK blockchain standard NFTs to other blockchain standard NFTs, including Ethereum ERC721.
"Announcing the initial details for the build and development of the 'NFT on Bitcoin' marketplace marks a significant moment as we accelerate our commercial activities in conjunction with the rapid growth of NFTs. The sector is fuelling a new wave of cryptocurrency adoption and we are confident that the Nifty Labs-developed NFT marketplace on RSK will demonstrate that Bitcoin, the most secure blockchain of all, will become a major part of the NFT success story,” Coinsilium chief executive Eddy Travia said in a statement.
"Whilst the NFT space is at an early stage of its development, our partners at Indorse have significant experience in designing complex smart contracts; having demonstrated their know-how with the public alpha release of 'Nifty Scanner', a digital asset analysis software solution for NFTs. Indorse is therefore the ideal partner for the development of the marketplace platform and we look forward to updating the market as progress is made," he added.