Codebase Ventures Inc. shared a progress update on its non-fungible token (NFT) investment, Instacoin UK, saying that the company’s Instacoin UK app is “progressing rapidly.”
The app, which is expected to have an imminent release, is designed to simplify the creation of NFT assets from users' social media. It has gone through extensive scale and blockchain testing.
NFTs are the new and most popular way to sell digital content across the world, Codebase said, but until now the focus has been on large-value sales. The InstaCoin app is meant to bring the creation and auction element to the ordinary person.
READ: Codebase Ventures investee InstaCoin launches app designed to let anyone easily create NFTs
"The Instacoin UK app is progressing rapidly, with development work addressing security for customers by removing reliance on social logins, updating compliance with new IOS for iPhone, and production on an Android version of the mobile App," Instacoin Technologies founder Gianni O'Connor said in a statement.
The new InstaCoin app is positioned as the world's first self-serve social NFT platform, the company said, allowing users to connect their social profiles to the blockchain and create instant NFT tokens from their own content. Followers and fans connect in the open market for immediate sales, the company said.
With a one-off cost of $1 per NFT, this simple streamlined model will target the millions of existing social media users to create sales and drive revenue instantly, as well as a lifetime commission model from secondary markets.
The company also highlighted the following Instacoin mobile app development highlights:
- The company has created 250 NFTs which will be available on launch;
- Following the recent events with Facebook and Instagram downtime, the company has restructured the app to not be reliant on a social login to ensure legal and privacy compliance and providing the most reliable and trusted user experience;
- Following the launch of the new iPhone, a few changes have been made to the app, to assist with compliance issues and updated operating systems;
- Instacoin has begun production on the Android version which is expected to be released in late December and available in up to 6 languages.
Separately, the company said in the same statement that it has canceled a total of 9,550,000 stock options, including 2,800,000 to insiders as they were “no longer serving their purpose” in aligning the interest of the holders with those of shareholders.
Codebase Ventures seeks early-stage investments in sectors that have significant upside. With its headquarters in Brooklyn, Codebase’s team members are based globally from Belgrade to Vancouver.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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