Non-fungible tokens, in recent times, have been the hotspot in the blockchain ecosystem, becoming the primary use case that has produced billions of revenue in the crypto space. Major NFT marketplaces like OpenSea and the likes have been leading in this space in recent times.
However, Coinsilium Group Ltd, in an attempt to expatriate its growth within the crypto ecosystem, has launched another non-fungible token. The token called Minter was launched by subsidiary Nifty Labs and investee-company Indorse in the RSK Blockchain Mainnet. Coinsilium says, “The launch of the Minter is a key milestone towards the completion of the NFT Marketplace, which is currently under development”. Completion is expected within the initial six-month schedule, as announced on 11 May 2021.
The UK based Group was founded in 2014 by Eddie Travia (CEO and Co-founder), who said he “believe that Nifty Labs’ solutions, such as the minter, will trigger a wave of creativity in the RSK-enabled ‘NFT on Bitcoin’ space”. He also stated that the company is delighted to see the progress in Nifty Labs’ first major undertaking. Furthermore, the development of this more comprehensive NFT marketplace project continues to progress well, with its overall completion still on track following the initial six-month timeframe.
The Minter, which creates NFT assets, is said to be a core component of Nifty Labs’ NFT Marketplace; and this marketplace platform will incorporate various modules, including an NFT minter, a gallery, and the capability to trade NFTs for any RSK-based tokens. This 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.
It’s also noteworthy that the development of a token bridge by IOV Lab’s RSK is designed to allow RSK blockchain standard NFTs to other blockchain standard NFTs, including the Ethereum ERC721 standard – is progressing well, with a test phase slated to start this week. In its first iteration, the NFT token bridge can be expected to deliver interoperability between the Nifty Labs NFT marketplace and other marketplaces on Ethereum, opening the doors to a significantly larger number of actors in the NFT space to use and interact with NFTs on RSK.
It is reported that with Nifty Labs’ solutions, the minter will trigger a wave of creativity in the RSK-enabled ‘NFT on Bitcoin’ space, and we look forward to seeing a surge of activity by artists and collectors in this new NFT ecosystem. The RSK team has advised Nifty Labs that a Proof of Concept (POC) version of its NFT token bridge is expected to go live on the testnet this week. The NFT token bridge will then undergo a series of tests to ensure its stability before work will begin on its integration into the marketplace platform.
The NFT revolution maintains its advancement in the ecosystem, and Coinsilium is another significant development to watch out for within the crypto space.