Coinsilium Group Limited updates on development of NFT marketplace

The company said development is “progressing well” and completion is anticipated to be within the initial six-month timeframe as announced on May 11

Coinsilium Group Limited updated investors on the build and development of a non-fungible token (NFT) marketplace by its Gibraltar subsidiary, Nifty Labs Limited.

The blockchain and open finance firm said development of the ‘NFT on Bitcoin’ marketplace is “progressing well” and completion is anticipated to be within the initial six-month timeframe as announced on May 11.

READ: Coinsilium to launch global NFT hackathon

Coinsilium also said the first iterations of the smart contracts that underpin the marketplace have been written and internal testing is currently being undertaken, while decentralised systems security expert Coinspect has been appointed to undertake an external formal smart contract audit.

The firm added that the user interface for the NFT minter module is now complete with development work on the interface for the marketplace “well underway”. Both of these contribute to the decentralised application which is targeted for launch on the RSK Testnet at the end of August.

The RSK team are also progressing with the development of a token bridge that will enable the conversion of NFTs from RSK and Ethereum and vice versa, Coinsilium said.

“The progress that has been made by everyone involved in the project to get us to this advanced stage has been significant, and that work will continue at pace. NFTs are a hot topic and achieving worldwide notoriety across a number of sectors including art, sport, music, gaming and many others”, Coinsilium chief executive Eddy Travia said in a statement.

“Completion of the ‘NFT on Bitcoin’ marketplace keeps the business at the forefront of digital innovation and development. It is also expected to accelerate our commercial activities, with revenue anticipated to be generated via two streams: the sale of newly minted NFTs; and platform fees from marketplace trading. We look forward to keeping the market updated with progress on the project”, he added.

This news is republished from another source. You can check the original article here.

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