Coinsilium Group (AQSE:COIN) on Monday unveiled the launch of ‘NFT Vision Hack’, its global online hackathon focusing on Non-Fungible Token technology with sponsors including the Gibraltar government.
Hackathons are events where software developers work in teams. They compete to create “functioning software solutions” within a set period, typically several weeks.
This competition has over $68,000 in prizes and grants. It is the most recent initiative from the company’s Nifty Labs subsidiary, registered in Gibraltar. Nifty labs is organising the NFT Vision Hack, partnering with portfolio company Indorse.
The hackathon builds on the April release of ‘Nifty Scanner’, developed by Indorse for Nifty Labs. Nifty Scanner, Coinsilium explains, is “a digital asset analysis software solution for Non-Fungible Tokens” (“NFTs”).
What are NFTs?
NFTs are digital works, like video clips and digital images, authenticated using blockchain technology. In practical terms, this makes it possible to check whether the digital work is the ‘original’ or a copy.
This makes NFTs a great technology for creating digital collectibles. For example, a CryptoPunk NFT sold for close to $12 million in June in an auction. CryptoPunks are a group of 10,000 unique characters created by Larva Labs.
But NFTs also have potential in authenticating digital documents, like degree certificates, which could prevent forgery.
Pushing boundaries in NFT technology
The NFT Vision Hack includes workshops to teach participants how to use the latest NFT technologies. It will launch on Wednesday this week, running until August 30.
At the opening ceremony, co-organisers Coinsilium and Indorse – as well as sponsors HM Government of Gibraltar, IPFS and Filecoin, Rarible and Circle – will reveal more details about the hackathon.
So far, they have revealed that the hackathon is global, online, and will have four challenges. The names of the challenges are: ‘NFT Payment Solutions’, ‘Scalable NFT Art Projects’, ‘Build on Rarible protocol’, and ‘Gaming and NFTs’.
This is not the firm’s first rodeo, as it also partnered with Indorse for the ‘Post Covid Hack’ in 2020. Meanwhile, Indorse has organised a number of “successful online hackathons for its Fortune 500 clients”.
With this hackathon, the goal is to “push the technical boundaries of what is considered possible today in the world of NFTs”.
“A unique opportunity”
This follows the May announcement that Nifty Labs and Indorse had started work to build and develop an ‘NFT on Bitcoin’ marketplace. RSK blockchain, a smart contract platform secured using the Bitcoin network, will power the marketplace.
Right now, the majority of NFTs are part of the Ethereum blockchain – which also powers cryptocurrency Ethereum.
Winning projects have opportunity of working, partnering, and securing grant programs with event sponsors.
Eddy Travia, Coinsilium’s chief executive and co-founder, said the NFT space is now “one of Coinsilium’s main strategic focuses”. This is thanks to the Nifty Labs-Indorse partnership.
Travia noted that it was “most encouraging” seeing Nifty Labs beginning to play a “significant industry leadership role”, as organising a “high-profile hackathon” clearly demonstrates.
“The NFT Vision Hack will offer software developers, artists and creators from around the world a unique opportunity to showcase their creative work and solutions to a global audience,” Travia concluded.