Coinsilium Group (AQSE:COIN | OTCMKTS:CINGF)kicked off the week with the news it will provide a working capital and development facility of up to £250,000 ahead of the highly anticipated launch of Nifty Labs, it’s new non-fungible token technology development studio.
The company’s Terrastream subsidiary entered a memorandum of understanding (“MOU”) in early March with Singapore’s Indorse to form either a partnership or joint venture in Gibraltar. Coinsilium holds a 10% equity interest in Indorse, a skills validation platform. This platform helps companies with hiring by checking that applicants really have the skills they claim to.
The partnership is centred around launching the studio, which is focused on the area of non-fungible tokens (“NFTs”).
Money is fungible. If you lend someone a £20 note they can return a completely different £20 to you later that can be used in the exact same way. You can even get back two £10 notes and use them just the same as your original £20.
Non-fungible means the tokens cannot be exchanged. This is similar to the way a ticket for a 5AM flight on Monday will not allow someone to get on a Thursday flight at 4PM. Likewise, NFTs are completely unique, allowing people to trace ownership of an NFT, which stops the production of fakes.
Terrastream has now been renamed as Nifty Labs in Gibraltar and will be provided with a working capital and development facility worth up to £250,000 by Coinsilium. Some of the funds will be used to help commission and fast-track the development of Nifty Labs’ first NFT platform solution. Indorse will manage the project’s technical aspects.
Details of the NFT project are still confidential at this point “due to commercial sensitivities”. Additional updates will be published “in a timely manner”.
This partnership is not Coinsilium’s only NFT venture. It also has an agreement to create a NFT counterpart to a Gibraltar cryptocurrency postage stamp. The NFT artwork will comprise various “exclusively commissioned iconic images of Gibraltar”, following the stamp’s design.
NFTs are receiving tremendous attention at the moment, and now comprise a $1 billion market. Earlier this month, an NFT for a digital artwork sold for $69 million at a Christie’s online auction. While some fear an NFT bubble, Coinsilium seems determined to make itself at home in this expanding space.
Having been the first ever blockchain company to list on a stock exchange, back in 2015, Coinsilium is well-placed to be at the forefront of a potential NFT revolution.