Development of NTFs based on Bitcoin this was announced by Nifty Labs. The platform is owned by Coinsilium Group Limited and through the partnership with Indorse has started work on the development of a new Non-Fungible Token project which will be based on BTC and powered by blockchain RSK that allows the creation of smart contracts.
The development work on the marketplace should be concluded within the next six months and the new Bitcoin NFTs will be used for music, digital art, games, sports and metaverse assets.
Furthermore, the RSK will create token bridges that will allow the transfer of NFTs on other blockchains such as those of ERC721 on Ethereum in a new format. Indorse is the Singapore company in which Coinsilium holds a 10% stake. While the same Coinsilium funded a project with initial working capital and a development facility of up to £ 250.
Part of the funds was allocated to commissioning work and accelerated project development, for Bitcoin NFTs from Nifty Labs, while Indorse will handle the various technical aspects of the project under the supervision of Tech Lead and Indorse Gaurang Torvekar.
At the moment the initial specifications have described that the solution will be based on a generic market platform created on the RSK blockchain for NFT tokens, on which moreover the transaction fees will be lower than this. which is offered by Ethereum.
The platform will incorporate several modules including: a gallery, the ability to exchange NFTs, an NFT minter with RSK-based tokens. The marketplace will host the NFT categories more popular and will provide functions similar to those available on others, with the potential compatibility of these with other platforms.
The CEO of IOV Labs (company of which RSK is a part) stated: NFTs are supporting the boom in the digital asset and blockchain landscape. Their use cases range from art to virtual ownership. The world is getting closer and closer to the infinite possibilities offered by NFTs. Given the importance of this market, we are working on the creation of a token bridge to allow the movement of assets between the various networks. We are excited about the agreement between Nifty Labs and Coinsilum that chose RSK to develop the NFT market by bringing Bitcoin security to the industry and enabling RSK to become a major player in the economy of the future.