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22 June 2021

Coinsilium Group Limited’s Nifty Labs Starts RSK-Powered NFT on Bitcoin Marketplace Development

Coinsilium Group Limited’s Nifty Labs Starts RSK-Powered NFT on Bitcoin Marketplace Development


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Coinsilium Group Limited’s Nifty Labs Starts RSK-Powered NFT on Bitcoin Marketplace Development.

On 11thMay 2021, Coinsilium announced that one of its subsidiaries, Nifty Labs, has begun the development of the “NFT on Bitcoin” marketplace.

This marketplace is powered by RSK blockchain, andNifty Labs has partnered up with Indorse for the development of the above-mentioned NFT (Non-Fungible Token) project, which is secured by the Bitcoin network.

It was announced on 2ndMarch 2021 that Nifty Labs Limited has entered into an MoU (Memorandum of Understanding) with Indorse.

Coinsilium, on 22ndMarch 2021, announced that it had provided the Nifty Labs with 250,000 GBP of initial working capital.

Moreover, it was also announced that Indorse, under the supervision of Indorse CEO (Gaurang Torvekar) and Nifty Labs tech lead, will be managing the project’s technical aspects. .

The initial development specifications that are announced for the new project suggest that it will be a general-purpose, all-encompassing NFT on the Bitcoin marketplace.

It has also been announced that the initial developments of the project will include the most popular categories of NFT, such as gaming, music, sports, digital art, 3D avatars, virtual land parcels, etcetera.

In simple words, the capabilities of the New Coinsilium project “NFT on Bitcoin” will have pretty much the same functionalities that many other popular NFT marketplaces offer.

As a complement to its current fungible token bridge, the RSK team has told Coinsilium that it will prioritize development work on an NFT token bridge.

Eddy Travia, who is the CEO of Coinsilium, said that releasing the initial development details of the NFT on the Bitcoin marketplace is a big step for the organization.

He also said that the crypto world is taking another big turn, and Coinsilium is confident that the NFT on Bitcoin development by the Nifty Labs and Indorse will go in the right direction and will play a big role to define the success of the NFT.

Usually, the single transaction rate of rDAI is 0.15c which means that it’s 80 times cheaper as compared to the transition taking place on Ethereum

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