Nifty Labs has announced that it has begun the development of Bitcoin-based NFTs.
Coinsilium Group Limited owns the platform, and through a partnership with Indorse, has started development work on a new project for Bitcoin-based Non-Fungible Tokens powered by the RSK blockchain that enables the creation of smart contracts.
Development work on the marketplace is expected to be completed within six months, and the new NFTs on Bitcoin will be used for digital art, music, sports, games and metaverse resources.
In addition, RSK will also create token bridges that will allow NFTs on other blockchains, such as ERC721 on Ethereum, to be transferred to the new format.
Indorse is a Singaporean company in which Coinsilium holds a 10% stake, while Coinsilium itself has funded the project with up to GBP250,000 in initial working capital and a development facility. A portion of these funds has been allocated to the commissioning and accelerated development work of Nifty Labs’ NFTs on the Bitcoin project. At the same time, Indorse will handle the technical aspects of the project under the supervision of Nifty Labs CEO and Tech Lead and Indorse CEO Gaurang Torvekar.
The initial specifications describe a solution based on a generic marketplace platform for NFT tokens created on the RSK blockchain, on which transaction fees are lower than on Ethereum, for example.
The platform will incorporate various modules, including an NFT minter, a gallery, and an exchange of NFTs with alternative RSK-based tokens.
The NFT marketplace on Bitcoin
The marketplace will initially host the most popular NFT categories: digital art, sports, music, games, and metaverse resources. It will then provide similar functionality to other popular marketplaces, with potential compatibility with NFTs on other platforms.
Coinsilium CEO Eddy Travia said:
“Announcing the initial details for the build and development of the ‘NFT on Bitcoin’ marketplace marks a significant moment as we accelerate our commercial activities in conjunction with the rapid growth of NFTs. The sector is fuelling a new wave of cryptocurrency adoption and we are confident that the Nifty Labs-developed NFT marketplace on RSK will demonstrate that Bitcoin, the most secure blockchain of all, will become a major part of the NFT success story.
Whilst the NFT space is at an early stage of its development, our partners at Indorse have significant experience in designing complex smart contracts; having demonstrated their know-how with the public alpha release of ‘Nifty Scanner’, a digital asset analysis software solution for NFTs. Indorse is, therefore, the ideal partner for the development of the marketplace platform and we look forward to updating the market as progress is made”.
CEO of IOV Labs (RSK’s parent company), Diego Gutierrez Zaldivar, added:
“NFTs are supporting the booming blockchain and digital asset landscape, and their use-cases – ranging from art, music, content, and virtual property ownership – continue to grow at an exponential pace. The world is only just warming up to the endless possibilities that NFTs offer. Given the importance of this flourishing market, we are working on a token bridge that will allow the seamless moving of assets between networks. We are thrilled about the agreement between Coinsilium and Nifty Labs choosing RSK to develop an NFT marketplace, bringing the unparalleled security of Bitcoin to the space and enabling RSK to become a major player in tomorrow’s NFTdominated economy”.