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There are two fundamental components to the build of the NFT Marketplace, the first being the 'Minter' module which enables users to create NFTs on the RSK blockchain and the second being the token listing and trading marketplace. Each component requires a corresponding smart contract and a User Interface ("UI"). The development of both these components is well underway and version 1 ("v1") of the smart contracts have been written. The development team is currently testing the smart contracts internally ahead of a comprehensive and formal security audit. Nifty Labs has appointed Coinspect, information security experts for decentralised operators, to undertake the smart contract audit. Coinspect has performed security audits for multiple decentralised projects including several associated with the RSK ecosystem.
The UI for the NFT minter has been completed, and the development of the UI for the marketplace model is well underway. Both interfaces contribute towards the make-up of the Decentralised Application ("DAPP") that supports the running and operating of the marketplace. The DAPP is targeted for launch on the RSK Testnet towards the end of August.
Progress report: RSK development of token bridge
In parallel to the development work on the minter and marketplace, RSK is prioritising development work on an NFT token bridge that will enable the conversion of NFTs from RSK to Ethereum and vice versa. Nifty Labs is additionally coordinating with the RSK team to create 'webhooks' that will allow newly minted NFTs on the RSK blockchain to be visible and tradable on the Nifty Labs trading platform and marketplace.
Coinsilium Group Limited: Nifty Labs NFT Marketplace Update
London, UK, 29 July 2021 - Coinsilium Group Limited (AQSE:COIN) (OTCQB:CINGF) the blockchain and Open Finance company, is pleased to provide a progress update regarding the build and development of the 'NFT on Bitcoin' marketplace which is being developed by its wholly-owned Gibraltar subsidiary, Nifty Labs Limited ('Nifty Labs'), in partnership with Indorse Pte. Ltd. ('Indorse'), a Singapore company in which Coinsilium holds a 10% equity interest.
Highlights:
Development of the marketplace is progressing well, and project completion is anticipated to be within the initial six-month timeframe as announced on 11 May 2021.
The first iterations of the smart contracts that underpin the marketplace have been written and internal testing is currently being undertaken. Decentralized systems security expert Coinspect has been appointed to undertake an external formal smart contract audit.
User Interface for the NFT minter module is now complete, with development work on the interface for the marketplace well underway. Both contribute to the Decentralised Application, which is targeted for launch on the RSK Testnet at the end of August 2021.
The RSK team is progressing with its development of a token bridge that will enable the conversion of NFTs from RSK to Ethereum and vice versa.
Coinsilium CEO, Eddy Travia, commented:
"The progress that has been made by everyone involved in the project to get us to this advanced stage has been significant, and that work will continue at pace. NFTs are a hot topic and achieving worldwide notoriety across a number of sectors including art, sport, music, gaming and many others. Completion of the 'NFT on Bitcoin' marketplace keeps the business at the forefront of digital innovation and development. It is also expected to accelerate our commercial activities, with revenue anticipated to be generated via two streams: the sale of newly minted NFTs; and platform fees from marketplace trading. We look forward to keeping the market updated with progress on the project."
Progress report: 'NFT on Bitcoin' marketplace
On 11 May 2021 the Company announced that Nifty Labs commenced development work on a new project to create an 'NFT on Bitcoin' marketplace platform powered by RSK blockchain, the smart contract platform secured by the Bitcoin network. The build and development of the technical aspects of the marketplace was expected to take up to six months to complete, and we are pleased to announce that the project is progressing well and is on track. When complete, the platform will incorporate various modules including an NFT minter, a gallery, and the capability to trade NFTs for alternative RSK-based tokens. The marketplace is initially expected to host the most popular NFT categories including digital art, sports, music, gaming and metaverse assets such as parcels of virtual land and 3D avatars.
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Which is what MMs were patiently holding for, but still more bought than sold on the day and some 14p trades at close, then a strong tick up in the USA
I expect MMs will rally it today to hawk them golden tickets bought yesterday ...fair play
11.88p and you could still buy this on the 5th for 7p BUT it is actually hardly even on anybody's radar yet, proof being that it is now 13:48 and this is the first post of the day - exciting times ahead!!
https://www.insider.com/twitter-nft-giveaway-reply-guy-margaret-corvid-sale-local-politician-2021-7
Needs to understand that there are only 174m shares in issue and many of them in sticky hands like mine. On that basis it doesn't take many trades to have a significant rise like we saw today. So it doesn't take many new sticky handed buyers to (rightly) multibag this stock for a solid mid-long term hold - just buy it and hold it and it will fly! (to the moon as someone said today)
Lots of headroom here, NFT is still in its infancy and we are one of the pioneers - won't be long before kids are getting collectible NFT's instead of toys with their happy meals, they'll just be normal everyday items and understood by all
Everything is being timed ahead of the event on July 7th?
https://www.eventbrite.sg/e/nft-vision-hack-opening-ceremony-tickets-158878677401
Marks the point that we will not have had an RNS for a whole month, given we were banging out 1 per week in the months ahead of that, it is very interesting
- when it does land then it may be filled with quadruple news
- has the BOD decided that actions speak louder than words and are busy delivering significant action?
- A major update is due on the development of our RSK marketplace
- have we been busy signing contracts and will announce multiple contracts in one hit?
Exciting times ahead!