The development of the token bridge for the Coinsilium-backed NFT marketplace will help boost the interoperability of the entire innovation.
Nifty Labs Limited, a Gibraltar-based blockchain development startup has entered into a partnership with Indorse Pte. Ltd to develop a Non-Fungible Token (NFT) marketplace built on the RSK Blockchain which is secured by the Bitcoin network. According to an official release by Coinsilium Group Limited (AQSE: COIN), the parent company of Nifty Labs, the project to create ‘NFT on Bitcoin’ has kickstarted with the timeline for the marketplace development scheduled for 6 months.
The blockchain ecosystem is fast attaining maturity with the advent of NFTs contributing to the overall growth of the industry. In 2020, the NFT niche recorded a total sale of $250m and surged 2,100% to USD 2 billion in the first quarter of 2021 according to a report published by NonFungible.com. While the unique digital assets are most accessible to users of more functional open-source blockchain networks like Ethereum, Bitcoin backers are understandably locked from hosting these assets. This is what the Coinsilium-backed Nifty Labs and Indorse are hoping to change, and it is getting the needed support from IOV Labs Ltd, the parent company to RSK.
Some of the major highlights of the RSK-based marketplace development include the rollout of solutions for NFT tokens to be built using RSK blockchain technology enabling ‘NFTs on Bitcoin’. The new platform will focus on enabling capabilities for such NFT use-cases as digital art, music, sports, gaming, and metaverse assets. The project will also develop a token bridge to enable the transfer and movement of RSK blockchain standard NFTs to other blockchain standards NFTs, including Ethereum ERC721.
“Announcing the initial details for the build and development of the ‘NFT of 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,” says Eddy Travia, Coinsilium Chief Executive Officer.
Coinsilium-backed NFT Marketplace: Interoperability Prioritized as the Hallmark
Today’s DeFi world is gaining more traction as tokens can easily move from one blockchain to another. The development of the token bridge for the Coinsilium-backed NFT marketplace will help boost the interoperability of the entire innovation.
In addition to the token bridge for regular assets on the RSK network, IOV Labs is lending support to the project by prioritizing the token bridge for the Non-Fungible Token project.
“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 NFT-dominated economy,” says Diego Gutierrez Zaldivar, IOV Labs CEO.
Other key functionalities of the NFT Marketplace will feature the incorporation of key modules such as NFT minter, a gallery, and the capability to trade NFTs for alternative RSK-based tokens such as RBTC (bitcoin on RSK pegged to bitcoin through a 2-way peg known as Powpeg), RIF, Money on Chain stablecoins such as Dollar on Chain (‘DOC’) and Rif Dollar on Chain (‘RDOC’), and Money on Chain governance tokens (‘MOC’).
According to the announcement, the timeline for the full functionality to be rolled is dependent on many factors, the most important, which is the timely deployment of the token bridge.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.