Coinsilium Group Limited (COIN)
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: Nifty Labs Partnership Update
As announced on 2 March 2021, Nifty Labs (formerly Terrastream) entered into an MoU with Indorse to form a Partnership ('the Partnership') in order to launch a Non-Fungible Token ('NFT') technology development studio in
The Parties continue to advance discussions towards finalising the partnership structure for Nifty Labs and concluding the respective legally binding agreements whilst at the same time jointly evaluating various commercial NFT projects and opportunities. As announced on 22 March 2021, Coinsilium also agreed to provide Nifty Labs with an initial working capital and development facility of up to
Whilst discussions regarding the Partnership remain ongoing, the Parties have agreed that, in the event that any commercial agreements relating to in-house projects or prospective third-party clients are concluded ahead of the completion of the Partnership Agreement, as an interim solution, such commercial agreements shall be undertaken with a provision for a revenue share agreement between Nifty Labs and Indorse, the terms of which shall be established in each case.
Coinsilium Chairman Malcolm Palle commented: "Nifty Labs is currently experiencing an unprecedented level of enquiries and demand for NFT development services across a range of sectors including digital art, collectibles, music, sports and social media, even before our partnership agreement with Indorse has been formally concluded.
"From a commercial perspective it is imperative that we continue to maintain the momentum that we have built since the announcement of the launch of Nifty Labs and capitalise on the growing number of commercial opportunities we are now being presented with. Whilst formal discussions regarding the partnership agreement remain ongoing, a revenue share model in respect of each and any commercial agreement will therefore fulfil this requirement, until such time that the respective formal agreements are concluded."
Background on the Nifty Labs MoU and NFTs
To provide further context and clarity, certain information originally provided in the Company's announcement of 2 March 2021 has been reproduced below:
The Virtual Asset and Digital Collectibles Market
The global market for Virtual Assets and Digital Collectibles is a fast-growing segment within the rapidly evolving blockchain industry. NFTs are the enabling technology and the universally referenced nomenclature for this market segment.
NFTs are now being utilised in a growing array of commercial models including the digitisation of assets, the creation of digital collectibles, as well as for bridging physical to digital assets across various markets, such as gaming, sports, music and fine arts. In these markets, unique digital assets are being created with their own specific set of features and properties, allowing new forms of interaction between brands or content owners and their customers, and between artist/sports personalities and their fans.
Nifty Labs Areas of Cooperation
Through Nifty Labs, the Parties wish to develop smart contract systems for NFT applications. The Parties also wish to explore opportunities for other smart contract systems and models with applications across various industry sectors. The Parties also intend to develop smart contract systems for NFT applications compatible with the RSK token standard so that NFT transactions can occur on the RSK blockchain and the NFTs can be traded for RBTC and/or RIF tokens and be used within the RSK ecosystem of platforms and applications.
The Parties further propose that the activities of Nifty Labs shall also include the development and production of scalable and enterprise grade blockchain technology and smart contract based solutions which can be sold or licensed to third parties across a variety of industries.
NFTs on Bitcoin
Currently, although ERC-721 compatible Smart Contracts and tokens can be written on the RSK blockchain, there are still several missing elements needed to make the RSK ecosystem conducive for markets such as digital arts, gaming, collectibles and various other potential applications.
Nifty Labs intends to develop various capabilities through the RIF marketplace enabling the RSK ecosystem to compete effectively with the other leading NFT protocols and platforms.
Under the terms of the MoU, technical development will be led by Indorse CEO Gaurang Torvekar. Gaurang has a Masters in Information Systems from Singapore Management University and has conducted courses on Ethereum hands-on coding and has also worked on a book on Building Ethereum Dapps.
In 2015 Gaurang co-founded
Gaurang is the co-founder and CEO of Indorse, a blockchain powered skills validation platform. Indorse has received investments from Coinsilium Group and the venture arm of the Times of India Group.
The Directors of Coinsilium Group Limited take responsibility for this announcement.
For further information, please contact:
Notes to Editor
Coinsilium is a focused Blockchain and Open Finance venture Builder. As the first ever IPO of a blockchain company in 2015, Coinsilium has harnessed its experience and wide-ranging network to invest in leading blockchain projects such as RSK/IOV Labs, Indorse and Blox.
In July 2020, Coinsilium executed an agreement with top 100 blockchain protocol company IOV Labs, to establish a 50/50 Joint Venture Company in
Coinsilium shares are traded on the
For further information please visit www.coinsilium.com or follow
@CoinsiliumGroup on Twitter
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