Nifty Labs Limited, a subsidiary of blockchain venture capital firm Coinsilium Group, has revealed that he began to develop an RSK-powered NFT marketplace on the Bitcoin network.
NFT Marketplace on RSK Blockchain
The development announced on May 11, 2021 is expected to introduce NFT to the bitcoin network via the RSK blockchain. According to the press release, the development of the NFT marketplace will take 6 months and will incorporate the latest blockchain architecture.
The proposed specification is to develop a comprehensive and versatile market that will provide a hub for NFTs through the RSK blockchain. For the uninitiated, the RSK blockchain provides a cost effective means considering the lower transaction fees compared to the bitcoin network.
In addition, the NFT market will integrate additional features such as an NFT coin mechanism, a gallery. Users will also have the option to trade NFTs in exchange for RSK-based tokens such as RBTC (bitcoin on RSK linked to bitcoin via a 2-way anchor known as Powpeg), RIF, Money on Chain stablecoins such as Dollar on Chain (‘DOC’), and RIF Dollar on Chain (‘RDOC’), and Money on Chain (‘MOC’) governance tokens.
Nifty Labs also revealed that the market will initially host popular NFT categories such as digital art, sports, music, games, and metaverse assets such as virtual plots and 3D avatars. This helps ensure that the NFT marketplace has similar compatibility and functionality with other popular NFT platforms.
Subsequently, additional options such as interoperability between various Layer 1 and Layer 2 blockchain protocols could be added to the market.
RSK will build an inter-chain bridge
As part of the development of the NFT market, the RSK team will create an NFT token bridge specifically for NFTs that would complement existing bridges for fungible tokens. The bridge will support the transition of standard NFTs from the RSK blockchain to other blockchain standards like Ethereum ERC-721.
In addition, the first phase of the NFT token bridge is expected to enable interoperability between NFT in the bitcoin market and existing NFTs in Ethereum markets. This will ensure that the NFT ecosystem can expand to more users and provide more people the opportunity to interact with NFTs on the bitcoin blockchain.
As mentioned earlier, Nifty Labs estimates that market development will take up to six months. Completion times will depend on the completion and activation of the RSK NFT Token bridge.
Major milestone for Coinsilium
This is a major step for Coinsilium whose subsidiary Indorse entered into a partnership with Nifty Labs in March 2021 to launch an NFT development studio in Gibraltar. This was followed by a subsequent announcement that Coinsilium had provided initial working capital of GBP 250,000 to Nifty Labs to develop the NFT platform.
Once the NFT platform is launched, it is expected to become a major hub for NFT enthusiasts in the blockchain space.
Speaking about the development of Coinsilium CEO, Eddy Travia commented:
âThe announcement of the first details of the creation and development of the ‘NFT of Bitcoin’ marketplace marks an important moment as we accelerate our business activities in conjunction with the rapid growth of NFTs. The industry is fueling a new wave of cryptocurrency adoption and we are confident that the NFT marketplace developed by Nifty Labs on RSK will demonstrate that Bitcoin, the most secure blockchain of all, will become a major part of NFT’s success.
CEO of IOV Labs (parent company of RSK), Diego Gutierrez Zaldivar, said:
âNFTs support the burgeoning blockchain and digital asset landscape, and their use cases – ranging from art, music, content, and virtual property – continue to grow at an exponential rate. The world is only heating 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 transfer of assets between networks. “
“We are delighted with the agreement between Coinsilium and Nifty Labs which chooses RSK to develop an NFT market, bringing the unparalleled security of Bitcoin in space and allowing RSK to become a major player in the economy of tomorrow dominated by the NFT. “
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