Coinsilium Group Limited updated investors on the build and development of a non-fungible token (NFT) marketplace by its Gibraltar subsidiary, Nifty Labs Limited.
The blockchain and open finance firm said development of the ‘NFT on Bitcoin’ marketplace is “progressing well” and completion is anticipated to be within the initial six-month timeframe as announced on May 11.
Coinsilium also said the first iterations of the smart contracts that underpin the marketplace have been written and internal testing is currently being undertaken, while decentralised systems security expert Coinspect has been appointed to undertake an external formal smart contract audit.
The firm added that the user interface for the NFT minter module is now complete with development work on the interface for the marketplace “well underway”. Both of these contribute to the decentralised application which is targeted for launch on the RSK Testnet at the end of August.