Coinsilium Group Limited: Multiverse NFT Standard approved on Ethereum to Enhance Web3 Assets Interoperability (1586115)
20 Marzo 2023 - 1:00AM
UK Regulatory
Coinsilium Group Limited (COIN) Coinsilium Group Limited:
Multiverse NFT Standard approved on Ethereum to Enhance Web3 Assets
Interoperability 20-March-2023 / 07:00 GMT/BST
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Coinsilium Group Limited: COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: Multiverse NFT Standard approved on
Ethereum to Enhance Web3 Assets Interoperability
London UK, 20 March 2023, Coinsilium Group Limited (AQSE: COIN)
(OTCQB: CINGF), the Web3 investor, advisor, and venture builder is
pleased to report that, following submission of the EIP-5606
(Ethereum Improvement Proposal) in September 2022, the new
'Multiverse' non-fungible token (NFT) standard ERC-5606, developed
by the tech team of Metalinq, has successfully completed the
Ethereum community approval process. Metalinq, a project backed by
Coinsilium and the founding team of Indorse, a Coinsilium portfolio
company, is building tech solutions enhancing the interoperability
of Web3 assets.
New Multiverse NFT standard submitted by Metalinq tech team
becomes the ERC-5606 NFT standard with the potential to benefit
entire Web3 Ecosystem
Highlights:
-- Metalinq develops solutions enabling ownership and trading of
unique digital assets across distinctmetaverses and Web3 games.
-- Coinsilium completed a pre-seed funding of USD200,000 in
Metalinq in 2022 in return of future MLINQtokens as announced on 25
July 2022.
-- Coinsilium provides strategic advisory services to Metalinq
covering token economics, strategicdevelopment, and
partnerships.
-- ERC-5606 is a significant contribution by Metalinq towards
building interoperable Web3 infrastructure onthe Ethereum
blockchain.
-- ERC-5606 is fully compatible with ERC-721 and ERC-1155, the
most popular NFT standards today.
Eddy Travia, Chief Executive of Coinsilium, commented: "This is
a very significant development for Metalinq in its efforts to
accelerate the mainstream adoption of blockchain-based metaverses
and Web3 gaming platforms. The success of Web3 games and virtual
worlds relies on, among other factors, the ability of the users
owning and trading NFTs as in-game items, wearables, virtual land,
and other digital assets. The current inability to port assets
between different games and platforms limits the overall
development of Web3 games and virtual worlds. We therefore see NFT
interoperability between different games and platforms as a key
catalyst of the Web3 infrastructure development and the ERC-5606
standard has the potential to become one of the main building
blocks of that infrastructure. Choosing NFT standards is an
important decision made by the developers of Web3 games and virtual
worlds and Metalinq will be in an ideal position to build and
recommend the implementation of Web3 tools making the most of all
the ERC-5606 features. The fact that the Tech team at Metalinq are
the authors of the ERC-5606 Standard also bodes extremely well for
Metalinq and its potential to become the 'go to' tech partner for
leading metaverse and Web3 game developers." Gaurang Torvekar, CEO
of Indorse, co-Founder of Metalinq and co-Author of ERC-5606
commented: "We are extremely happy and proud to have contributed to
the development of the ERC-5606 standard, which heralds an era of
interoperability and collaboration between the various web3 games
and virtual worlds. This standard is not just limited to the
Ethereum mainnet blockchain, but it can also be used on several
other Ethereum Virtual Machine ("EVM") blockchains such as
sidechains (like Polygon, BSC), Layer 2 Optimistic Rollups (like
Arbitrum, Optimism) and the upcoming Layer 2 zero-knowledge rollups
(like zkSync, Scroll, Polygon Hermez)." What is ERC-5606? ERC-5606
is a new standard for creating multiverse NFTs on multiple
metaverses, Web3 games and platforms. These tokens can represent
unique assets across different virtual worlds, enabling
interoperability between these worlds. With ERC-5606, creators can
design NFTs that are not limited to a single blockchain or
platform, unlocking new possibilities for the use of NFTs in
gaming, art, and other industries. The standard provides guidelines
for implementing NFTs on different blockchains, ensuring
compatibility and ease of use for developers and users alike. In
addition, ERC-5606 offers a range of features that enhance the
functionality and flexibility of NFTs. For example, it supports the
creation of composite NFTs, which combine multiple assets into a
single token. This allows for the creation of more complex and
valuable NFTs that can represent entire collections or sets of
assets. To become a new NFT standard, EIP-5606 was initially
submitted as an Ethereum Improvement Proposal ("EIP") on 6
September 2022. After the review by members of the Ethereum
Protocol Developers and the Ethereum community, the proposal has
now become the ERC-5606 NFT standard. Further information on
ERC-5606 Standard and Multiverse NFTs can be found here.
https://eips.ethereum.org/EIPS/eip-5606
https://medium.com/@gjpeixer/erc-5606-multiverse-nfts-28b463a91868
https://gaurangtorvekar.medium.com/proxy-nfts-soulbond-nfts-for-a-digital-asset-6f59922aab55
The Directors of Coinsilium Group Limited take responsibility for
this announcement.
Coinsilium Group Limited +350 2000 8223
Malcolm Palle, Executive Chairman +44 (0) 7785 381 089
Eddy Travia, Chief Executive www.coinsilium.com
Peterhouse Capital Limited
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
(AQSE Growth Market Corporate Adviser)
SI Capital Limited
Nick Emerson +44 (0) 1483 413 500
(Broker)
Notes to Editor
About Coinsilium
Coinsilium is a focused Web3 Investor, Advisor and Venture
Builder based in Gibraltar, a pre-eminent global regulatory
jurisdiction, and a leading hub for innovative financial
technology. In 2015, Coinsilium became the first blockchain company
to IPO. The Company has evolved to develop revenue-generating
strategic advisory services and is a highly regarded innovator with
proven technological and commercial expertise and development
capabilities in the Web3 arena and within Open Finance.
Coinsilium has developed an array of commercial partnerships and
joint ventures around the world to support its development
capabilities, giving it access to best-in-class tech experts, a
strong network, and asserting its profound industry profile. It has
also partnered with blockchain technology experts Indorse to create
Nifty Labs, a Web3 and Non-Fungible Token ('NFT') technology
development studio in Gibraltar.
Coinsilium shares are traded on the AQSE Growth Market in
London, under the ticker symbol "COIN", and on the OTCQB Venture
Market in the United States under the ticker symbol "CINGF".
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Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
Sequence No.: 230862
EQS News ID: 1586115
End of Announcement EQS News Service
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(END) Dow Jones Newswires
March 20, 2023 03:00 ET (07:00 GMT)
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