NFTs on Bitcoin

NFT On Top of Bitcoin Powered by the RSK Network and Coinsilium Group Limited

If you thought that NFTs (non-fungible tokens) on Bitcoin (BTC) were not possible, you were wrong. Coinsilium Group Limited a blockchain company focusing on different crypto-related projects, announced that Nifty Labs Limited, one of its subsidiaries, is now working on the RSK network to create an NFT Bitcoin marketplace.

In a recent press release shared by IOVlabs, the company explained that they are working side by side with its partner Indorse Pte. Ltd to bring non-fungible tokens to the Bitcoin blockchain. 

NFT Marketplace on Top of Bitcoin

As per the press release, the development work on the NFT marketplace on Bitcoin has already started and it is expected to reach an end in six months. This should give enough time for developers to work on the RSK network and create the necessary solutions for users to handle NFTs using Bitcoin’s security. 

Thanks to the RSK network, it is possible to create NFT tokens that would now be linked to the Bitcoin network. Over the last few months, we have seen how different projects released NFTs on different blockchain networks. However, the security provided by the Bitcoin network is far from being similar to any other decentralized ledger currently operative. 

It is also worth taking into account that RSK will be prioritising token bridge build by enabling transfers of RSK blockchain standard NFTs to other blockchain standards. This includes a connection to ERC721 tokens, which are some of the most popular NFT tokens currently available in the market. 

New Projects on RSK: An NFT Marketplace

RSK is expanding as one of the fastest-growing networks in the world through different solutions that it is offering not only to individuals but also to companies and crypto projects. In the press release, the company explains that minting and transacting NFT tokens on the RSK networks is much more efficient due to the low fees and fast transaction times. 

The new marketplace is expected to include an NFT minter, a gallery to search for different NFTs created by the community, and of course, a marketplace to trade these NFTs for different RSK-based tokens. One of the most popular tokens is the RBTC (wrapped Bitcoin on RSK) that follows the price of BTC using a 2-way peg called Powpeg. 

Other tokens include the stablecoin Dollar on Chain (DOC) or the Rif Dollar on Chain (RDOC). However, the MOC governance token is also available for users. 

Some of the most popular categories on this marketplace will include digital art, 3D avatars, virtual land and many other things. Everything depends on what users want to share and the items they want to exchange on this marketplace. In the future, there could be interoperability projects between different blockchain protocols. 

The CEO of Coinsilium, Eddy Travia, said about the new project to build an NFT marketplace using RSK network:

“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.”

At the same time, the team behind RSK explained that they will be working on an NFT token bridge to improve the existing bridge for fungible tokens. After it, individuals will be able to transfer their NFT tokens to other blockchain standards such as the previously-mentioned ERC721 of the Ethereum network. 

Finally, the CEO of IOV Labs, Diego Gutierrez Zaldivar, explained that NFTs are supporting the expansion of the blockchain market and its landscape. Moreover, with the recent decision of Coinsilium and Nifty Labs to use the RSK network, it is possible for RSK to become one of the major players in the NFT industry.