The Rise Of The Nfts

Gibraltar has been making waves as a hub for Blockchain and Distributed Ledger Technology, with plenty of use cases locally and more to come throughout the summer months

The fourth oldest auction house founded in 1731, Sotheby’s, auctioned a digital art piece, an NFT, for the first time ever back in March for just over $60 million dollars by a not so well known artist, Beeple. Bidding for Everydays: The First 5000 Days started at just $100, but a sudden flurry of bidding towards the end prompted a two-minute extension. Rebecca Riegelhaupt, a Christie’s spokeswoman, said: “33 active bidders contested the work and the result was the third-highest auction price achieved for a living artist”. 

A non-fungible token (NFT) is a unit of data stored on a digital ledger, a blockchain, that certifies a digital asset to be unique and therefore not interchangeable being used to store photos, videos, audio, and other types of digital files. Access to any copy of the original file is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright. 

Gibraltar Crypto Stamp and NFT Digital Collectible

On 17 December 2020, Coinsilium Group announced it had concluded an agreement with the Gibraltar Philatelic Bureau Ltd (GPBL) for the creation of a commemorative limited edition Cryptocurrency Postage Stamp tied to the release of a digital collectible NFT counterpart, exclusively produced by the company’s wholly owned subsidiary, Coinsilium (Gibraltar) Limited. This has been a collaboration with Vietnam-based RedFOX Labs with a website created especially for the stamps and NFTs, www.nifty.gi. 

The release date for the Crypto Postage Stamp was set for 17 May 2021 with the series limited to 50,000 in total, 10,000 of which were pre- reserved by GPBL for their own clients and dealers worldwide. A maximum of 40,000 Crypto Postage Stamps were available for public sale upon release. The Gibraltar Philatelic Bureau, for the first time, accepted payments for the stamps in cryptocurrencies including Bitcoin and Ethereum, through a payments facility provided by Digital Asset Management Ltd in Gibraltar.

The collection of iconic images of Gibraltar by local photographers has been exhibited for two weeks during the month of June at the John Mackintosh Hall. Final artwork designs for the NFT collection were approved and Redfox incorporated the artwork into the NFT format in preparation for their listing on the digital marketplace. A total of 100,000 NFTs were minted, representing two NFTs for every Crypto Postage Stamp issued. The artwork comprises a selection of exclusively commissioned iconic images of Gibraltar which followed the design theme of the Crypto Postage Stamp. The NFT images will be minted with varying levels of scarcity as individual constituents making up a collectible set. The collection will also include a selection of extremely limited ‘super-rare’ NFTs designed with enhanced value characteristics. 

Purchasers of the Gibraltar Crypto Stamp have the first right to reserve their NFTs, with an exclusivity period with the final date as yet to be announced. 

Nifty Labs Gibraltar

Nifty Labs Limited, a Gibraltar-based blockchain development start-up has entered into a partnership with Indorse Pte. Ltd to develop an NFT marketplace built on the RSK Blockchain which is secured by the Bitcoin network. The parent company of Nifty Labs, Coinsilium Group Limited recently released news of the project to create ‘NFT on Bitcoin’ has kickstarted with the timeline for the marketplace development scheduled for 6 months. 

Coinsilium Co-Founder and Chairman Malcolm Palle stated: “We believe that the ‘royalty’ component will prove to be one of the great innovations to come out of the NFT space and holds the potential for reshaping revenue models across a wide spectrum of industries, for the benefit of artists, creators and significantly, brand owners. Simply put, this technology enables the terms of any royalty type agreement to be coded directly into the Smart Contract, rendering the agreement completely transparent and irrefutable, thereby avoiding issues or disputes with counterparties which can often occur years down the line.”

The Nifty Minter, currently in development by Nifty Labs (alongside the marketplace), will also include an option for the original creator to include a provision for a royalty payment in their tokens and the contracts. The creator can thereby ensure that they will continue to receive perpetual royalty payments on all secondary market sales for as long as the NFT continues to trade. This royalty payment could range from anywhere between 1% to 30%, depending on the requirements of the creator. Further proposals for 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. Visit 99starz coin website to leave your email address for presale.

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