By Denise Matthews
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.
The NFT Vision Hack 2021
Following the success of Post Covid Hack 2020, which attracted over 1200 participants from all over the world and helped them shape the next digital revolution, Indorse and Coinsilium have announced the NFT Vision Hack 2021, which will launch on 3 July and close on 30 August.
Sponsors of PCH 2020 included HM Government of Gibraltar, RSK, the enabler of smart contracts for Bitcoin, IOV Labs, the leading bitcoin financial solution provider, Blockchain 4 Humanity, KuCoin and Mischon de Reya; 45 + partnerships were created including leading Universities, tech communities, organisations and media for PCH 2020. Some of the UK partners supporting the event included UCL CBT (a world-leading Centre of Excellence on Blockchain Technologies at University College London.), CryptoCompare, Tech London Advocates, Cambridge Blockchain Society, King’s College London Blockchain and the Oxford Blockchain Society among others.
With NFT Vision Hack, Indorse, Nifty Labs Gibraltar and Coinsilium are searching for visionaries who are ready to push the limits of possibilities in the world of non-fungible tokens and expose a pool of talent for Nifty Labs Gibraltar. This online global hackathon will bring together the best blockchain developers, game developers and artists from all over the world to create, innovative solutions around NFT technologies – a fast track to spot the next big things in the NFT space.
“During this first stage we will be engaging with leading technology companies and fast growing blockchain protocols to join the NFT Vision Hack. Sponsors and partners will directly interact with over 500 blockchain developers and artists, feature in webinars and workshops, benefit from technology adoption and get in touch with an open pool of innovative NFT ideas and POCs.” explains Gaurang Torvekar, CEO at Indorse.
For everything you need to know about the hackathon, visit www.nftvisionhack.com.