Coinsilium updates on progress of NFT venture project

Coinsilium Group Limited (LON:COIN) has updated on the progress of its first non-fungible token (NFT) venture project as well as the forthcoming release of the Gibraltar cryptocurrency postage stamp and NFT collectable.

The blockchain and crypto venture builder said the release date for the crypto postage stamp, originally announced in December through an agreement with the Gibraltar Philatelic Bureau (GPB), has now been set for May 17 with pre-orders to be accepted from around April 19.

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The stamp series will be limited to 50,000 in total, 10,000 of which have been pre-reserved by (GPB) for their own clients and dealers. As a result, the company said 40,000 crypto postage stamps will be available for public sale upon release.

Coinsilium also said the GPB will accept payments for the stamps in cryptocurrencies including Bitcoin and Ether through a payment processing facility provided by Digital Asset Management Ltd in Gibraltar.

Meanwhile, the company said final artwork designs for the NFT digital collectable have been approved and that its partner RedFOX will be working to incorporate the artwork into an NFT format over the coming weeks in preparation for their listing on the digital marketplace.

A total of 100,000 NFTs will be minted, representing two NFTs for every Crypto Postage Stamp issued, Coinsilium said, adding that the NFT artwork will comprise a selection of exclusively commissioned iconic images of Gibraltar which will follow the design theme of the Crypto Postage Stamp.

The NFT images will also be minted with varying levels of scarcity as individual constituents making up a collectable set, including a selection of extremely limited ‘super rare] NFTs designed with enhanced value characteristics.

The company said purchasers of the Gibraltar Crypto Stamp will have the right to reserve NFTs, with an exclusivity period of approximately 8 weeks prior to general release, which is slated for around mid-July. Coinsilium said further details of the Crypto Postage Stamp launch including prices as well as pre-order and purchase procedures will be announced in early April.

Story by ProactiveInvestors