Coinsilium Group Limited (LON:COIN) has updated investors on the memorandum of understanding (MOU) and proposed partnership between its Gibraltar subsidiary Nifty Labs Ltd and Indorse, a Singaporean firm in which it owns a 10% stake.
The blockchain and open finance venture firm said following the announcement of the MOU on March 2, in which Nifty and Indorse agreed to form a partnership in order to launch a non-fungible token (NFT) technology development studio in Gibraltar, the two parties are continuing to advance discussions towards finalising the partnership structure for Nifty Labs and concluding the respective legally binding agreements whilst at the same time jointly evaluating various commercial NFT projects and opportunities.
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Coinsilium added that while discussions are ongoing, the parties have agreed that in the event any commercial agreements relating to in-house projects or prospective third-party clients are concluded ahead of the completion of the partnership agreement, as an interim solution these agreements shall be undertaken with a provision for a revenue share agreement between Nifty Labs and Indorse, the terms of which shall be established in each case.
“Nifty Labs is currently experiencing an unprecedented level of enquiries and demand for NFT development services across a range of sectors including digital art, collectibles, music, sports and social media, even before our partnership agreement with Indorse has been formally concluded”, Coinsilium chairman Malcolm Palle said in a statement.
“From a commercial perspective it is imperative that we continue to maintain the momentum that we have built since the announcement of the launch of Nifty Labs and capitalise on the growing number of commercial opportunities we are now being presented with. Whilst formal discussions regarding the partnership agreement remain ongoing, a revenue share model in respect of each and any commercial agreement will therefore fulfil this requirement, until such time that the respective formal agreements are concluded”, he added.
Story by ProactiveInvestors
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