Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Coinsilium confident of generating revenue streams from NFTs and Open Finance

% of readers think this story is Fact. Add your two cents.

Coinsilium Group Limited (LON:COIN)(OTCMKTS:CINGF) said although the Open Finance and non-fungible token (NFT) markets are in their infancy, developments in the past year and a half have increased confidence in the company’s ability to generate credible revenue streams.

The group’s financial results for 2020 showed a net fair value gain of £565,713 compared to a gain of £572,805 in 2019 with a gain from continuing operations of £309,590 compared to a loss of almost £259,000 a year earlier.

There was cash at bank of just over £173,000 at the end of last December and with an additional £1.2mln raised in May, the company said all its current operational commitments are fully funded “up to January 2022 and beyond”.

Following a strategic review that concluded in December, the board resolved to focus on NFTs and Open Finance.

In his outlook statement alongside the results, chief executive Eddy Travia said the board sees a significant opportunity in these two areas, highlighting projects that its wholly owned Nifty Labs arm is developing with partners.

The Gibraltar Crypto Stamp and the Gibraltar Genesis Collection of NFTs, while principally being working pilots, “have spotlighted our technology focus and capability within the area”, Travia said, and “have served to generate a broader interest that we aim to capitalise on”.

He said sales of NFT collections will have a twofold impact on the company’s ability to generate revenues, he said, “firstly, we will generate revenues from the initial sale or ‘drop’ of the NFT; and then again from all secondary market trading activities (particularly pertinent in respect of the rarer and more valuable digital assets) with the capability for programming into the smart contract a commission or royalty on any subsequent trades”.

Beyond this, he said the board believes Nifty Labs subsidiary has “the potential to generate significant value for the company”.

It is currently working on the build-out of a digital marketplace, with Travia saying the capability of developing a bespoke marketplace solution “not only showcases our tech development capability, it also allows us to create something that will be of benefit to the wider blockchain ecosystem”.

He added that the current solid financial base means Coinsilium can continue to be strategically flexible and “take an opportunistic approach to new developments and opportunities” within NFT and Open Finance markets and potentially other digital finance markets.

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.