Proactive Investors - Coinsilium Group Ltd told investors that a new ‘multiverse’ non-fungible token (NFT) standard (ERC-5606), developed in a project backed by the company, has now been approved on Ethereum.
The NFT standard is described, in a statement, as a significant contribution to building interoperable Web3 infrastructure on the Ethereum blockchain, and, it is fully compatible with, the most popular NFT standards today (ERC-721 and ERC-1155).
Coinsilium last year completed a pre-seed funding of USD200,000 in Metalinq, the developer of the new NFT standard, and it provides Metalinq with strategic advisory services spanning token economics, strategic development, and partnerships.
“This is a very significant development for Metalinq in its efforts to accelerate the mainstream adoption of blockchain-based metaverses and Web3 gaming platforms,” said Coinsilium chief executive Eddy Travia.
“The success of Web3 games and virtual worlds relies on, among other factors, the ability of the users owning and trading NFTs as in-game items, wearables, virtual land, and other digital assets.
“The current inability to port assets between different games and platforms limits the overall development of Web3 games and virtual worlds.
“We therefore see NFT interoperability between different games and platforms as a key catalyst of the Web3 infrastructure development and the ERC-5606 standard has the potential to become one of the main building blocks of that infrastructure.”
Travia added: “The fact that the Tech team at Metalinq are the authors of the ERC-5606 Standard also bodes extremely well for Metalinq and its potential to become the ‘go to’ tech partner for leading metaverse and Web3 game developers.”
Metalinq co-founder and ERC-5606 co-author Gaurang Torvekar, meanwhile, added: “We are extremely happy and proud to have contributed to the development of the ERC-5606 standard, which heralds an era of interoperability and collaboration between the various web3 games and virtual worlds.”