Coinsilium’s new multiverse NFT standard approved on Ethereum

Coinsilium Group Ltd has informed investors that a new “multiverse” non-fungible token (NFT) standard known as ERC-5606 has been approved on the Ethereum blockchain. This standard was created in a project backed by the Coinsilium Group.

New ERC-5606 NFT standard approved on Ethereum

According to an official statement from the company, this NFT standard contributes to the creation of interoperable Web3 infrastructure on the Ethereum network. Moreover, the standard is compatible with other popular standards, such as the ERC-71 and the ERC-1155.

Coinsilium has been making significant efforts to venture into the NFT industry. Last year, the company completed a pre-seed funding round of $200,000 for Metalinq. The latter is the developer behind the ERC-5606 NFT standard. Besides providing funding, Coinsilium gives Metalinq access to strategic advisory services in multiple areas, such as token economics, strategic developments, and partnership deals.

The chief executive at Coinsilium, Eddy Travia, commented on this development, saying, “This is a very significant development for Metalinq in its efforts to accelerate the mainstream adoption of blockchain-based metaverses and Web3 gaming platforms.”

Travia added that multiple factors determined the success of Web3 games and metaverse worlds. One of these factors was the ability of the users to use NFTs as in-game items, wearables, virtual land, and other digital assets to own and trade them.

However, there were limitations with the current NFT infrastructure in the industry because using assets across different games and platforms was challenging. Such challenges limit the development of Web3 games and the metaverse.

According to Travia, the interoperability of different games and platforms was a major catalyst for the development of Web3 infrastructure, and the ERC-5606 standard was uniquely positioned to have the potential to emerge as one of the leading building blocks for the infrastructure.

“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,” Travia added.

According to the co-founder of Metalinq, Gaurang Torvekar, the company was excited to have supported the development of the ERC-5606 standard. Torvekar said the initiative combined interoperability and collaboration between multiple Web3 games and virtual worlds.

Coinsilium focused on efforts in the Web3 industry

Coinsilium has made multiple efforts to support its growth within the Web3 and metaverse sectors. The company settled on an acquisition deal for Tokenomi. The latter is a blockchain and Web3 advisory platform. The deal allows the company to support more projects in the Web3 field.

At the time of this acquisition, Travia said that the deal was timely and could potentially transform the industry. He noted that Tokenomi would set the base for Coinsilium to scale its advisory business as it readies itself for increased activity within the Web3 industry. These efforts have positioned Coinsilium in being a major player in the sector.