Multiverse NFT Standard approved on Ethereum to Enhance Web3 Assets Interoperability

Coinsilium Group Limited, the Web3 investor, advisor, and venture builder is pleased to report that, following submission of the EIP-5606 (Ethereum Improvement Proposal) in September 2022, the new ‘Multiverse’ non-fungible token (NFT) standard ERC-5606, developed by the tech team of Metalinq, has successfully completed the Ethereum community approval process. Metalinq, a project backed by Coinsilium and the founding team of Indorse, a Coinsilium portfolio company, is building tech solutions enhancing the interoperability of Web3 assets.

New Multiverse NFT standard submitted by Metalinq tech team becomes the ERC-5606 NFT standard with the potential to benefit entire Web3 Ecosystem

  • Metalinq develops solutions enabling ownership and trading of unique digital assets across distinct metaverses and Web3 games.
  • Coinsilium completed a pre-seed funding of USD200,000 in Metalinq in 2022 in return of future MLINQ tokens as announced on 25 July 2022.
  • Coinsilium provides strategic advisory services to Metalinq covering token economics, strategic development, and partnerships.
  • ERC-5606 is a significant contribution by Metalinq towards building interoperable Web3 infrastructure on the Ethereum blockchain.
  • ERC-5606 is fully compatible with ERC-721 and ERC-1155, the most popular NFT standards today.

Eddy Travia, Chief Executive of Coinsilium, commented: “This is a very significant development for Metalinq in its efforts to accelerate the mainstream adoption of blockchain-based metaverses and Web3 gaming platforms. 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.

Choosing NFT standards is an important decision made by the developers of Web3 games and virtual worlds and Metalinq will be in an ideal position to build and recommend the implementation of Web3 tools making the most of all the ERC-5606 features. 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.”

Gaurang Torvekar, CEO of Indorse, co-Founder of Metalinq and co-Author of ERC-5606 commented: “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. This standard is not just limited to the Ethereum mainnet blockchain, but it can also be used on several other Ethereum Virtual Machine (“EVM”) blockchains such as sidechains (like Polygon, BSC), Layer 2 Optimistic Rollups (like Arbitrum, Optimism) and the upcoming Layer 2 zero-knowledge rollups (like zkSync, Scroll, Polygon Hermez).”

What is ERC-5606?

ERC-5606 is a new standard for creating multiverse NFTs on multiple metaverses, Web3 games and platforms. These tokens can represent unique assets across different virtual worlds, enabling interoperability between these worlds.

With ERC-5606, creators can design NFTs that are not limited to a single blockchain or platform, unlocking new possibilities for the use of NFTs in gaming, art, and other industries. The standard provides guidelines for implementing NFTs on different blockchains, ensuring compatibility and ease of use for developers and users alike.

In addition, ERC-5606 offers a range of features that enhance the functionality and flexibility of NFTs. For example, it supports the creation of composite NFTs, which combine multiple assets into a single token. This allows for the creation of more complex and valuable NFTs that can represent entire collections or sets of assets.

To become a new NFT standard, EIP-5606 was initially submitted as an Ethereum Improvement Proposal (“EIP”) on 6 September 2022. After the review by members of the Ethereum Protocol Developers and the Ethereum community, the proposal has now become the ERC-5606 NFT standard.

About Coinsilium

Coinsilium is a focused Web3 Investor, Advisor and Venture Builder based in Gibraltar, a pre-eminent global regulatory jurisdiction, and a leading hub for innovative financial technology. In 2015, Coinsilium became the first blockchain company to IPO. The Company has evolved to develop revenue-generating strategic advisory services and is a highly regarded innovator with proven technological and commercial expertise and development capabilities in the Web3 arena and within Open Finance.

Coinsilium has developed an array of commercial partnerships and joint ventures around the world to support its development capabilities, giving it access to best-in-class tech experts, a strong network, and asserting its profound industry profile. It has also partnered with blockchain technology experts Indorse to create Nifty Labs, a Web3 and Non-Fungible Token (‘NFT’) technology development studio in Gibraltar.

Coinsilium shares are traded on the AQSE Growth Market in London, under the ticker symbol “COIN”, and on the OTCQB Venture Market in the United States under the ticker symbol “CINGF”.

Photo by Jr Korpa on Unsplash

Read other stories: PlayMining GameFi Platform Unveils Revolutionary “Product Placement NFT” Advertising Solution

TYRANT’s SoulFire Facilitates First-Ever Fractional NFT Mint for Major Animated Movie