Coinsilium Group Limited (LON:COIN) (OTCQB:CINGF) said it has entered the virtual asset and digital collectable market through a technical development and support deal with Vietnamese firm RedFOX Labs.

Under the agreement, the Aquis-listed blockchain, crypto and decentralised finance (DeFi) venture group said RedFOX will support the creation of a range of virtual asset and digital collectable marketplaces and facilitate the trading of non-fungible tokens (NFTs) across various prospective market sectors.

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NFTs are different from other digital assets such as Bitcoin in that they are digital tokens with unique characteristics, with metadata inside them acting as a permanent and unalterable record of what the token represents. They can be used as digital authentication certificates for assets such as artwork as well as unique digital collectables.

Coinsilium said the RedFOX agreement will involve the delivery of a specifically commissioned digital collectable project which it expects to be able to announce in the coming weeks. It added that the agreement can subsequently be extended to cover services for other virtual asset and digital collectable marketplace initiatives currently under evaluation.

READ: Nonfungible tokens could be the next frontier in crypto development

“We are most excited to announce Coinsilium’s move into the fast growing and potentially lucrative NFT space, in-line with the company’s new blockchain and crypto-finance venture building strategy”, Coinsilium chairman Malcolm Pallé said in a statement.

“It is also most encouraging to have RedFOX as our technical partner, with their proven track record and high-profile industry status. As stated in this release, we look forward to releasing the full details of our first commercial NFT project shortly, in readiness for the company’s imminent relaunch as a Blockchain, DeFi and Crypto Finance venture operator”, he added.

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