Coinsilium-Backed ERC-5606 Multiverse NFT Standard by Metalinq Has Been Officially Approved on Ethereum
The Coinsilium-backed ERC-5606 multiverse NFT standard has been officially approved on the Ethereum network after a proposal was submitted in September 2022. The new standard was made by the tech team at Metalinq and aims to bring true interoperability by allowing creators to design NFTs not limited by blockchains or platforms, while featuring full backwards compatibility with ERC-721 and ERC-1155.
Coinsilium Group Limited has recently revealed that, after submitting EIP-5606 (Ethereum Improvement Proposal) in September last year, the ERC-5606 multiverse NFT standard made by the tech team of Metalinq has now been officially approved on the Ethereum network.
This was announced on March 20th in a press release on the London Stock Exchange, revealing that the new standard has successfully passed the community approval process, opening up “the potential to benefit [the] entire Web3 Ecosystem.”
With this new standard focused on NFT gaming but also on metaverses and Web3 platforms in general, developers are able to create ‘multiverse’ non-fungible tokens that are not constrained to a single platform or blockchain network, bringing true interoperability to the table. Using current available standards, creators have no choice but to make multiple NFTs of the same digital asset across various networks if they want to be cross-chain and interoperable, which, according to the proposal, makes it “very difficult to prove the scarcity of these items on-chain.” Instead of going through the hassle of publishing the same asset across multiple platforms, this new NFT standard aims to solve the interoperability issues by allowing developers to ‘bundle’ and ‘unbundle’ delegate NFTs belonging within a multiverse NFT, making it possible for owners of these non-fungible tokens to trade them as a bundle but also as individual assets, thus simplifying development of multi-chain NFTs while introducing new functionality to the innovative technology and making it more accessible in the process through user-friendly interoperability.
The new standard is backwards compatible with ERC-721 and ERC-1155 and was developed by the tech team of Metalinq, which is a Web3 project described as being a “Layer 3 protocol to interconnect metaverse & game platforms” and is backed by both Web3-focused investor Coinsilium and the founding team of the Indorse ecosystem, a Consilium portfolio company founded in 2017.
The Chief Executive of Coinsilium, Eddy Travia, said the following in the press release:
“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.”
Metalinq secured $200k in pre-seed funding from Coinsilium last year in exchange for future MLINQ tokens. Aside from investing, the latter is also acting as a strategic advisor to the former, providing advisory services “covering token economics, strategic development, and partnerships.”
Next to interoperability, the new NFT standard also includes various other features, including support for composite NFTs, which allow for creating a token containing numerous assets, making it possible develop “more complex and valuable NFTs that can represent entire collections or sets of assets.”
Gaurang Torvekar, the co-Author of ERC-5606, co-Founder of Metalinq and CEO of Indorse, 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. 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).”