(Alliance News) - Coinsilium Group Ltd on Monday said its new 'Multiverse' non-fungible token standard ERC-5606 has completed the Ethereum community approval process, becoming the ERC-5606 NFT standard.

ERC-5606 is a new standard for NFT creation on multiple metaverses, Web3 games and platforms, with the tokens representing unique assets across virtual worlds, "enabling interoperability between these worlds", Coinsilium said.

The Gibraltar-based Web3 investor, advisor and venture builder said the NFT standard was developed by Metalinq, a project backed by Coinsilium, with an Ethereum improvement proposal submitted in September last year.

The company said the new Multiverse standard is a "significant contribution" towards creating interoperable Web3 infrastructure on the Ethereum blockchain, and is fully compatible with the most popular NFT standards ERC-721 and ERC-1155.

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

"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."

By Harvey Dorset, Alliance News reporter

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