Coinsilium Group Ltd (LON:COIN) (OTCQB:CINGF) said it will run the NFT Vision Hack, a global online hackathon focused on non-fungible token (NFT) technology, from July 7 to August 30 in a partnership between its subsidiary Nifty Labs and its portfolio company Indorse.

A hackathon is a design sprint-like event during which software developers collaborate intensively on projects with the goal of creating functioning software solutions by the end of the event.

READ: Coinsilium confident of generating revenue streams from NFTs and Open Finance

The blockchain and open finance venture firm said NFT Vision Hack will include a series of workshops where participants will learn how to use the latest technologies around NFTs and will include four challenges: Build on Rarible protocol, NFT Payment Solutions, Scalable NFT Art Projects, and Gaming and NFTs.

Participants in the hackathon stand to win over US$68,000 in prizes and grants, Coinsilium added.

"The NFT space has grown exponentially since the beginning of 2021 and is now one of Coinsilium's main strategic focuses, through its Nifty Labs partnership with Indorse. It is therefore most encouraging to see the significant industry leadership role Nifty Labs is now starting to play through the organisation of this high-profile hackathon and we are most grateful to our eminent sponsors and partners for their confidence and support,” Coinsilium chief executive and co-founder Eddy Travia said in a statement.

“The NFT Vision Hack will offer software developers, artists and creators from around the world a unique opportunity to showcase their creative work and solutions to a global audience," he added.