- MyEG Services Berhad is entering the non-fungible token (NFT) space with the launch of NFT Pangolin, a global NFT marketplace that wll support the issuance and trading of NFTs. The platform will operate on the soon-to-be-launched Zetrix Layer 1 blockchain network which serves as a parallel chain to the International Backbone and Supernodes of Xinghuo, China’s national blockchain infrastructure.
- According to a release MyEg issued, the NFT Pangolin currently supports Ethereum but will also introduce Zetrix-based NFTs, which will provide lower gas fees and carbon footprints. It futher adds that issuers of NFTs on its platform will be able to market in China as digital collectibles where there are strict regulations on trading of NFTs but collectors may buy them as long-term collectibles. Mr. Wong Thean Soon, Group Managing Director of MYEG commented: “With Zetrix’s plans to enable a new wave of innovation and the increasing tokenization of all forms of asset ownership, the introduction of Zetrix-based NFTs in our Marketplace is an important step towards achieving that objective. We believe that the application of NFTs will go far beyond digital art and we will be pioneering NFTs which are pegged to ownership of mainstream assets, for example, ownership of your vehicle registration number for a start.”
NFT, a non-interchangeable unit of data, token or asset stored on the blockchain that can be authenticated, sold, and traded, has seen exponential growth in popularity among artists and investors alike in recent years. MYEG is looking to tap into the growth and build its business expansion in new areas beyond Malaysia.
MyEG views the NFT Pangolin as a platform of choice for ASEAN NFT creators and has set a bold target of reaching a global audience.
