MY E.G. SERVICES BHD MYEG (0138) launches NFT trading platform

MY E.G. SERVICES BHD MYEG (0138) launches NFT trading platform

KUALA LUMPUR (March 10): MyEG Services Bhd has launched the global non-fungible token (NFT) marketplace, known as NFT Pangolin, to support the issuance and trading of NFTs.

It will operate on the soon-to-launch Zetrix Layer 1 blockchain network, which serves as a parallel chain to the international backbone and supernodes of Xinghuo, China's national blockchain infrastructure.

NFT — a non-interchangeable data unit, a token or asset on the blockchain that can be authenticated, sold, and traded — has grown exponentially in popularity in recent years among artists and investors alike.

MyEG said it sees this as a stepping stone into a global market to support the creative arts and unlock future innovations based on smart contracts.

“NFT Pangolin currently supports Ethereum but will also introduce Zetrix-based NFTs, providing for lower gas fees and carbon footprints which not only decreases financial barriers to entry for participants but is also eco-friendly and in line with the industry’s move towards sustainable ESG practices.

“Hence, the support of multichain NFTs will be a unique value proposition offered by NFT Pangolin. Furthermore, issuers of NFTs on NFT Pangolin will be able to market these NFTs in China as digital collectibles, where there are strict regulations on trading of NFTs but collectors may buy them as long-term collectibles,” said the e-government service provider in a statement on Thursday (March 10).

With Zetrix's plans to enable a new wave of innovation and the increasing tokenization of all forms of assets and ownership, the introduction of Zetrix-based NFTs to the company's marketplace is an important step toward achieving this goal, said MYEG group managing director Wong Thean Soon.

“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,” he said.

As part of its aggressive expansion plans, NFT Pangolin will announce key partnerships in the coming months to make the platform an ASEAN-wide home for talent.

MyEG shares rose 1.5 sen or 1.63% to close at 93.5 sen on Thursday (March 10), with some 28.36 million shares done. Based on its closing price, the company is valued at RM6.93 billion.

http://www.theedgemarkets.com/article/myeg-launches-nft-trading-platform