MyEG ventures into non-fungible tokens, launches NFT Pangolin

PETALING JAYA: MY EG Services Bhd (MyEG) entered the non-fungible token (NFT) space with the launch of NFT Pangolin today.

The global NFT marketplace supports the issuance and trading of NFT and is set to 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.

“NFT Pangolin currently supports Ethereum but will also introduce Zetrix-based NFT, 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 environmental, social, and governance practices,“ it said in a statement.

The support of multichain NFT will be a unique value proposition offered by NFT Pangolin. Furthermore, issuers of NFT on NFT Pangolin will be able to market these NFTs in China as digital collectables where there are strict regulations on trading of NFTs but collectors may buy them as long-term collectables.

MyEG group managing director Wong Thean Soon said that with Zetrix’s plans to enable a new wave of innovation and the increasing tokenisation of all forms of asset ownership, the introduction of Zetrix-based NFT in its marketplace is an important step towards achieving that objective.

“We believe that the application of NFT will go far beyond digital art and we will be pioneering NFT which are pegged to ownership of mainstream assets, for example, ownership of your vehicle registration number for a start,“ Wong said.

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. As an ever-evolving company, MyEG sees this as a springboard into a global market to support the creative arts and unlock future innovations built atop smart contracts.

As NFT have started to become available on multiple chains across the globe, Zetrix will strive to enable the cross-chain trading of NFT.

NFT assets may be associated with digitalised files, such as photos, videos, and audio and its applications can also include physical items, such as physical art.

With this launch, NFT Pangolin aims to be the platform of choice for Asean NFT creators and has set a bold target of reaching a global audience. The platform allows users to mint, sell and trade NFT. The platform is working with Imperium Universe, which has listed artists like Vinn Pang and Faezal Tan, and will be adding others in the coming months.

NFT Pangolin will announce key partnerships in the coming months to make the platform an Asean-wide home for talent. The platform has already onboarded both traditional and digital artists alike, such as Yazeed Kayoom and Johan Ishak, with their collections now available for sale on the platform.

NFT Pangolin offers aspiring NFT artists, celebrities and creative talents, including brands, full product development and marketing services, including a lazy minting option for fixed priced items, where the minting cost is paid by buyers during the purchase.