KUALA LUMPUR: MY E.G. Services Bhd (MYEG) today announced its entry into the non-fungible token (NFT) space with the launch of NFT Pangolin.
In a statement today, MYEG said the global NFT marketplace supported the issuance and trading of NFTs and was 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.
MYEG group managing director Wong Thean Soon said 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 NFTs in the company's marketplace was 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," he 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 said it saw this as a springboard into a global market to support the creative arts and unlock future innovations built atop smart contracts.
As NFTs have started to become available on multiple chains across the globe, Zetrix will strive to enable the cross-chain trading of NFTs.
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.
NFT Pangolin aims to be the platform of choice for Asean NFT creators and has set a bold target of reaching a global audience.