11th March 2022 - 3 min read
MyEG Services has officially ventured into the non-fungible token (NFT) space with the launch of its NFT marketplace, dubbed NFT Pangolin.
Tapping into the public’s growing interest in the instrument – particularly among artists and investors – MyEG said NFT Pangolin will be a stepping stone into a global market to support the creative arts and to unlock future innovations based on smart contracts. To clarify, NFTs are non-interchangeable data units, tokens, and assets on a blockchain that can be authenticated and traded.
In the case of NFT Pangolin, it will run on the Zetrix Layer 1 blockchain network, which is set to be launched soon. The Zetrix Layer 1 blockchain network also 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 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,” MyEG shared in a statement.
This combined use of both the Ethereum blockchain and the Zetrix blockchain will see NFT Pangolin becoming a multichain platform – which will be a unique value proposition. “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,” MyEG further commented, adding that the launch of Zetrix may even enable the cross-chain trading of NFTs.
At present, NFT Pangolin has already onboarded several artists – such as Vinn Pang and Faezal Tan – by working with boutique sales-and-marketing service firm Imperium Universe. More artists are expected to join soon as NFT Pangolin is set to announce key partnerships in the coming months, in its bid to make the platform an ASEAN-wide home for a growing pool of talent.
The group managing director of MyEG, Wong Thean Soon said that NFTs is set to unleash a new wave of innovations. “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.
Meanwhile, the business development director of NFT Pangolin Technologies Sdn Bhd, Mohamad Johan Nasir said that the company is building support for physical artworks as many traditional artists and art galleries are interested in entering the NFT space.
“While the regional space of creative talents is excited to get into the NFT industry, there’s still a lot of work needed to educate the mass market of buyers about the benefit and value of owning any NFTs and their potential application outside of the creative world,” Mohamad Johan stated, adding that efforts are already being made to address this issue, such as building a gamified educational tool for upcoming campaigns with influencers, celebrities, and brands.
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