MY E.G. Services Berhad (MYEG), a Malaysia-based e-government service provider, announced Thursday the company’s official entry into the non-fungible token (NFT) space with the launch of NFT Pangolin.

It said in a statement that the global NFT marketplace supports the issuance and trading of NFTs 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.

According to the statement, NFT Pangolin currently supports Ethereum. It 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, it said 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.

“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,” said Wong Thean Soon, Group Managing Director of MYEG.

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 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 digitalized 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 NFTs.

In the meantime, 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. Moreover, 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 talents. It is welcoming more artists and partners to join its platform on its journey in pushing the boundaries of this new digital frontier.

In fact, 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.

“We are building support for physical artworks as we have received a lot of interest from traditional artists and art galleries who want to enter 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 benefits and value of owning any NFTs and their potential application outside of the creative world. To solve part of this, we are building a gamified educational tool for upcoming campaigns with influencers, celebrities and brands,” said Mohamad Johan Nasir, the Business Development Director (SEA) of NFT Pangolin Technologies Sdn. Bhd.

The platform is confident that, as a product of the well-established MYEG, it will be able to overcome the barriers to not only reach its targeted potential customers worldwide, but also to nurture the public’s acceptance of NFTs.

“Another disadvantage for the individual issuers is the high marketing costs needed to promote their products to the world. We understand that pain. Being part of the NFT Pangolin tribe and MYEG ecosystem will enable them to get the much sought-after exposure, as we expand our marketing efforts,” said Johan.

While there may be a lot of hype associated with NFTs globally, the entry of MYEG, as a public listed company, into this space only hints at more exciting things to come as the new NFT marketplace player in the region. With NFT Pangolin and Zetrix, MYEG takes another step ahead in its digital transformation plans towards an innovative and integrated future.

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