Malaysia-based MY E.G. Services Bhd’s (MYEG) Zetrix blockchain has completed the foundational development for its Layer-1 blockchain functionalities and it will launch its mainnet on April 15, 2022.

This marks the completion of phase 1 of Zetrix’s journey towards being a leading platform for decentralized applications, where industrial use cases like supply chain traceability and financing co-exist with the metaverse, the e-government service provider said in a statement on Tuesday.

Zetrix is the international extension of Xinghuo BIF, China’s largest national-level blockchain network supported by all levels of the Chinese government and running both governmental and commercial applications. It is a collaboration between MYEG and Beijing-based Bubi Technologies which provides the backbone infrastructure and supernodes outside China that integrates with Xinghuo BIF.

Zetrix’s Layer-1 infrastructure will host applications, protocols and networks to be deployed on top of its proprietary smart contracts and Proof-of-Stake (PoS) consensus mechanisms across a network of validator nodes.

MYEG’s recently launched NFT marketplace, NFT Pangolin, will be one of the first applications to be hosted on Zetrix and will introduce Zetrix-minted NFTs on the platform.

NFT Pangolin is a global marketplace for creators to issue and sell their unique crypto-secured digital collectibles. Compared to the expensive costs associated with Ethereum, Zetrix will provide lower minting charges and gas fees to reduce the financial barriers to entry for participants which will encourage more artists, traditional and digital alike, to explore the potential of blockchain and a new platform as a means of showcasing and trading their work, MYEG said.

Moreover, to commemorate Zetrix’s mainnet launch and the first-ever minting of NFTs on the Zetrix blockchain, users of the ‘Compare by MYEG’ service will receive free, limited-edition commemorative NFTs to kickstart their digital assets journey.

‘Compare by MYEG’ is an online platform in Malaysia that allows users to compare and purchase car insurance and takaful renewal services conveniently to get the best prices. The NFTs are complimentary with the purchase of insurance through the platform, and owners of the NFTs will also be eligible for future benefits.

Additionally, it also allows its owners to personalize a caption of their choice on the NFTs to make each of them one-of-a-kind.

“This can further educate existing customers and potential users on not only the application of NFTs beyond the creator scene, but also its potential real-world utilization and hopefully to initiate its use for ownership of real-world products. Our aspiration is to be the bridge to enable NFTs or digital collectibles to move freely between China and the rest of the world,” MYEG Group Managing Director TS Wong said.

MYEG said the Zetrix mainnet launch contributes significantly to the company’s plans of digitalizing all forms of value transfer and asset ownership, and tokenization as well as for the metaverse ecosystem development.

Upcoming projects on Zetrix include Zetrix decentralized finance (DeFi), Web 3.0 domain registry and support for DAO (Decentralised Autonomous Organisations), the company added.

Listed on the local stock exchange, MYEG is a concessionaire for Malaysian e-government MSC Flagship Application. MYEG builds, operates and owns the electronic channel to deliver services from various government agencies to Malaysia citizens and businesses.

Beyond Malaysia, MYEG has operations in other key regional markets such as the Philippines and Indonesia.

Malaysia’s MYEG launches global NFT marketplace known as NFT Pangolin