A blockchain-based marketplace for non-fungible tokens (NFTs) is set to be launched by My E.G. Services Berhad (MyEG).
The company’s entry into the NFT space will be in the form of “NFT Pangolin”. It will operate on Zetrix Layer 1 block chain network, touted as a robust blockchain environment that supports multichain NFTs.
MyEG said it is building on its expertise in blockchain technologies by expanding into the lucrative and high growth NFT industry. It noted that the global NFT market was valued at US$338 million in 2020, but has tripled to more than US$1 billion in 2021 alone. In March 2021 alone, a total of US$250 million.
“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 Dato’ Wong Thean Soon, MyEG Group Chief Executive Officer and Executive Director.
According to the company, NFT Pangolin is a one-stop solution that allows participants to mint and sell their NFTs on its platform. At the same time, it will allow users to participate in NFT auctions and trade NFTs with other users.
Notably, the company said that participants will be able to buy Zetrix-based NFTs that provide 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.
NFT Pangolin is expected to be launched in April 2021, catering mainly to artists and creators, and will feature a variety of one-of-a-kind artworks created by renowned local and international artists.