MyEG Enters the NFT Industry

Some NFTs have sold online for millions of dollars, and prominent corporations are joining the trend as the tokens enter the art industry and video games.

A non-fungible token called NFT Pangolin was launched by MyEG Services Bhd (MYEG) today.

MYEG said in a statement today that the global NFT marketplace would support the issuance and trading of NFTs and would run on the soon-to-be-launched Zetrix Layer 1 blockchain network, which will serve as a parallel chain to the International Backbone and Supernodes of Xinghuo, 

As MYEG's group managing director Wong Thean Soon put it, it is the introduction of Zetrix-based non-fungible tokens into our marketplace is an essential step towards Zetrix's goals to allow a new wave of innovation and the expanding tokenisation of all forms of asset ownership.

"We believe that the use of NFTs will go well beyond digital art, and we will be pioneering NFTs that are tethered to ownership of conventional assets, for example, ownership of your automobile registration number for a start," he stated.

NFT, a non-transferable unit of data, token, or asset stored on the blockchain that can be verified, sold, and traded, has grown in popularity in recent years among artists and investors alike.

MYEG, an ever-evolving company, stated that it saw this as a stepping stone into a global economy to support the creative arts and unravel future innovations built on top of smart contracts.

As NFTs become accessible on multiple chains around the world, Zetrix will work to enable cross-chain trading of NFTs. NFT assets can be linked with digitalised files such as photos, videos, and audio, but they can also be physical items such as physical art.

NFT Pangolin aspires to be the preferred platform for Asean NFT creators and has set a high minded goal of reaching a global audience.