MYEG launches NFT marketplace called NFT Pangolin

• Set to operate on Zetrix Layer 1 block chain network
• Support multichain NFTs, value proposition by NFT Pangolin

MY E.G. Services Berhad (MyEG) has announced the company’s official entry into the non-fungible token (NFT) space with the launch of NFT Pangolin.

In a statement, MyEG said 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.

This serves as a parallel chain to the international backbone and supernodes of Xinghuo, China’s national blockchain infrastructure, it said.

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. 

NFT Pangolin currently supports ethereum but will also introduce Zetrix-based NFTs providing for lower gas fees and carbon footprints which the company claimed will 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.

The support of multichain NFTs will be a unique value proposition offered by NFT Pangolin, it said.

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 said.

Wong Thean Soon (pic), group managing director of MYEG said with Zetrix’s plans to enable a new wave of innovation and the increasing tokenisation 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,” he added.

MyEG said it 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, it added.

With this launch, NFT Pangolin aimed at becoming the platform of choice for Asean NFT creators and has set a bold target of reaching a global audience, MyEG said.

The platform allows users to mint, sell and trade NFTs via https://nftpangolin.com/ the company said.

Meanwhile, 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 said.

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

"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", said Mohamad Johan Nasir, business development director (SEA) of NFT Pangolin Technologies Sdn. Bhd.

"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,” he said.

To solve part of this, we are building a gamified educational tool for upcoming campaigns with influencers, celebrities and brands", Johan said.

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.

With NFT Pangolin and Zetrix, the company is taking another step ahead in its digital transformation plans towards an innovative and integrated future.