MyEG to offer public a chance to start NFT journey

• Compare by MyEG users eligible to receive free customisable NFTs
• NFT Pangolin is powered by Zetrix

MY E.G. Services Berhad (MyEG) is offering the public a chance to join the world of non-fungible tokens (NFTs) for free through the launching of the “Compare by MyEG X NFT Pangolin” initiative. 

In a statement, the company said it is promoting the utilisation of NFTs, making ownership accessible to everyone.

It said Compare by MyEG is an online platform in Malaysia that allows users to conveniently compare and purchase car insurance and takaful renewal services at the best prices. 

Users of Compare by MyEG are now eligible to receive free commemorative customisable NFTs (Compare Commemorative NFT) minted on Zetrix’s Layer 1 blockchain on the global marketplace, NFT Pangolin, it said.

According to Norraesah Haji Mohamad, executive chairman of MyEG, the company is committed to fostering the application of NFTs among the public. 

“Like every other high-potential disruptive technology, there are still initial hesitations surrounding the concept of NFTs that we must overcome.

“The Compare by MyEG X NFT Pangolin initiative presents an opportunity to introduce NFTs and their benefits to the MyEG user base.

“Thus, providing ready-made, free and customisable NFT to our Compare by MyEG users will be a great start to give them the initial exposure to NFT minting and demonstrate that the utilization of NFTs is relatively easy and convenient,” said Norraesah.

To collect the limited-edition Compare Commemorative NFT, users must first compare and renew their car insurance and road tax via this website. 

Thereafter, users will just need to follow the simple steps provided to redeem and personalize their complimentary NFTs, the company said.

According to MyEG, this offer is only available for a limited time. 

The company said there will be no additional costs involved for the minting of the Compare Commemorative NFT as the required tokens to be used as gas fees for the transaction will be airdropped.

The NFT’s customisable text field allows users to inscribe personalized messages that can be passed onto the next generation, such as Generation Alpha, when advanced digital assets would be prevalent, it added.

MyEG claimed the minting of NFTs on the Zetrix blockchain is also one of the most environmentally-friendly options on the market as the energy utilised to mint on Zetrix is 100,000 times lower compared to the conventional option of the Ethereum blockchain. 

The reduced computational energy needed to process the transaction results in lower gas fees for the minting of Zetrix-based NFTs, and in turn lower overall cost to existing traders, as well as a minimal carbon footprint, the company claimed.