MyEG launches NFT Pangolin, may allow Malaysians to own vehicle license plates as NFTs soon

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Malaysians may soon be able to own their vehicle registration number and other mainstream assets as a non-fungible token (NFT) after My E.G. Service Bhd (MyEG) announced that it is officialy entering the NFT space. The company yesterday launched NFT Pangolin, a marketplace that allows users to mint, sell and trade NFTs.

According to a report by The Star, NFT Pangolin currently supports ethereum and will operate on the Zetrix Layer 1 blockchain network after its launch in the near future. The latter serves as parallel chain to the International Backbone and Supernodes of Xinghuo, China’s national blockchain infrastructure.

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MyEG group managing director asserted that the company believes that NFTs will apply far beyond digital art. Furthermore, MyEG is planning to pioneer NFTs that are pegged to ownership of mainstream assets such as vehicle registration numbers.

Hence, the introduction of Zetrix-based NFTs into the NFT Pangolin marketplace is crucial given Zetrix’s plans to enable a new wave of innovation. These innovations include the increasing tokenisation of all forms of asset ownership.

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Besides that, MyEG also said that its venture into NFTs allows for lower gas fees and carbon footprints as well as decrease financial barriers to entry for participants. Moreover, the eco-friendly nature of the venture is in line with the industry’s move towards sustainable Environmental, Social and Governance (ESG) practices.

MyEG also lauded NFT Pangolin’s potential, saying that it aims to make its NFT marketplace the platform of choice for Asean NFT creators. Pretty interesting plans by MyEG, don't you think? Let's see how the NFT Pangolin marketplace will perform and whether it will live up to the company's expectations. 

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