MY E.G. Services Berhad (“MYEG”) is looking to become one of the leading players participating in the development of a metaverse ecosystem in the hope that through its investment in the next generation of technologies, such as blockchain, it can provide more trusted, secure and efficient applications and services for the government and various industries.
It seeks to integrate ASEAN and China on a digital level through a virtual world
and create a new class of added value. Metaverse, as a complex ecosystem with high potential that integrates diverse technologies, such as cloud computing, augmented reality (AR), virtual reality (VR) and blockchain, saw tremendous growth in popularity last year along with the concept of NFTs.
In a recent webinar titled “NFT: The Key to Connecting the Metaverse to Reality”, MYEG revealed its plan and efforts on contributing to the setup and development of metaverse. Flora Li, a representative of MYEG from China, was joined by Li Zhiping from CAICT, Chen Chang from Zhigui Technology Beijing and Amber from Canada-based NFT start-up Dapper Labs during the webinar.
According to Li Zhiping, NFTs are fundamental elements of the Metaverse. The trading of digitalised assets to enable the transfer of values will be a norm in the virtual world, and NFTs are important means of achieving the function as it allows for digital property rights and transactions.
MYEG believes that NFT application scenarios will expand through its utilization of integrating operations in daily lives and industries in the future, and the values of
NFT will magnify with time.
MYEG’s recent launch of NFT Pangolin, a global NFT marketplace that supports the issuance and trading of NFTs set to operate on the soon-to-be-launched Zetrix Layer 1 blockchain network, is also part of the company’s plan that contributes to its metaverse ecosystem development.
Additionally, MYEG has been venturing into the domain of AR, VR and blockchain since 2018 with the aim to achieve high integration between different technologies to develop a metaverse ecosystem. It has since invested in various technological ventures,such as Zetrix (blockchain), NFT Pangolin (NFTs) and DeepScience (optical technology), with interests and a strong focus on key technologies and areas surrounding the metaverse like spatial positioning and interaction, mapping sensors to human actions, visual tracking, edge rendering, as well as digital arts and creativity.
It has also been conducting internal incubation for IT and technology projects to better cultivate the development of a metaverse ecosystem. MYEG views the challenge of operating cross-chains between different countries, such as the combined compliance
with the regulatory environment of various countries, must be overcome in order to achieve even more secure and efficient cross-border exchanges of data in the future metaverse digital era.
Additionally, it identified the need for improved production efficiency and reduced cost of the metaverse ecosystem infrastructure for easier adoption and encourage uptake among industries.
MYEG is currently involved in the building of a blockchain ecosystem in various ASEAN countries and aspires to connect the Southeast Asian market with the Chinese market.
The company is already en route to achieving connectivity through its collaboration with CAICT on Zetrix, the international extension of China’s national blockchain network, Xinghuo BIF, by constructing backbone chains and supernodes outside of China.
Since 2020, Xinghuo BIF has been successfully deployed in various major cities in China, including Beijing, Shanghai, Nanjing and Guangzhou, with investments surpassing billions of Renminbi-Yuan.
As an early adopter, MYEG will continue to participate actively in the ecosystem’s development and work together with the necessary institutions to create a world-leading metaverse ecosystem that is set to gradually change lives and establish a new method of living.