Hatten Land’s subsidiary Hatten Technology and Prakal (also known as EnjinStarter) has entered into an agreement in order to promote the development of Melaka’s digital economy. The companies will create a token system, as well as digital assets, including non-fungible tokens (NFTs).
The collaboration aims to ensure that both physical and digital tourism in the historical Malaysian city of Melaka are ensured through Enjin’s blockchain technology. Tourists will be able to exchange NFTs for loyalty points in the group’s malls with a combined built-up area of more than 600,000 square metres and four hotels.
“Hatten Land is repurposing its extensive mall footprint in Melaka and pivoting towards digital and blockchain activities as the pace of digitalisation in the world accelerates,” the official statement stressed. “EnjinStarter will also provide maintenance and support services for Token System and Metaverse to be developed.”
The metaverse in question will include a digital twin city for Melaka called Digital Melaka. It will become a prelude to other digital twin cities. Digital twin cities are digitised copies of smart cities. Digital Melaka will allow tourists to explore the city’s key attractions and Hatten group properties in digital format. This will enable the process of creating and monetising tokens and NFTs.
The statement also mentions that EnjinStarter will “establish its regional headquarters in Melaka in order to operate a virtual game development incubator, a blockchain gaming showcase and arcade. EnjinStarter will also cultivate and promote Melaka artistic activities such as partnering with local artists for NFT creations, marketing and sales within Digital Melaka.”
EnjinStarter is a platform that allows creators and developers to issue their own tokens, as well as explore other innovative ways of raising capital to fund different projects through the sale of digital assets as NFTs.
The project is set to start in the middle of October with the token system and other crypto-related elements to be launched in March 2022.
Mr Colin Tan, Hatten Land’s executive chairman and managing director, also commented on the deal: “The Digital Melaka project is intended to be a major catalyst for our strategic shift to become a hub for blockchain and digital initiatives as we repurpose our existing mall footprint in Melaka.”
Singapore Exchange (SGX) Catalist-listed Hatten Land is the property development arm of Hatten Group. The company invests in real estate development, investment, hospitality, retail, and education.
Property developer Hatten Land’s subsidiary, Hatten Technology, has signed an agreement with EnjinStarter to create a dedicated token system and digital assets, including NFTs.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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