Singapore, Oct 8: Hatten Technology recently signed an agreement with Prakal to develop a dedicated token system and create digital assets, including non-fungible tokens (NFTs), to promote the development of a digital economy in Malacca where it has substantial hospitality and retail assets.
The agreement is part of a strategic shift by SGX-listed Hatten Land to look at other ways to monetise its business in Malaysia.
Hatten Land is repurposing its mall footprint in Malacca and pivoting towards digital and blockchain activities as the pace of digitalisation in the world accelerates.
“The Digital Malacca project is intended to be a major catalyst for our strategic shift to become a hub for blockchain and digital initiatives as we re-purpose our existing mall footprint in Malacca,” Hatten Land executive chairman and managing director Datuk Colin Tan said.
“We are partnering with EnjinStarter, which has a proven track record including a recent successful token listing.
“Together, we will build a dedicated Metaverse which will usher in a new era of blockchain, e-commerce and creative activities and where everyone can trade and live.”
Meanwhile, EnjinStarter said it will develop a token strategy that will allow tokens and NFTs to be exchanged or connected with the current loyalty point system of the Hatten Group as well as other participating hotels, attractions, malls and shops.
The company will also provide maintenance and support services for the token system and Metaverse.
The project will start this month with delivery of the token system and the crypto-related elements due by next March.
EnjinStarter co-founder and CEO Prakash Somosundram said the company was excited about the partnership with Hatten Land.
“The Metaverse project brings a new dimension which allows us truly to explore opportunities.
“Hatten Land is a forward-looking partner that is also committed to assembling key stakeholders to work together and deliver this ground-breaking project.
“Beyond the sky’s limits together we are bringing Digital Malacca to the Metaverse and seeking to change the way people create, live, work and play.”
The initial term of the agreement between the two companies is two years and can be automatically renewed unless terminated by either parties within that timeframe.
With a substantial hospitality and tourism footprint in Malacca, Hatten Land and its parent company, the Hatten Group conglomerate, are the leading developers in this strategic historical city located along the Straits of Malacca that dates to the 15th century.
The group owns and operates retail malls with a combined built-up area of over six million square feet within Malacca, where it also owns or operates four hotels.
Under the agreement, both Hatten Technology and EnjinStarter will collaborate to develop a Metaverse, starting with a digital ‘twin city’ for Melaka that aims to promote physical and digital tourism in Melaka and accelerate the growth of the city’s digital economy.
Mirroring the physical world, Digital Malacca will feature the rich heritage, activities and key attractions in Malacca as well as Hatten Group properties in digital format.
This will allow digital assets, including tokens and NFTs, to be created and monetised.
In addition, EnjinStarter will establish its regional headquarters in Malacca, both physically and digitally, to jointly operate a virtual game development incubator, a blockchain gaming showcase and arcade.
EnjinStarter will also cultivate and promote Malacca artistic activities such as partnering with local artists for NFT creations, marketing and sales within Digital Malacca.
The EnjinStarter collaboration follows recent agreements signed by Hatten Land under which at least two parties will install and operate up to 3,000 cryptocurrency mining rigs within its properties in Malacca.
Hatten Land will leverage on its existing infrastructure and lower energy costs in Malaysia.
Such costs may be lowered further as Hatten Land installs solar panels on the rooftops of the malls to enable energy-efficient or ‘green’ cryptomining, accelerating its initiatives to create sustainable digital assets.
Hatten Land’s digital strategies include enabling tokens and NFTs as well as online-to-offline commerce and gaming.
Digital assets that emerge from these initiatives can achieve tangible and tradable value over time as creative activities are enhanced and built around a dedicated blockchain platform.
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