SINGAPORE: Singapore-listed Hatten Land group has signed a pact with Prakal Pte Ltd to develop a dedicated token system and create digital assets, including non-fungible tokens (NFTs), to promote the development of the digital economy in Melaka.
Hatten Land Ltd, which has hotels and retail malls in Melaka, said the collaboration between its wholly-owned subsidiary Hatten Technology (S) Pte Ltd and Prakal (also known as EnjinStarter) would promote physical and digital tourism as well as e-commerce activities in the historical Malaysian city through blockchain technology.
“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 re-purpose our existing mall footprint in Melaka,” Hatten Land executive chairman and managing director Datuk Colin Tan said in a statement today.
“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 in,” he added.
Under the agreement, the partners will collaborate to develop in a metaverse, starting with a digital “twincity” for Melaka (Digital Melaka).
Both sides will leverage on a platform to set up token system that will support the state’s own digital transformation, and enable seamless transactions and acceptance of tokens by hotels, attractions, malls and shops.
Hatten Land said the project with EnjinStarter would start middle of this month.
EnjinStarter chief executive officer and co-founder Prakash Somosundram said the metaverse project “brings a new dimension which allows us truly to explore ‘phygital’ or online-to-offline opportunities.”
“Hatten Land is a forward-looking partner that is also committed to assemble key stakeholders to work together and deliver this ground-breaking project,” he added.
The initial term of the agreement is two years and can be automatically renewed every two years unless the agreement is terminated.
EnjinStarter will also establish its regional headquarters in Melaka, both physically and digitally, to jointly operate a virtual game development incubator, a blockchain gaming showcase, and arcade.
The Hatten Group owns and operates retail malls with a combined built-up area of over six million square feet within Melaka, where it also owns or operates four hotels. – Bernama