The subsidiary of the property developer Hatten Land, Hatten Technology, has recently signed an agreement with Prakar aka EnjinStarter for the development of a token system that will help in promoting a digital economy. Reportedly, the Hatten group said that the digital assets including the NFTs can be exchanged for or linked with the current loyalty points system of its malls and hotels.
The bourse filing on October 7, Thursday, the project will begin in the middle of this month, and the delivery of the token system and connected elements related to crypto and components will be due by the month of March next year.
In addition to this, the agreement mentioned that Hatten Technology and EnjinStarter also plan to develop a metaverse, beginning with a digital twin city for Melaka called Digital Melaka, as a preparation for other digital twin cities. Digital twin cities are nothing but digitized copies of smart cities.
Digital Melaka will reportedly be featuring activities, key attractions, and Hatten group properties in Melaka in digital form, and focuses on promoting physical and digital tourism in the city.
As revealed, EnjinStar is going to provide maintenance and support services for the token system and metaverse. It should be laid an emphasis on the fact that the company is a special purpose vehicle set up as a launchpad for the development of the Enjin platform, a marketplace for NFTs that also powers blockchain games, applications, and projects.
The Executive Chairman and Managing Director of Hatten Land, Mr. Colin Tan, said:
"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."