Hatten Land, through its subsidiary Hatten Technology, has signed an agreement with blockchain launchpad EnjinStarter to develop digital assets including a token system and nonfungible tokens (NFTs).
According to a statement by the company on Oct 7, the collaboration is aimed at promoting the development of a digital economy in Melaka where it has substantial hospitality and retail assets.
Singapore-based EnjinStarter is the launchpad for Enjin, a blockchain platform and marketplace for NFTs.The platform has over 20 million users spanning more than 250,000 gaming communities, and has backed over US$1.14 billion blockchain assets through cryptocurrency Enjin Coin (ENJ).
Hatten Land's agreement with EnjinStarter 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 Melaka.
See: Hatten Land inks agreement to operate crypto mining rigs in Malaysia and Hatten Land to explore 'green' cryptocurrency mining business; solar energy initiatives
As part of a strategic shift, Hatten Land is re-purposing its mall footprint in Melaka to pivot towards digital and blockchain activities. The 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.
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 of Melaka and accelerate the growth of the city’s digital economy.
EnjinStarter 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. EnjinStarter will also provide maintenance and support services for the token system and metaverse.
Mirroring the physical world, Digital Melaka will feature the rich heritage, activities and key attractions in Melaka 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 Melaka, both physically and digitally, to jointly 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 expected to deliver the token system in mid-October, while the metaverse will is scheduled for delivery by end-March 2022.
The initial term of the agreement is two years and can be automatically renewed every two years unless it is terminated.
Shares in Hatten Land closed at 6.5 cents on Oct 6.
