MYEG strives to be regional leader in metaverse development

KUALA LUMPUR: My EG Services Bhd (MYEG) is set to become one of the leading players in the development of a metaverse ecosystem via its investment in the next generation of technologies.

In a statement today, Malaysia’s premier digital services company said it seeks to integrate ASEAN and China on a digital level through a virtual world and create a new class of added value.

"MYEG is currently involved in the building of a blockchain ecosystem in various ASEAN countries and aspires to connect the Southeast Asian market with the Chinese market,” the statement said.

Metaverse integrates diverse technologies such as cloud computing, augmented reality (AR), virtual reality (VR) and blockchain; the complex nature of its ecosystems offers tremendous potential and its popularity grew last year along with the concept of non-fungible token (NFT).

MYEG revealed its plan to contribute to the development of metaverse in a recent webinar "NFT: The Key to Connecting the Metaverse to Reality” organised by the Alliance of Blockchain Industry (ABI), founded by a group of blockchain companies.

Part of its plan to contribute to the metaverse ecosystem development was its launch of NFT Pangolin, a global NFT marketplace that supports the issuance and trading of NFTs; and which is set to operate on the soon-to-be-launched Zetrix Layer 1 blockchain network.

The statement said MYEG has been venturing into the augmented reality, virtual reality and blockchain domain since 2018, with the aim to achieve high integration between different technologies to develop a metaverse ecosystem.

It has since invested in various technological ventures, such as Zetrix (blockchain), NFT Pangolin (NFTs) and DeepScience (optical technology), with a strong focus on key technologies and areas surrounding the metaverse like mapping sensors to human actions, visual tracking, edge rendering as well as digital arts and creativity, the statement said.

There are challenges to overcome when operating cross-chains between countries, such as compliance with the regulatory environment of difference countries, in order to achieve more secure and efficient cross-border exchanges of data, the statement said.

There is also the need for improved production efficiency and reduced cost of the metaverse ecosystem infrastructure to encourage uptake among industries. - Bernama