SINGAPORE (THE BUSINESS TIMES) – Property developer Hatten Land’s subsidiary, Hatten Technology, has signed an agreement with Prakal – known as EnjinStarter – to develop a token system that helps promote a digital economy in Melaka, Malaysia.
In a bourse filing on Thursday (Oct 7), the Hatten group said the digital assets, which include non-fungible tokens (NFTs), can be exchanged for or connected with the current loyalty points system of its malls and hotels, as well as of other participating hotels, attractions, malls and shops.
The project will start in the middle of this month, and the delivery of the token system and connected crypto-related elements and components will be due by March next year.
Under the agreement, Hatten Technology and EnjinStarter also plan to create a metaverse, starting with a digital twin city for Melaka called Digital Melaka, as a prelude to other digital twin cities. Digital twin cities are digitised copies of smart cities.
Digital Melaka will feature activities, key attractions and Hatten group properties in Melaka in digital format, and aims to promote physical and digital tourism in the city.
Hatten Land and its parent company Hatten Group have substantial hospitality and retail assets in Melaka, where they own and operate malls with a combined built-up area of more than six million sq ft and four hotels.
EnjinStarter will also provide maintenance and support services for the token system and metaverse. 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 collaboration is part of Hatten Land’s strategic shift towards digital and blockchain activities. Earlier, it signed agreements to install and operate up to 3,000 cryptocurrency mining rigs within its properties in Melaka.
Mr Colin Tan, Hatten Land’s executive chairman and managing director, 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.”
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. It also plans to partner local artists to create, market and sell NFTs within Digital Melaka.
Hatten Land shares were trading up 0.3 cent, or 4.6 per cent, at 6.8 cents as at 9.14am on Thursday, after the announcement.