Jay Mart plans non-fungible tokens for stars

Jay Mart plans non-fungible tokens for stars

Move to promote JFin coin ecosystem

A woman looks at an NFT by Larva Labs titled
A woman looks at an NFT by Larva Labs titled "CryptoPunk 7523" during a media preview at Sotheby's in New York City. AFP

SET-listed Jay Mart plans to launch the country's first non-fungible tokens (NFTs), featuring nine stars or celebrities this week as it latches on to a trend in digital asset technology, says a telecom source who is close to the company.

The move is also meant to promote the ecosystem of Jay Mart's digital token JFin coins, while increasing demand for a variety of digital tokens in the market.

The popular icons include Udom "Note" Taepanich, a stand-up comedian; female singer Palmy; and Boy Thaprachan, a renowned Buddha amulet collector.

These NFTs represent unique digital assets, such as Palmy's first concert, Note's first stand-up show Diew 1, as well as the first amulet Boy bought and the rarest item he owns.

However, on Friday night the Thai Securities and Exchange Commission issued a regulation barring licensed digital asset exchanges from trading meme- or fan-based tokens, NFTs and exchange-issued tokens. It is unclear if Jay Mart's NFT plan is going to be affected by this rule.

An NFT is a digital asset that represents real-world objects such as art, music, in-game items and videos.

NFTs can be bought and sold online, and the transaction often involves cryptocurrencies. NFTs have become popular over the past several months.

The NFT of a pixelated digital figure known as a CryptoPunk was sold for US$11.7 million through Sotheby's online auction on Thursday.

The blockchain system certifies a digital asset to be unique and therefore not interchangeable.

NFTs are tracked on blockchains to provide the owner with proof of ownership.

The source said Jay Mart's NFTs represent the stars' digital assets and a limited number of tokens will be generated.

The company's JFin coins will be used in the transactions for these tokens, said the source. Jay Mart subsidiary J Ventures, which operates JFin coins, can earn an exchange transaction fee, known in the industry as a gas fee.

"This could promote the ecosystem of the utility coin, which was a first mover in the country back in 2018," the source said.

In 2018, Jay Mart created 300 million JFin coins through its subsidiary J Ventures.

The company sold 100 million tokens in the first 55 hours through an initial coin offering (ICO), with 2,200 buyers acquiring them.

Jay Mart earned 660 million baht from the ICO set at 6.6 baht per coin, the first ICO for a SET-listed firm.

The company also mapped out a plan to use the blockchain-backed decentralised digital lending platform as a channel to provide loans to people spurned by banks because of their poor credit history or low income.

In May, Jay Mart announced its mission to promote mass adoption of its JFin coins, promoting use of the tokens to buy products and services from the company and its subsidiaries.

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