Jay Mart vows to list NFTs on foreign exchanges
published : 15 Jun 2021 at 04:00
newspaper section: Business
writer: Komsan Tortermvasana
SET-listed Jay Mart says its non-fungible tokens (NFTs) featuring nine celebrities will launch this week as planned, though they will be listed on foreign exchanges following a new regulation banning the trade of such tokens on the country's licensed exchanges.
On Friday, the Thai Securities and Exchange Commission (SEC) issued a regulation barring licensed digital asset exchanges from trading meme- or fan-based tokens, NFTs and exchange-issued tokens.
Jay Mart chief executive Adisak Sukumvitaya said yesterday the NFTs, which will be launched by Jay Mart's subsidiary J Ventures, will be listed on foreign exchanges. The new rule will not disrupt the launch plan or trading activity, said Mr Adisak.
Local traders can still invest in or trade the NFTs on foreign exchanges, he said.
"One impact of the regulation is traders on foreign exchanges may not know as much about Thai celebrities as Thais," said Mr Adisak.
He said the company has consulted with the SEC about its plan to launch NFTs since early this year.
JFin coins, operated by J Ventures, can be used in the transactions for these tokens. J Ventures can also earn an exchange transaction fee, known in the industry as a gas fee.
Mr Adisak said Jay Mart understands the SEC's intention with the regulation, meant to ensure customer protection and ward off attempts by anyone using digital assets to operate a grey business.
Jay Mart merely wants to promote the utility token ecosystem in the country through digital assets and be part of the NFT chain, he said.
Mr Adisak hopes the restriction will be eased in the near future if there is broader acceptance of NFTs.
The NFTs are of nine celebrities, including 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.
Mr Adisak said several companies in real sectors have expressed interest in launching their tokens as part of marketing tools and creating brand awareness.
Businesses in the property, airline, entertainment and transport sectors are in talks with Jay Mart about launching their tokens, he said. Jay Mart can support them via a blockchain-backed platform, and the company could gain from transaction fees, Mr Adisak said.