Ex-NMP Calvin Cheng sets up NFT, fan token investment company in Dubai

FORMER nominated member of parliament Calvin Cheng has established a non-fungible token (NFT) and fan token investment holding company in Dubai called Calvin Cheng Web3 Holdings FZE.

In a press statement on Monday (May 23), the company said Cheng will invest in projects “to integrate crypto into fashion, media and entertainment” through it, noting that its portfolio will include AmberX and CelebX. 

AmberX was described as “an exclusive membership NFT” that allows qualifying members access to a Formula 1-related “VIP lifestyle and entertainment pop-up lounge” called Amber Lounge.

And CelebX was described as an NFT and fan token system designed to allow celebrities to directly engage with their social media followers, as well as grant fans access to “exclusive benefits” with their idols.

The announcement on Monday came as the company received a provisional virtual asset license from the Dubai Virtual Asset Regulatory Authority (VARA), a specialised regulator for virtual assets which the Dubai government established in March this year.

Highlighting that crypto exchanges Binance, FTX, Crypto.com and Bybit are also among companies that received similar preliminary permits from VARA, Calvin Cheng Web3 Holdings FZE said it decided to get the license to “gain access to a regulated ecosystem”.

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The license “provides greater customer assurance and increases consumer risk protection”, the company further said.

Calvin Cheng Web3 Holdings FZE, meanwhile, quoted VARA’s remarks to it, which mentioned that it will be the “first international business to actively seek regulation, despite being able to operate lawfully in many other qualifying global jurisdictions”.

Commenting on the development himself, Cheng said his company is proud to be the first NFT virtual asset service provider to enter the ecosystem. 

“A new and forward-thinking regulator like VARA is well-positioned to firmly establish Dubai as the leading global centre for digital assets,” he added, while stating that digital assets is a new space that needs “progressive regulators” to keep up with entrepreneurs’ focus on innovation and growth.

Apart from his involvement in the Dubai venture, Cheng is also chairman of ReTech Technology, a Chinese EdTech firm listed on the Australian Stock Exchange.