The telecom company aims to strengthen blockchain legacy in the Middle East by unlocking maximum metaverse potential
UAE telecom services provider e& (formerly known as Etisalat Group) has announced the launch of its first set of non-fungible tokens (NFTs).
The first batch of NFTs will be supplied on a limited basis, and the group will provide further updates as their plans for the NFTs progress.
Last year, the company’s blockchain arm exceeded Dhs10 billion in transactions, demonstrating e&’s dedication to improving innovation skills.
Commenting on the launch, Hatem Dowidar, group CEO, e&, said: “The digital transformation that we are experiencing on all fronts will accelerate our quest to innovate. The metaverse is opening up several avenues for us to investigate the digital realm in ways that were unimaginable just a few years ago. At this defining moment in our journey, we are proud to leverage our legacy in blockchain-enabled tech to launch pioneering NFTs that allow us and our customers to explore the limitless potential that the metaverse holds.”
“The NFTs designs were sourced in the UAE, where we are keen to support the local development of new products, technologies and solutions. This is a unique opportunity to celebrate how far we’ve come as a company and to continue exploring what’s next on the horizon. We live in the renaissance of connectivity where we must capitalise on every opportunity that strengthens our continued leadership as the champion digital telco in a hyper-connected world,” he added.
NFTs, on the other hand, are digital assets with unique codes recorded on a blockchain that prove their legitimacy and ownership. With 5G providing reduced latency, quicker speeds, and lower capacity, the innovative applications of this technology in the NFTs sector are endless. The network that supports NFTs must provide lightning-fast connection to allow bidding down to the millisecond, as well as sophisticated security mechanisms for multimillion-dollar assets and, of course, constant, dependable access regardless of data size.
Meanwhile, NFTs have grown in prominence as digital assets that span several industries in recent years. They cover various topics, including art, music, gaming, and multimedia, and are frequently purchased online. The NFT sector was estimated to be worth $41bn in 2021, nearly equalling the whole value of the worldwide fine art market. In addition, NFTs help preserve intellectual property using blockchain technology because of their limited runs and unique identification codes.
In other news, Etisalat Group changed its brand identity to e&, effective from February 23, 2022. Its strategy aims to accelerate growth by creating a resilient business model representing the group’s main business pillars.
Read: UAE telecom major Etisalat Group rebrands as e&
To enable the digital transformation of governments, large-scale enterprises and corporates, e& enterprise focuses on maximising value through end-to-end solutions in the cloud, cybersecurity, internet of things (IoT) and artificial intelligence (AI).
Source: Gulf Business