The UAE telecom major e& (formerly Etisalat) is launching its own NFTs (non-fungible tokens) – and thus becoming the first ‘tech and investment conglomerate’ in the Middle East to do so.
Not surprisingly, the initial set of NFTs from e& will be distributed selectively, with the group providing further updates as ‘plans for the NFTs progress. “The launch batch of NFTs highlights e&’s commitment to advancing tech capabilities as the company’s blockchain arm crossed Dh10 billion worth in transactions last year,” a statement said.
“The metaverse is opening up several avenues for us to investigate the digital realm in ways that were unimaginable just a few years ago,” said Hatem Dowidar, Group CEO, e&. “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.”
Following on from the crypto boom from 2020, NFTs were the other digital tokens that investors clambered into, from out-and-out tech geeks to celebrities. NFTs have come in all forms and sizes, from art to cars. (In short, NFTs are financial security that can be stored as digital data within a blockchain. And can be traded as other asset classes are.)
WHAT E& HOPES TO GET OUT OF NFTS
The telecom network that supports NFTs ‘must offer lighting speed connectivity to enable bidding down to the last millisecond, robust security protocols for multi-million dollar assets, and of course, consistent, reliable accessibility regardless of data size’, e& said in a statement.
“With 5G bringing lower latency, faster speeds and reducing capacity, the creative ways this technology can be used in the NFTs market has no boundaries.”
Locally sourced
“The NFTs designs were sourced in the UAE, where we are keen to support the local development of new products, technologies and solutions,” said the CEO. “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.”
Last year, the global NFT market was reportedly worth $41 billion[1] , which nearly equates to the total value of the entire global fine art market. “Given their limited runs and unique identifying codes, NFTs are helping protect intellectual property through blockchain technology,” e& said in a statement.
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