22 November 2024, Fri |
4:40 PM
e& (formerly Etisalat Group) has announced the release of its first set of non-fungible tokens (NFTs).
This is a significant milestone for e& as the Middle East’s first technology and investment conglomerate to launch NFTs.
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.”
The first batch of NFTs will be issued on a first-come, first-served basis, and the Group will provide additional information as its plans for the NFTs proceed. The debut batch of NFTs exemplifies dedications &’s to technological advancements, with the company’s blockchain arm surpassing AED 10 billion in transactions last year. It supports the company’s objective of making a difference at every touch point by conceiving and implementing best-in-class innovative solutions, leveraging sophisticated technology, and maintaining cutting-edge infrastructure.
NFTs are digital assets that have unique codes stored on the blockchain that prove their authenticity and ownership. With 5G delivering lower latency, quicker speeds, and lower capacity, there are no limits to the innovative ways this technology can be applied in the NFTs industry. The network that supports NFTs must provide lightning-fast connectivity to allow bidding down to the millisecond, as well as sophisticated security mechanisms for multimillion-dollar assets and, of course, consistent, dependable access regardless of data size.
In recent years, NFTs have grown in prominence as digital assets that span multiple industries. They cover a wide range of topics, including art, music, gaming, and multimedia, and are frequently purchased online. The NFT sector, in particular, is expected to be worth USD 41 billion in 2021, nearly equaling the total value of the worldwide fine art market. NFTs help preserve intellectual property using blockchain technology because of their limited runs and unique identifying codes.
This is one of the most recent successes for e& in its current transformation as a global technology and investment conglomerate. Since its inception 46 years ago, e& has been instrumental in developing and strengthening the UAE’s robust telecoms infrastructure. As e& evolves into a technology conglomerate, in line with the UAE’s digitalisation ambitions, it has combined its scalable technological competencies with its robust telecoms expertise, enriching customers’ lives and adding value to enterprises.
Etisalat Group’s brand identification has been changed to e&, effective February 23, 2022. Its strategy is to boost growth by developing a resilient business model that encompasses the Group’s core business pillars. The Telecoms business is now led by Etisalat UAE in ehome &’s market and existing subsidiaries for overseas operations, maintaining the Group’s rich telecoms legacy, reinforcing the robust telecoms network, and optimising value for the Group’s diverse client groups.
e& life provides next-generation technologies to individual customers through smart platforms in entertainment, retail, and financial technology, allowing them to elevate their digital-first lifestyle. e& enterprise focuses on maximising value through its end-to-end solutions in Cloud, Cybersecurity, Internet of Things (IoT), and Artificial Intelligence to support the digital transformation of governments, large-scale organisations, and corporations (AI). e& capital enables the Group to concentrate its energies on pursuing new mergers and acquisitions while also increasing shareholder value and expanding its worldwide presence.
