e& launches 1st Telco NFTs in region

Abu Dhabi – Mubasher: e& has launched its first set of non-fungible tokens (NFTs) to become the first technology and investment conglomerate in the Middle East to introduce NFTs.

This step will enable the company to advance blockchain technology in the Middle East and unlock metaverse potential, according to a press release on Wednesday.

The launch of NFTs came after the company’s blockchain arm exceeded AED 10 billion worth of transactions last year. 

The Group CEO of e&, Hatem Dowidar, 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."

Dowidar added: "The NFTs designs were sourced in the UAE, where we are keen to support the local development of new products, technologies, and solutions."

It is noteworthy to mention that in the first quarter (Q1) of 2022, the company reported a 3.6% rise in its net profits attributable to the owners to AED 2.43 billion, compared to AED 2.35 billion in the same quarter of 2021.

Mubasher Contribution Time: 25-May-2022 07:13 (GMT)
Mubasher Last Update Time: 25-May-2022 07:13 (GMT)