Company to strengthen blockchain legacy in the Middle East by unlocking maximum metaverse potential
Abu Dhabi, 25 May 2022: e& (formerly known as Etisalat Group) today announced launching its first set of non-fungible tokens (NFTs). This marks a significant milestone for e& as the first technology and investment conglomerate in the Middle East to launch NFTs.
The inaugural set of NFTs will be distributed selectively, and the Group will be providing further updates as their 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 AED 10 billion worth in transactions last year. It underpins the company’s vision to make a difference at every touchpoint by ideating and deploying best-in-class innovative solutions, harnessing advanced technologies, and maintaining its cutting-edge infrastructure.
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.”
NFTs are digital assets with unique codes stored on blockchain that establish their authenticity and who owns them. 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. The 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.
NFTs have gained popularity as digital assets that transcend different sectors in recent years. They encompass a range of subjects from art to music, gaming and multimedia and are regularly bought online. In particular, the NFT market in 2021 has been reported to be worth USD 41 billion , 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.
This milestone is one of the more recent successes that e& has seen in its current transformation journey as a global technology and investment conglomerate. e& has been instrumental in developing and bolstering the UAE’s strong telecoms infrastructure since its foundation 46 years ago. As e& transforms into a technology conglomerate and keeping in line with UAE’s digitalisation ambitions, it has combined its scalable technological competencies with its robust telecoms expertise, enriching the lives of customers and adding value to enterprises.
Etisalat Group has changed its brand identity to e&, effective from 23 February 2022. Its strategy aims to accelerate growth through the creation of a resilient business model representing the Group’s main business pillars. The Telecoms business currently continues to operate led by Etisalat UAE in e&’s home market and by existing subsidiaries for international operations, upholding the Group’s rich telecoms heritage, bolstering the strong telecoms network and maximising value for the Group’s various customer segments.
Ramping up the digital services for individual customers to elevate their digital-first lifestyle, e& life brings next-generation technologies through smart platforms in entertainment, retail and financial technology.
To enable the digital transformation of governments, large-scale enterprises and corporates, e& enterprise focuses on maximising value through its end-to-end solutions in, Cloud, Cybersecurity, Internet of Things (IoT) and Artificial Intelligence (AI). e& capital allows the Group to focus its efforts on driving new mergers and acquisitions while maximising shareholder value and strengthening global presence.