UAE’s operator e& (formerly Etisalat) plans to roll out its own NFTs

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UAE’s operator e& (formerly Etisalat) plans to roll out its own NFTs

e& (formerly Etisalat) announced plans to launch its own non-fungible tokens (NFTs), stating that the move will make it the first technology and investment conglomerate in the Middle East to do so.

e& said in a statement that the first batch of NFTs will be released selectively and that the launch highlights a commitment to expanding tech skills, as its blockchain arm reached AED10 billion ($2.7 billion) in transactions in 2021.

NFTs are digital assets with unique codes stored on the blockchain that prove their authenticity and who owns them, according to the operator.

e& believes that “the creative ways this technology can be used in the NFTs market has no boundaries,” stating speed and low-latency features that can ensure asset bidding goes down to the last millisecond, as well as clear security procedures and reliable access regardless of data size.

The operator’s NFT assets were purchased in the UAE, according to Hatim Dowidar, group CEO at e&, where the operator is determined to support the “local development of innovative products, technologies, and solutions.”

He also mentioned the metaverse, which he described as “opening up several avenues to investigate the digital realm in ways that were unimaginable just a few years ago.”

NFTs were a hot topic at MWC Barcelona 2022, with corporations from the sports, retail, and technology sectors all expressing interest in the market.