IBF Chooses Algorand Blockchain for Launching Shariah Compliant Metaverse
IBF Net introduces Netverse, the world’s initial metaverse on the Algorand blockchain, with great success. In addition, it is the initial Shariah-conforming metaverse on any blockchain network across the globe. For the whole of the Islamic world, this seems to be a significant step ahead in the digitization of society.
If analysts are to be trusted, on the one hand, there is the ever-changing Web 3.0 technological landscape, as well as there, is the rising population of the globe that needs to interact to the virtual and online environment. This culminated in the current digital economy comprising an estimated 20 to 25 percent of the global economy. Additionally, its size is expanding daily. The majority of Islamic nations are keeping a careful eye on this ever-changing situation. They presently support the establishment of a halal environment. IBF Net and its subsidiary Netverse intend to address this exact situation.
Netverse is alone in its own category. With the support of its Netversity initiative, it will also become a vital player in regards to social good, in addition to the anticipated fun times and social contact chances. This will enable access to an extensive selection of programs from almost anywhere.
IBF Net also seems to have its sights set on the organic expansion of the IBFNex network’s participation. This is a collection of platforms that operate on the blockchain. It explores charity, non-profit, and for-profit sectors, which compose a modest Islamic economy. Soon, it will be placed into the Netverse. The network’s participation has grown exponentially as a result of the aforementioned factors. As a portion of its future strategy, IBF Net is seeking to form a Governance Council. This will comprise academics, experts, and Shariah specialists from the business of Islamic financial services.
In accordance with its game plan, as soon as its anticipated fifty thousand members join, IBF Net will initiate a fair online method via which members will be able to choose commissioners for various panels that will work towards specific areas of the IBF environment. This encompasses corporate finance, zakat, awqaf, development funding, and Shariah administration, regulation, and innovation.
Nevertheless, the commissioners will take an active role in these efforts. It will feature lectures, seminars, and other such educational events, as well as scholarships offered in partnership with prestigious universities.