First Ever Shariah-Compliant Metaverse Launched By IBF Net

IBF Net Group, a financial technology solutions provider, has recently broken new ground within the metaverse space. The group has successfully launched Netverse on the Algorand blockchain. Not only is this the first Metaverse on the Algorand blockchain itself, but it also has the honor of being the first Metaverse that is compliant with Shariah law on any blockchain.

A New Beginning

This was revealed via public announcement, with the press release posted on Zawya.com. The press release speculates that Netverse’s innovation will result in it being a significant player in the Islamic world’s efforts to digitalize.

The press release highlighted that an estimated total value of the Metaverse stands at $8 trillion, citing big names like Morgan Stanley and Goldman Sachs. The press release states that these experts believe the contributing factors of the increase in adoption of digital services can be attributed to two significant factors: The adoption of younger generations who show a preference for digital services, as well as the general innovation within the Web3 space. This report showed that these same trends are within Islamic nations, as well, and Netverse is aiming to capitalize on that.

Adapting To The TImes

The report highlights that the digital economy now represents somewhere between 20% and 25% of the world’s economy, with Netverse aiming to capitalize on that in its own unique way. Besides advertising itself as Shariah compliant, the press release highlighted the Netversity, a project that would allow anyone across the world to access a wide range of courses. This would add to the claims thatNetverse will provide social and fun interactions.

Mohammed Alim stands as the CEO of IBF Net Group. In the press release, he highlighted that IBFNex, a network of blockchain platforms aimed at non-profit, philanthropy, and for-profit sectors, has been pushing for organic growth of memberships. Alim described IBFNex as a “miniature Islamic economy” and added that it would be integrated within Netverse.

A Clear Interest Shown

Alim further highlighted the 600% growth of IBFNex. He stated that the platform had maintained a stable user count of 5,000, before dramatically increasing. Alim anticipates an excess of 50,000 users by the end of 2023’s first semester.

In the press release, IBF Net stated that it is aiming to democratize its efforts by means of establishing a Governance Council. This council is aimed to consist of various early movers within spheres such as Shariah scholars, academics, and industry professionals within the Islamic finance space.

A Future Election Planned

Mohammed Obaidullah stands as the founder of IBF Net Group, and gave a statement about the matter at large. He explained that there were no hidden fees or membership fees when it came to joining the Board, pleading for the public to support the movement of expanding and democratizing IBF Net. The only mandate of how one applies for the position, Obaidullah stated, was to simply fill out the form.

The press release detailed that a transparent election process will be initiated once IBF Net reaches 50,000 members. This election pertains to Commissioners set to be appointed across various Panels, which themselves will focus on specific aspects of the IBF ecosystem.