IBF Net successfully launches Netverse, which happens to be the world’s first metaverse on the Algorand blockchain. It also, incidentally, happens to be the world’s first Shariah-compliant metaverse on just about any blockchain whatsoever. For the entire Islamic world, this will seemingly be a major thrust forward in overall digitalization.
If the experts are to be truly believed, on one side is the ever-evolving scenario where Web 3.0 technology is concerned, and on the other side happens to be the ever-increasing numbers of the world’s population requiring to connect with the digital and virtual space. All of this has eventually given rise to the fact that the present digital economy is calculated to be approximately 20-25 % of the total global economy. It also happens to be growing with each day. All of this changing scenario is being closely observed by most Islamic countries. They are currently in favor of the development of a halal ecosystem. Into this very scenario is what IBF Net and its Netverse want to dive into.
Netverse, by itself, happens to be in a league of its own. Other than the expected fun times and opportunities for social interactions, it will also prove to be a valuable player in terms of social goodness with the help of its Netversity project. This will provide an entire array of courses that anyone can connect with from just about any place.
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IBF Net also seemingly has its eyes on matters of organic growth, where the membership of the IBFNex network is concerned. This happens to be a retinue of platforms existing on the blockchain. It delves into matters of philanthropy, non-profit, and for-profit verticals which happen to comprise a small Islamic economy. It will now be positioned within the Netverse. Through all of this, the network has been able to witness an exponential increase in terms of membership. IBF Net, as a part of its future plan, is working toward the establishment of a Governance Council. This will include the academicians, professionals, and Shariah scholars belonging to the Islamic financial services industry.
As a part of its gameplan, the moment its expected figure of fifty thousand members comes on board, IBF Net will begin a transparent online procedure with the help of which members will be in the position of electing commissioners for different panels which will work towards particular segments of the IBF ecosystem. This will include commercial banking, zakat, awqaf, development finance, and also in the areas of Shariah governance, regulation, and technology.
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However, a very important role will be played by the commissioners in these activities. It will include seminars, workshops, and other such learning activities and scholarships in collaboration with eminent Universities.
