IBF Net Group, which created the world’s first Shariah-compliant metaverse on the blockchain, has announced a major expansion fueled by its recent initial crypto offering. The award-winning project is all set to create new halal parks and innovative platforms on the blockchain, leveraging its unique position as a developer of digital solutions in the area of Islamic business, finance and technology. Led by Dr Mohammed Obaidullah, a former lead research economist with the Jeddah-based Islamic Development Bank Group, an OIC affiliate, the company aims to use both blockchain and immersive technologies to address the unique development issues of the Islamic world.
The blockchain-based platforms launched by the IBF Net Group so far have already made significant strides in revolutionising various sectors. Its IBFNEX initiative has an ambitious objective to create a miniature Islamic economy on the blockchain. In line with the trichotomy of a halal economy – into philanthropy-driven, not-for-profit and for-profit sectors, the IBFNEX platforms facilitate seamless donation and volunteering, ensure the preservation and authentication of valuable records (such as, endowment deeds) and enable for-profit exchange of digital assets through NFTs, while providing for leveraged purchases backed by digital collaterals. The NETVERSE represents IBF Net Group’s halal metaverse, offering a virtual world for exploration and connection with endless possibilities.
Originally developed on the Algorand protocol by IBF Digilabs – the Singapore based member of the IBF Net Group, the project made a strategic move to Polygon, whereby it aims to further amplify the impact of its platforms and provide enhanced experiences to its users. “The expanded platforms on Polygon will offer users a seamless and efficient experience, enabling them to access a wider range of features and benefits. By leveraging the strengths of both Algorand and Polygon, the IBF Net Group is paving the way for a more inclusive and interconnected digital ecosystem,” says Mohammed Alim, CEO IBF Net Group.
To power its platforms on Algorand and Polygon, the IBF Net Group has introduced two dedicated crypto tokens – $IBFX and $IBFN, respectively. These crypto tokens will serve as the engines driving the functionalities of the platforms, facilitating transactions, incentivising participation, and enhancing the overall user experience. Further, $IBFN – the crypto token associated with its platforms on Polygon – is the first to go for an initial offering, with its sale already open to the public. “The utility token is being launched from a country known for its permissive crypto regulatory framework. By integrating our platforms with Polygon-based crypto, we aim to provide a seamless and enhanced experience for our users while broadening our reach and driving innovation in various sectors,” adds Mohammed Alim.
