UAE telecom operator e& (formerly Etisalat) laid out plans to roll out its own non-fungible tokens (NFTs), making it the first technology and investment conglomerate in the Middle East to offer the digital assets, according to a company statement.
The inaugural set of NFTs will be distributed selectively, and the Group will be providing further updates as their plans for the NFTs progress. The launch batch of NFTs highlights e&’s commitment to advancing tech capabilities as the company’s blockchain arm crossed AED 10 billion worth in transactions last year. It underpins the company’s vision to make a difference at every touchpoint by ideating and deploying best-in-class innovative solutions, harnessing advanced technologies, and maintaining its cutting-edge infrastructure.
NFTs are digital assets with unique codes stored on the blockchain that establish their authenticity and who owns them. With 5G bringing lower latency, faster speeds, and reducing capacity, the creative ways this technology can be used in the NFTs market have no boundaries. The network that supports NFTs must offer lighting speed connectivity to enable bidding down to the last millisecond, robust security protocols for multi-million dollar assets, and of course, consistent, reliable accessibility regardless of data size.
NFTs have gained popularity as digital assets that transcend different sectors in recent years. They encompass a range of subjects from art to music, gaming, and multimedia and are regularly bought online. In particular, the NFT market in 2021 has been reported to be worth $41 billion, which nearly equates to the total value of the entire global fine art market. Given their limited runs and unique identifying codes, NFTs are helping protect intellectual property through blockchain technology.