IBF Net launches the world’s first metaverse on the Algorand Blockchain: Netverse

IBF Net successfully launches Netverse, which happens to be the world’s first metaverse on the Algorand blockchain. It is also, incidentally, the world’s first Shariah-compliant metaverse on just about any blockchain. For the entire Islamic world, this will apparently be a major boost in total digitization.

If the experts are to be truly believed, on the one hand, there is the ever-evolving scenario of Web 3.0 technology, and on the other, the ever-increasing number of the world’s population that needs to connect to the digital and virtual space. All of this has eventually given rise to the fact that today’s digital economy is estimated to amount to approx. 20-25% of the total global economy. It also happens to be growing every day. All this changing scenario is being observed closely by most Islamic countries. They are currently advocating the development of a halal ecosystem. Into this scenario is what IBF Net and its Netverse want to delve into.

Netverse itself happens to be in a league of its own. Apart from the expected fun times and opportunities for social interactions, it will also prove to be a valuable actor in terms of social goodness with the help of the Netversity project. This will provide a whole host of courses that anyone can connect to from just about anywhere.

IBF Net apparently also has its eyes on issues of organic growth, when it comes to membership in the IBFNex network. This happens to be a consequence of platforms existing on the blockchain. It delves into issues of philanthropy, non-profit and for-profit verticals that happen to make up a small Islamic economy. It will now be placed in Netverse. Through all this, the network has witnessed an exponential increase in the number of members. IBF Net, as part of its future plan, is working towards the establishment of a steering council. This will include academics, professionals and Shariah scholars belonging to the Islamic finance industry.

As part of the game plan, the moment the expected number of fifty thousand members come on board, IBF Net will start a transparent online procedure with the help of which members will be in a position to select commissioners for different panels that will work towards specific parts of The IBF ecosystem. This will include commercial banking, zakat, awqaf, development finance, and also in Shariah governance, regulation and technology.

However, the commissioners will play a very important role in these activities. It will include seminars, workshops and other such learning activities and scholarships in collaboration with eminent universities.