January 24, 2023

First Shariah-Complaint Metaverse Launched

First Shariah-Complaint Metaverse Launched Featured Image

IBF Net Group, a research-based institution focused on the halal ecosystem, has launched the world’s first Shariah-compliant metaverse on any blockchain, which is also the first metaverse in the world on the Algorand blockchain.

Called Netverse, the Shariah-compliant metaverse is predicted to accelerate the digitalization process of the Islamic world, Zaywa said in a press release. In addition to fun and social interaction, Netverse will include services and products that promote human well-being on a large scale.

Netverse’s Netversity project will offer various courses, which could be followed by anyone, anywhere.

Commenting on Netverse, CEO of IBF Net Group Mohammed Alim said Netverse will include IBFNex, a set of platforms on the blockchain catering to the philanthropy, non-profit, and for-profit sectors creating a miniature Islamic economy.

Meanwhile, Founder of IBF Net Group Mohammed Obaidullah pointed out that the group plans to expand activities of its ecosystem to cover areas of commercial banking, insurance, investment banking, zakat, awqaf, non-profits, development finance, and cross-cutting areas like Shariah governance, regulation, and technology, adding: “We are excited to see the positive impact that Netverse will have on the IBF ecosystem in the Islamic world and beyond. Join us as we pave the way for a more inclusive, democratized, and socially conscious digital future.”

Financial institutions like Goldman Sachs and Morgan Stanley predict that the size of the metaverse opportunity in the global economy would reach between $8 to $10 trillion.

A metaverse is a network of three-dimensional virtual environments focusing on social interaction. It may be characterized as a digitally simulated world. It utilizes blockchain, augmented reality, and virtual reality (VR), combined with social media principles, to develop venues for extensive user communication that imitate the real world.

The Metaverse is an encompassing word for technologies that aid in creating a whole digital world similar to the real one. This universe can be incredibly comprehensive and encompass a broad range of various planets, sometimes referred to as virtual environments.

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