IBF Net has launched Netverse, the world’s first metaverse on the Algorand blockchain, which is also the world’s first Shariah-compliant metaverse on any blockchain. Netverse is expected to be a major contributor to the digitalization move in the Islamic world.
The digital economy today is estimated to be around 20–25 percent of the global economy, and this share is expected to grow steadily. The virtual economy is expected to grow within and alongside the digital economy. Given this, the size of the metaverse opportunity is predicted to be in the range of USD 8–10 trillion, according to global investment bankers, such as Goldman Sachs and Morgan Stanley. According to experts, the emerging web 3.0 technologies on the one hand, and the observed and ever-growing preference of the millennials to interact and transact in the digital and virtual space have contributed to this scenario. The trends are observed in several Islamic nations as well that consider the development of a halal ecosystem as a policy imperative. IBF Net’s Netverse expects to capitalize on this emerging scenario.
At the same time, Netverse is unique in many ways. Beyond fun and social interaction, Netverse will contribute to social good, through its Netversity project that offers a wide range of courses that can be pursued by anyone, anywhere.
IBF Net has also been focused on organic growth in the membership of its IBFNex network, a portfolio of platforms on the blockchain catering to the philanthropy, non-profit, and for-profit sectors that make up a miniature Islamic economy. IBFNex will now reside inside the Netverse too. The network has experienced a growth in membership of over 600 percent during the last two years after hovering around 5k for a long period and is on track to cross the threshold of 50k (fifty thousand) by mid-2023.
The network membership has increased by over 600 percent during the last two years; targeted to cross the 50,000 threshold in 2023.
To further democratize its efforts, IBF Net is in the process of setting up a Governance Council comprising early movers from the academic world, professionals, and Shariah scholars from the Islamic financial services industry.
Once the targeted 50k membership is reached, IBF Net will initiate a transparent online process through which members will elect Commissioners to various Panels dedicated to specific components of the IBF ecosystem, such as commercial banking, insurance, investment banking, zakat, awqaf, non-profits, development finance, and cross-cutting areas like Shariah governance, regulation, and technology. These Commissioners will play an important role in the programs and activities aimed at learning and promotion, including seminars, workshops, conferences, publications, awards, and scholarships in partnership with universities and corporates.
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.
Update (30th January 2023)
We’re thankful to the following media publications for featuring this story: