UAE’s telco e& launched its first NFT collection

UAE telecom firm e& (formerly Etisalat Group) announced launching its first collection of NFTs, becoming the first technology and investment conglomerate in the Middle East to do so. Initially, e& says its NFTs will be available to select investors.

The inaugural set of NFTs from e& will be distributed selectively, with the group providing further updates as 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 Dh10 billion worth in transactions last year,” e& said in a statement.

“The digital transformation that we are experiencing on all fronts will accelerate our quest to innovate. The metaverse is opening up several avenues for us to investigate the digital realm in ways that were unimaginable just a few years ago,” said Hatem Dowidar, e& Group CEO. “At this defining moment in our journey, we are proud to leverage our legacy in blockchain-enabled tech to launch pioneering NFTs that allow us and our customers to explore the limitless potential that the metaverse holds.”

This milestone step is one of the more recent successes that e& has seen in its current transformation journey as a global technology and investment conglomerate. e& has been instrumental in developing and bolstering the UAE’s strong telecoms infrastructure since its foundation 46 years ago. As e& transforms into a technology conglomerate and keeping in line with UAE’s digitalization ambitions, it has combined its technological competencies with its robust telecom expertise.

The telecom 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,” e& said in a statement. “With 5G bringing lower latency, faster speeds, and reducing capacity, the creative ways this technology can be used in the NFTs market has no boundaries.”

“The NFTs designs were sourced in the UAE, where we are keen to support the local development of new products, technologies, and solutions,” the CEO added. “This is a unique opportunity to celebrate how far we’ve come as a company and to continue exploring what’s next on the horizon.”

In 2021, the global NFT market was reportedly worth $41 billion, which nearly equates to the total value of the entire global fine art market.

Last November, Emirates Post Group (EPG) issued the first in the region NFT stamps in commemoration of the UAE 50th National Day 2021. Each of the four NFT stamps carried a distinct design centered on the UAE national theme.