February 5, 2023

IBF Net Launches World's First Sharia Metaverse

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IBF Net Launches World's First Sharia Metaverse

IBF Net has launched the Netverse virtual world on the Algorand blockchain, which is supposed to be the world's first Sharia-compliant metaverse.

IBF Net Group CEO Mohammed Alim(Mohammed Alim) told reporters that the company will focus on growing the number of participants in its metaverse by promoting charitable, non-profit and commercial projects on the platform that are consistent with the principles of Islamic economics. The creators expect that by mid-2023 the number of active users of the metaverse will approach 50,000 people.

Mohammed Alim stated that once the audienceNetverse will exceed this target threshold, the platform will initiate elections of authorized persons to lead the commissions governing the components of the metaverse ecosystem.

The IBF Metaverse Governors Institute willdetermine the work of the financial component of the project and the direction of training programs, including seminars, workshops and conferences. In addition, the competence of the members of the commissions will include the functions of Sharia supervision and regulation of the activities of the entire platform.

For active participation in the activities of the IBF platformNet plans to encourage users by accruing on-net cryptocurrency - IBFX - to their accounts. IBFX tokens are currently pegged to the US dollar at a ratio of 1:1.

Earlier, a Kuwaiti corporation for the sake of Warba Bank announced
about launching their own projects in the Sandbox and Decentraland metaverses to promote virtual services among teenagers and millennials from Islamic countries.