UAE telecommunications firm e&, formerly known as Etisalat Group, announced on Wednesday the launch of its first set of non-fungible tokens (NFTs), marking its foray into the digital assets space.
A first by a technology and investment conglomerate in the Middle East, the NFTs will be distributed selectively, the company said, citing that it will provide further updates as plans progress.
Last year, the company’s blockchain arm crossed 10 billion dirhams ($2.7 billion) worth of transactions.
In a statement, e& said, the creative ways blockchain technology can be used in the NFT market has no boundaries, given the emergence of 5G.
NFTs have gained popularity in recent years. They are digital assets that have unique codes stored on blockchain that establish their authenticity and their owners.
The NFT market was estimated to be worth $41 billion in 2021.
(Writing by Cleofe Maceda; editing by Seban Scaria)