UAE’s telecom service provider e& (formerly known as Etisalat Group) has announced the launch of its first non-fungible token (NFT) series, becoming the first technology and investment conglomerate in the region to launch NFTs, advancing the UAE’s digital transformation and unlocking the potential of the metaverse.
The first batch of NFTs will be limited in quantity and inspired by the company’s three core pillars: networking, telecommunication and digital transformation. The organization will provide more information as its NFT plans evolve.
Commenting on the NFT launch, Hatem Dowidar, group CEO, e&, said: “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. 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.”
We’re paving the way forward into the future of digital transformation with the release of our #NFTs. As the first tech conglomerate in the region to unveil NFTs, our first collection was inspired by our 3 core pillars: #Networking, #Telecommunication and #DigitalTransformation. pic.twitter.com/3x2Y0tgbov— e& (@etisalatAnd) May 25, 2022
The company announced its Q1 2022 financial results on 25th April 2022: its first quarter consolidated revenues increased by 0.8 percent to AED 13.3 billion, while its net profit increased by 3.6 percent year-to-year to AED 2.4 billion.
e& has maintained solid performance since its evolution into a global technology and investment conglomerate earlier this year by providing innovative solutions to diverse customer segments, pursuing targeted acquisitions, and forging value-creation partnerships for consumers, businesses, and societies.
Commenting on the Q1 2022 results, Hatem Dowidar, Group CEO of e&, said: “We will continue to explore new avenues of growth, expand our offerings, enhance the quality of our solutions, forge new partnerships, and launch a number of digital initiatives to support SMBs, governments and large enterprises. All of this stems from our clear vision to create a more progressive business model, represented by the Group’s business pillars, so that we can seize the opportunities that arise in an increasingly fast-paced digitalised business landscape.”
The company appears to be keeping its promises and looking for additional revenue streams through NFTs and alternative approaches to new technologies.