IBF Net Group , which previously created a Shariah-compliant metaverse on the blockchain, has announced an expansion fuelled by its recent initial crypto offering. The project is all set to create new halal parks and innovative platforms on the blockchain, using its position as a developer of digital solutions in the area of Islamic business, finance, and technology.

The company aims to use both blockchain and immersive technologies to address the unique development issues of the Islamic world. The blockchain-based platforms launched by the IBF Net Group so far have already made strides in revolutionising various sectors. Its IBFNEX initiative has an ambitious objective to create a miniature Islamic economy on the blockchain.

In line with the trichotomy of a halal economy - into philanthropy-driven, not-for-profit, and for-profit sectors, the IBFNEX platforms can facilitate seamless donation and volunteering, ensure the preservation and authentication of valuable records (such as, endowment deeds) and allow for-profit exchange of digital assets through NFTs, while providing for purchases backed by digital collaterals. The NETVERSE represents IBF Net Group's halal metaverse, offering a virtual world for exploration and connection with various possibilities. Originally developed on the Algorand protocol by IBF Digilabs - the Singapore based member of the IBF Net Group, the project made a strategic move to Polygon, whereby it aims to amplify the impact of its platforms and provide enhanced experiences to its users.

The expanded platforms on Polygon is expected to offer users an experience that allows them to access a wider range of features and benefits. To power its platforms on Algorand and Polygon, the IBF Net Group has introduced two dedicated crypto tokens - $IBFX and $IBFN, respectively. These crypto tokens will serve as the engines driving the functionalities of the platforms, facilitating transactions, incentivising participation, and hopefully enhancing the overall user experience.

Further, $IBFN - the crypto token associated with its platforms on Polygon - is the first to go for an initial offering, with its sale already open to the public. The launch of Netverse Back in January 2023 the Indonesia-based company launched the world’s first Metaverse on the Algorand blockchain to support digitalisation in the Islamic world. IBF Net Group officials emphasised that they are focusing on the organic growth of IBFNex network memberships since then.

The network incorporates a portfolio of platforms on the blockchain in sectors such as philanthropy, non-profit, and for-profit, which make up a miniature Islamic economy. IBFNex intended to establish a presence within Netverse as well. The group also plans to establish a Governance Council composed of academics, professionals, and Shariah scholars from the Islamic financial services industry.

The founder of IBF Net Group revealed that the invitation to join the council is open to all people and that there will be no membership fees or hidden fees for participants joining the board. .