Bahrain Institute of Banking and Finance (BIBF) has unveiled eight education-linked non-fungible tokens (NFTs) providing owners access to Islamic finance qualifications.
The NFTs are launched on the Binance blockchain, with each NFT modeled after BIBF’s digital cube. Priced at US$1,000 each, the first owner of the NFTs will be able to access the Advance Diploma in Islamic Finance distance learning qualification while all subsequent owners will receive a 50% discount on all the Islamic finance qualifications and courses provided by the institute.
According to BIBF Director Dr Ahmed Al Shaikh, these NFTs, with education use cases, are the first of their kind.
With numerous use cases of NFTs in the art world, pundits have noted that NFTs – which are units of data stored on the blockchain – could also potentially “disrupt” the education sector. Among potential use cases include utilizing NFTs for micro-credentials, transcripts and records, as well as scholarships and discount offerings, which was done in the case of BIBF.