IBF Net has commenced the initial offering of its IBFN tokens on the Polykick platform, taking it one step further in its ambition of building a digital Halal ecosystem.
“The launch of IBFN tokens on Polykick platform is a significant step toward achieving our mission of building a Halal ecosystem inside a 3D immersive environment. We strongly feel that the ILO model is a novel experiment to fund our expansion while addressing some critical Shariah issues relating to initial token offerings,” commented Mohammed Alim, CEO of IBF Net.
ILO refers to initial launchpad offering, a model adopted by Polykick Launchpad, whereby the platform mediates the token sale process. All projects undergo a vetting process ensuring only Web3 projects which have a practical token use case, a minimal viable product and a valid business model, are listed on the platform.
The ILO model is also designed to protect both the project and backers, with mechanisms such as having a third-party specialist audit and review project tokenomics, distribution and price. During the token sale, all funds and tokens are locked in an escrow smart contract. All unsold tokens are burned to ensure fair token distribution, price and stability and all tokens begin trading on digital exchanges once the sale is concluded.
IBF Net intends to channel funds raised through the token sale toward building its Islamic metaverse project. Its next phase of development involves building a virtual city around its existing centers for open learning and trade in Halal goods and services.
IBF Net’s metaverse project built on blockchain and AI technologies has already launched several platforms for multiple Islamic business and finance use cases that use IBFN token as the intra-network and in-verse currency, facilitating cost-less transactions within the network.