UK-based Funoon is an NFT marketplace that aims to sell Shariah-compliant digital assets

UK-based Funoon is an NFT marketplace that aims to sell Shariah-compliant digital assets

December 28, 2021 0

What happened:

The UK-based Funoon would be an NFT marketplace for Islamic art, culture and sports digital assets in different formats. Funoon would allow buying, selling, and trading varying NFT artworks using the Binance tokens. Another Dubai-based organization Behnoode Foundation had also hinted at launching an NFT Islamic art agency to promote Islamic art and artists.

Details:

However, the founder of Funoon Shah Sheikh is quoted by Salaam Gateway saying, “Other agencies are creating Islamic Art NFTs, but not an NFT marketplace. There are a few generic NFT marketplaces like OpenSea and Nifty Gateway. However, within the Islamic space there are little to no options.” At the same time, the founder stated that they are having discussions with the advisors and Shariah scholars on the fiqh aspect of the NFT marketplace. 

What else:

 On the other hand, the Shariah scholars have said that the NFT industry is just beginning, and there is currently insufficient understanding of it from a Shariah perspective. However, a few others have claimed that NFTs can be made Shariah-compliant. 

Rana Abdullah Hammad
Rana Abdullah Hammad
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