Non fungible tokens NFTs

Investment Questions and Chats Crypto
#1

Salaams all.
Quite new to crypto. Someone had mentioned NFTs as a growing market. Does @Mufti_Faraz_Adam or @Mufti_Billal know if it is permissible to buy coins such as Enjin etc? Ot any potential issues from shariah perspective and whether it should be avoided or not.

Also does anyone have a list of coins that muftis here have already reviewed on here and approved for e.g. i have seen chats on here where they have said btc, ltc, xrp, Ada, xlm and tez are ok. Can such a list be collated on here by admins or if people can post them here i can collate into 1 list…?

JzkAllah

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#2

Assalaamu alaykum,

Enjin is Shariah compliant. ENJ has multiple use cases, none of which are non-compliant.

Precautionary measures should be taken to avoid earning this token in a non-compliant manner such as games or apps that utilise ENJ token in gambling, betting and playing games of chance.

Allah knows best

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#3

Asalamu alikom Brother Faraz

I am looking at holding tokens that deal with NFT’s. My main question is regarding owing the token itself (the underlying technology) for making NTF’s not the NFT’s themselves. (I.e CHAZ, OMI, WAX, etc). These technologies have dual cases and one can make a shariah compliant NFT or a non- compliant.

In the case of OMI they have an app called VEVE which they sell NFT for super man, Batman, ghost busters, and other well known brands. I have read your article related to the NFT’s themselves but couldn’t really come to a guideline if it’s permissible to hold these tokens or not. If you could please elaborate on the holding of the tokens themselves as I don’t have any interest in NFTs per se. As I am sure you are aware, the use case of these technologies goes far beyond just making “digital art”. Could you please help Barakallah feek

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#4

Assalaamu alaykum,

Kindly see the below article on NFTs

#5

I have already read this article. I am looking for an answer on the token it self not the NFTs (ie art, characters, etc). Is it ok to hold the token itself

#6

What Is ECOMI (OMI)?

ECOMI is a Singapore-based technology company in the digitible collectible space. The company has created VeVe, a blockchain-based digital collectibles marketplace, for users to buy and share their collectibles across the social network service.

ECOMI is made up of two different elements: the former ECOMI Collect ecosystem (now known as VeVe) and the ECOMI Secure Storage Wallet. VeVe contains the VeVe store, a second-hand market, an augmented reality showroom and a social feed.

VeVe works with brands including Batman, Superman, Harley Quinn, Ghostbuster, NFL and MLB, along with others.

The OMI token is a utility token that is used as a medium of exchange when a user buys, sells or trades their digital collectibles on the VeVe platform. OMI also ensures the immutable record of ownership for the digital collectibles.

Who Are the Founders of ECOMI?

David Yu is the CEO of ECOMI. He founded his first business in 1996, and has since started various businesses across the license and retail industry. Daniel Crothers and Joseph Janik are the other two co-founders of ECOMI.

This is one of the projects I invested in. Please help me with a ruling on this. Barakallah feek

What Makes ECOMI Unique?

ECOMI allows users to both buy and sell digital collectibles, as well as show off their items with VeVe’s social media aspect. VeVe also has brand partnerships with well-known licensors in the traditional collectors market, as mentioned, including many D.C. characters like Batman and Wonder Woman.

VeVe allows users to create virtual showrooms to share their collectibles with other users globally, both on their phones and in augmented reality form that allows you to physically walk around these virtual settings. The augmented reality of VeVe means that you can also place your collectibles around you in AR.

#7

Alsalamo alekom,

I hope you are doing well inshallah.

I would appreciate your quick response to my inquiry please, I have invested in crypto, some tokens are proved to be halal like ( ADA, VET, ONE, ZIL ) alhamdulillah however there are some tokens that i couldn’t verify 100% and also would like to know about staking,

Can you please advise if they are or aren’t halal investment?

Cordano ADA ( hold and stake )

Vechain VET ( hold and stake )

Harmony ONE ( Hold and stake )

Ecomi Omi ( I don’t buy any NFTs, i just hold the token )

Veracity VRA ( Hold and stake )

Multivac MTV ( Hold and stake )

REvival RVL ( Hold )

Zilliqa ZIL ( Hold )

Memepad MEPAD ( HOld and stake )

Jazakallah

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#8

What about APENFT Token???

#9

Assalamualaikum @Mufti_Faraz_Adam
@Mufti_Billal
Recently I am hosting a NFT project which will be held in “ICP” blockchain.
And from that NFT project 40%-45% Share i own and other shares i distributed to crew members.
And that 40%-45%'s market value is upto 800,000 Dollars
My question is, are those money will be halal for me?
And i didn’t turned 18 years, Do i have to give Zakat from it?

#10

Salaam
@Mufti_Faraz_Adam @Mufti_Billal , i was wondering what you guys thought about multivac (mtv) . To my knowledge its about sharding and increasing scalibilty it also has a nft market place that sellers can sell pre opened ntf packs or closed ones . Appreciate the work u guys do :slightly_smiling_face:

#11

If crypto project is halal in its main feature but then does something on the side which could be haram but it isnt its main feature does this make investing in that project haram.

@Mufti_Faraz_Adam @Mufti_Billal