Are Non Fungible Tokens (NFTs) haram?
If you are a MUSLIM and want to buy or sell NFTs but this question is preventing you from doing so then don’t worry, we have got you covered.
There are plenty of MUSLIMS who want to invest in NFTs but first, they want to know whether investing money in NFTs is permissible in Islam or not.
This post will not only tell you whether NFTS are Haram or Halal but also explain what is it and why everyone is currently talking about it.
Without any further ado, let’s get started:
What is NFT?
NFT is an abbreviation of Non-Fungible Token.
For the uninformed, NFT is a digital asset stored on a blockchain, a form of digital ledger.
Similar to Cryptocurrencies, people can buy, sell and trade NFTs. It can be in the form of images, videos, audio and other digital files.
According to a Forbes report, a whopping $174 million has been spent on NFT since November 2017.
Is an NFT Shariah Compliant?
To know whether NFTs are Haram or Halal, I watched multiple videos and read a bunch of blogs written by Islamic Scholars but I did not find a single blog stating that NFTs are Haram and impermissible in Islam.
Yes, NFTs are Halal and can be purchased, sold and traded.
Before you skip reading this post and buy an NFT, make sure the NFT that you are going to buy, sell or trade does not contain things that are prohibited in Islam.
There are plenty of Halal NFTs out there that don’t represent unlawful objects or substances.
If you are a MUSLIM and want to buy Halal NFTs, make sure they don’t feature anything that Islam does not allow.
Where To Buy Halal NFTs?
There are plenty of Shariah complaints about NFT marketplaces out there where you can buy Halal NFTs.
To know what these marketplaces are and how they work, keep reading this post.
Funoon is said to be the first platform that features faith-inspired NFTs across the world. Unlike other platforms, Funoon is a place where creators can also set a certain percentage of their earnings to go for philanthropic purposes in addition to their own creator royalty fees.
As of March 2022, Funnon is yet to be launched completely. This faith-inspired NFT platform will be launched soon.
Souq NFT is yet another community focus marketplace where you can buy, sell and trade Halal NFTs.
The best thing about this platform is it does not let people upload NFTs containing hate speech and racism.
Now, you know that NFTs are not Haram in Islam but if you still want to read more about its Sharia complaint, click on the link.
When you click on the above link, you will be taken to a page where Mufti Faraz Adam has written a lengthy post about NFTs.
If you still have doubts about its use in Islam, I advise you to read that post.