Sunday, July 21, 2024
ReportIslamic NFT marketplace hits the market

Islamic NFT marketplace hits the market

In the backdrop of a surging non-fungible tokens (NFTs) market amid swelling interest, a fintech firm has unveiled a Shariah compliant NFT marketplace using the Ethereum blockchain.

The marketplace is known as NFTradeable, and it was developed and launched by Finanomy.

“The company is hoping to make fast inroads to those interested in decentralized future investment technologies within the framework of Shariah Law, using a platform dedicated to the Islamic Halal market,” Dr Shakir Jeeva, CEO and the founder of Finanomy, commented.

The firm explained that NFTradeable will enable owners to mint their Shariah compliant assets, digital collectibles and other crypto items and make sue of the NFT marketplace, which utilizes the MetaMask cryptocurrency external wallet infrastructure. The NFTs are directly transferred to the buyer’s wallet from the seller’s wallet, with the platform acting as an intermediary connecting buyers, sellers and investors.

“NFTradeable has chosen the Ethereum blockchain, which is currently the second largest cryptocurrency by market capitalization, only behind Bitcoin. Using the Ethereum blockchain allows for rapid deployment, scalability and size. With daily exchange trades of approximately US$10.43 billion and 11.85 billion tokens in circulation, the blockchain is highly liquid and accessible,” explained Dr Shakir, who confirmed that Finanomy has plans to expand its blockchain ecosystem, with a view of releasing new products in the near future.

Data on the NFT market differ from one provider to another: blockchain data company Chainalysis valued the market at US$41 billion at the end of 2021, while DappRadar estimated the market to be worth US$22 billion. What is clear though, that analysts expect for the NFT market to balloon in value, and this has piqued the interest of investors globally as well as the attention of Shariah-conscious tech entrepreneurs.

There are several Halal-focused NFT marketplaces readying to enter the market such as Funoon, and Souq NFT which launched in December 2021.


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