The NFT market is hot and it is becoming hotter every single day and setting new records. Are you ready for the NFT mania? NFT has become a new genre for the art market artists have been working around the clock to create new art collections while hoping to make millions by selling these newly discovered NFTs. We believe that NFTs are here to stay. But, are Muslims ready for the gold rush in the NFT market?
NFTs May Stay For A Long Time
The NFT market is still unregulated. So, you can make a quick buck almost immediately. Social media channels like Twitter, YouTube, and Instagram offer so much information about everything called NFT. The boom is not only attracting smaller entrepreneurs like you and me but also brands like Nike, Adidas, and Gucci as well.
Even the New York Stock Exchange (NYSE) wants to be a marketplace for NFTs. Recently, Funoon, the first-ever faith-inspired NFT marketplace for digital assets, sports, and collectibles was launched specifically targeting Muslim customers.
In the long term, we believe that NFTs are here to stay. But, Muslims have to be careful when buying and selling NFTs of any type. Why? Because they need to make sure that whichever NFTs they purchase are Halal.
Apart from choosing Halal-only NFTs, they need to make sure that they are not being ripped off by scammers while trading in this asset class.
What Should You Do As A Potential NFT Trader?
- Understand the market first before investing your money. Keep an eye on the latest trends and regulations various governments plan to impose to control the trading activity in the newly-discovered digital class.
- Have a thorough understanding of the Shariah-compliance aspect of the NFTs before venturing into the concept fully
The Halal Times plans to keep on tracking the latest trends and opinions of Shariah scholars to give a better view of how the asset class should be treated by Muslims.