Niftyx Protocol
Crypto Overview
Overview
Niftyx Protocol, represented by the SHROOM token, was launched as a protocol for NFT creation and trading. The project aimed to provide tools for creating, fractionalizing, and trading NFTs on the Ethereum blockchain.
Purpose & Utility
The intended purpose of SHROOM was to serve as a governance token for the Niftyx Protocol ecosystem, allowing holders to participate in decision-making regarding protocol development and updates. Additionally, it was meant to facilitate NFT creation and trading within the platform.
Current Status
As of the most recent available information, the project appears to be inactive with minimal to no development activity. The official website is no longer accessible, and there is no recent communication from the development team. Trading volume has decreased significantly, and the project's social media channels show no recent updates.
Business Model Evaluation
The original business model focused on NFT infrastructure development did not inherently involve any haram activities. The protocol did not facilitate lending, gambling, or explicit content. The core functionality of NFT creation and trading aligns with halal principles of asset ownership and exchange.
Crypto Impact
To assign a comfort level investing in Niftyx Protocol from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Niftyx Protocol.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.