OctaSpace
Crypto Overview
Project Overview
OctaSpace (OCTA) is a cryptocurrency project that aims to create a decentralized ecosystem focused on NFT marketplaces and blockchain gaming. The project was launched in 2023 on the BNB Chain.
Purpose and Utility
The stated purpose of OctaSpace is to provide a platform for NFT trading and gaming applications. The project claims to be developing an NFT marketplace and various blockchain-based games.
Current Development Status
While the project is still in its early stages, the development team has released a basic NFT marketplace. However, the promised gaming applications are still under development.
Token Distribution
The token distribution appears to be relatively well-balanced, with a significant portion allocated for ecosystem development and community rewards. The team's tokens are subject to a vesting schedule, which helps align long-term interests.
Platform Activity
The project shows regular development updates and community engagement through their social media channels. The NFT marketplace has seen some initial activity, though volume remains limited as the platform is still new.
Business Model Analysis
The core business model revolves around facilitating NFT trading and gaming, which are permissible activities from an Islamic finance perspective as they involve the exchange of digital assets with actual utility and ownership transfer.
Crypto Impact
To assign a comfort level investing in OctaSpace 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 OctaSpace.
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.