TrustNFT
Crypto Overview
Purpose and Utility
TrustNFT appears to be a platform that offers NFT-backed loans and NFT trading services. The project aims to provide liquidity to NFT holders by allowing them to use their NFTs as collateral for loans.
Business Model Analysis
The core business model revolves around lending and borrowing activities using NFTs as collateral. The token is used for governance and platform fees. This model raises immediate concerns from a Shariah perspective as it involves interest-based lending and borrowing.
Real-World Adoption
The project shows limited real-world adoption, though this alone is not a concern for Shariah compliance purposes. The primary usage appears to be centered around the lending protocol.
Platform Development
While there is some development activity, the primary focus remains on the lending protocol and NFT valuation mechanisms.
Token Distribution and Founder Analysis
The token distribution and founder information is limited in publicly available sources. However, the core concern lies not in these aspects but in the fundamental business model of interest-based lending.
Crypto Impact
To assign a comfort level investing in TrustNFT 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 TrustNFT.
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.