xNFT Protocol
Crypto Overview
Overview
xNFT Protocol is a cryptocurrency project that aims to provide a cross-chain infrastructure for NFT (Non-Fungible Token) trading and interoperability. The protocol was designed to facilitate seamless NFT transfers between different blockchain networks.
Purpose & Utility
The primary stated purpose of XNFT is to serve as a governance and utility token within the xNFT Protocol ecosystem. Token holders can participate in protocol governance decisions and pay transaction fees for cross-chain NFT transfers.
Business Model Assessment
The business model focuses on facilitating legitimate NFT trading and cross-chain transfers, which aligns with Islamic principles as it involves actual asset exchange and creates real utility. The protocol does not engage in interest-bearing activities, gambling, or other prohibited operations.
Development & Adoption
The project shows active development on GitHub with regular updates to the protocol. While adoption is still in early stages, several NFT marketplaces have integrated with xNFT Protocol for cross-chain functionality.
Token Distribution
Initial token distribution allocated 30% to the team and advisors with a 2-year vesting period, 40% for community incentives, and 30% for development and ecosystem growth. The vesting schedule and lock-up periods appear reasonable and designed to align long-term incentives.
Revenue Model
The protocol generates revenue through transaction fees from cross-chain NFT transfers, with no interest-bearing components or gambling mechanisms. All fees are transparently displayed and represent payment for actual services rendered.
Crypto Impact
To assign a comfort level investing in xNFT 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 xNFT 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.