We’re based in the UK and the UAE, and this global reach gives us an appreciation of the artistic, cultural and sporting interests of Muslims, from both, the diaspora communities, as well as the Muslim world. We believe in the disruptive power of distributed ledger technologies to allow a range of new business models of patronage to emerge, and many trends are already noticeable in successful NFT platforms such as NBA Top Shot and OpenSea.
The Muslim Arts, Culture and Sports scene in 2021 spans across the literary, comic, art, film, music, theatre, sports and collectibles industries, and we believe storing immutable details of transactions and ownership on the blockchain will solve issues such as provenance and authenticity, as well as ensuring that a creators’/influencers’ intellectual property is protected and recompensed over the long term.
Whilst we are launching our project on the Binance Smart Chain (BSC) – for the very practical reason of their comparatively inexpensive gas fees (when compared to Proof-of-Work Ethereum) – we believe that NFT creators and collectors in the future will be chain-agnostic, and NFT assets will co-exist on a number of interoperable blockchains. For this reason Funoon will provide cross-chain functionality in 2022.