What is an NFT?
An NFT is a unique digital asset, which is secured by cryptography. An NFT is an acronym for Non- Fungible Token, and the fact that it is not fungible (i.e. not able to be replaced with a token of equal likeness) is why the NFT is unique. This sort of digital asset differs from crypto currencies in that crypto tokens or coins are, rather like a US dollar, able to be replaced with another token from the same crypto currency with ease.
NFTs have increasing amounts of utility in the web 3.0 economy, and here at Funoon we believe NFTs have a big role to play in both the Muslim world and countries with a Muslim diaspora.
A well known example of an NFT is a token that represents a unique digital artwork. The advantages of NFT artwork is that it's provenance is traceable, and it's transaction history is publicly available via online transaction logs
What is Funoon?
Funoon.io was set up in April 2021, as there was no faith-inspired NFT platform available for Muslims.
Funoon is an NFT eco-system for Muslims which not only provides a new economic model of patronage and sponsorship of Muslim arts, culture and sports, but also provide a new model for fundraising in the 21st century.
Funoon has three main purposes:
- To act as an NFT marketplace for Muslims
To educate artists, collectors, digital natives in the uses and role of NFTs in the web 3.0 economy
To facilitate charitable crypto donations through allocating a certain % of the NFT sale/re-sale to charity campaigns
The NFT Market for Muslims
Funoon.io is pioneering in a market (Muslim-related NFTs) likely to be worth at least $2.7 billion by 2024, with at least an annualised 5%+ growth rate until 2040.
What is a Blockchain?
A Blockchain is a distributed ledger (with Blockchain technology also referred to as Distributed Ledger Technology), which allows for a decentralised manner of keeping record logs (for a variety of purposes).
For the purposes of NFTs, the Blockchain keeps a record of who is minting (creating), selling and buying a particular digital asset, and it is common within some smart-contract enabled Blockchains, to codify additional details that are relevant to the sale/purchase of a particular token/token transfer. An example of this would be a % royalty configured by the smart contract to be given to the NFT creator on every re-sale of the NFT.
Why should I create an NFT of my artwork?
There are three main reasons why NFTs would be a good idea for digital and nondigital artists. Firstly, this is a growth area with the market for Muslim-related NFTs likely to be worth $2.4 billion by 2024. Secondly, artists can generate ongoing royalties through the sale of NFTs, something that historically hasn't ever been possible. And lastly, it allows digital artists to be able to commercialise their artwork in a meaningful way (either through an auction or a 'buy now' method), as their official NFT artwork is protected by cryptography, and is secured by the Blockchain.
Why should I buy an Islamic Art NFT?
Art NFTs have increased in popularity since the beginning of 2021. This is a growth area as the technology ensures that original NFT 'minters' are able to receive ongoing royalties through a smart contract which allocates a certain % to the original owner (this % is configurable). Whilst we haven't seen many Islamic Art NFTs on the market, the reason for this has been the absence of a marketplace such as Funoon, which brings together Muslim collectors, and others interested in Islamic Art NFTs/digital Islamic Art. With the advent of Funoon.io, you will see a number of Islamic Art NFTs launched on the market.
Why should I not simply use OpenSea?
You can use Opensea to sell your NFT, just like you can use one of the many other NFT platforms. The added advantage of using Funoon, however, is threefold: 1) The Funoon community is made of up people interested in Muslim Arts, Sports and Culture all over the world, and so you may find a ready made audience for your work with us; 2) Our work has a strong charitable component so you are able to allocate a % of your sales to charity and 3) we have a strong focus on education where we run educational content via Funoon Academy, so you can learn a lot more about Blockchain, NFTs and other aspects of the web 3.0 economy
What is Funoon Academy?
Funoon Academy is the educational wing of Funoon. Whilst we believe in the transformative power of distributed ledger technology here at Funoon, we are aware that many people are not familiar with where to get started in terms of creating a wallet, and minting/selling their first NFT. Funoon Academy's mission is to help educate artists, collectors and enthusiasts on how to get started on the Blockchain.
What is Funoon Foundation?
Funoon Foundation is the charitable wing of Funoon. Each NFT that is minted on Funoon has a optional percentage that can go to charity (if selected by the artist). When any BNB tokens are deposited to the Funoon Foundation Charity Wallet, then these funds are converted to fiat on a regular basis and are distributed to registered charities. The charities are selected by the oversight committee, and users are also able to recommend charities for consideration.
How do I create an NFT on Funoon.io?
You will firstly need a digital asset wallet before you can connect to Funoon. Supported wallets include Trust Wallet and Metamask. Once you have a crypto wallet, you can connect to Funoon.io, making sure that you select the Binance Smart Chain on the wallet. This will allow you to carry out a range of activities such as create profile, buy and sell wallets. However, we recommend that you populate your profile with additional details such as social media links,email address etc
How do I buy an NFT on Funoon.io?
Once you have connected your wallet to Funoon you can either bid on an NFT or buy one using your BNB tokens in your wallet. You will need to use a very small amount of BNB tokens as a 'gas fee', so please ensure that you have slightly more balance of BNB tokens than your bid/NFT price amount of BNB in your digital wallet.
How do I sell an NFT on Funoon.io?
Once you have connected your wallet to Funoon, you can sell an NFT by going through two steps. 1) You will need to firstly 'mint' your NFT on the Funoon platform. Minting involves registering your digital artwork/photograph/file with the Binance blockchain. This will involve a small amount of gas fee. Roughly between $3-$5. 2) Once you have minted the NFT, you will then be able to list it for immediate sale by setting a BNB token price, or you can sell it via an auction (and you can include a minimum/reserve bid price). There are some other options you will need to select such as whether your NFT is a single item, or is part of a collection. More information can be found about that via the Funoon Academy.
Why have you selected the Binance Smart Chain?
In 2021 gas fees on the Ethereum blockchain were prohibitively expensive. At Funoon we wanted to select an environmentally friendly blockchain that worked in a similar way to Ethereum. The natural choice for us, therefore, was the Binance Smart Chain. The NFT standards are identical between the two projects (721 and 1155 standard). As a result Funoon will go live with support for the Binance Smart Chain, however, we believe that the future will be multi-chain.
Where can I see a transaction log of my purchase?
You can see a transaction log for your wallet on Bscan.com. If you are using the Metamask wallet you can see this by clicking on the three dots, and selecting the link from within the additional options provided. A more detailed article will be appearing on Funoon Academy about this in the coming weeks.
What are the different ways I can buy an NFT on Funoon.io?
You can buy an NFT on Funoon.io via an auction, or instantly, depending on what option the NFT creator has selected for selling their item(s).
Can I buy an NFT using a debit/credit card?
At the moment you can only buy NFTs on the Funoon platform using BNB tokens, as we have launched our platform on the Binance Smart Chain. We will be adding fiat support in 2022, depending on user feedback, along with support for additional blockchains such as Ethereum and Polkadot.
How can I buy BNB tokens?
You can buy BNB tokens via an exchange or wealth management app such as Binance Exchange or Swissborg. You can read an article on buying BNB tokens via our Funoon Academy tutorial that will be available in October 2021
What platforms do you recommend for creating digital Islamic art?
There are a number of ways you can create digital Islamic Art, ranging from using online web-based applications for calligraphy, through to using online platforms such as canva and pixlr to enhance your digital images. Other ways of creating generative art will be discussed on the Funoon Academy this autumn (2021).
Is there a waiting list to become an NFT seller on Funoon.io?
No, there is no waiting list to sell on the Funoon platform. The platform will go live in October 2021, and users will be able to mint their NFTs on the platform when we are live. If you would like access to beta testing the platform then please contact us.
How do you ensure a digital artwork is owned by the seller?
We are utilising a number of methods to ensure that works of art are not pirated, and then sold on the Funoon platform. Firstly, we will have a 'verified user' status, which will ensure that if an artist has a following on a social media platform, then this has been verified by us. Once verified, a tick will appear to show that a user is verified. In a future release we will also introduce a KYC component for all sellers on the platform.
How and when will I get paid?
When a sale of your NFT occurs on the platform then you will immediately receive your royalty/price of the NFT, minus the platform fees, in BNB tokens to your wallet address.
How can I convert BNB tokens to fiat?
You can convert your BNB tokens via an exchange or wealth management app such as Binance Exchange or Swissborg. You can read an article on converting your BNB tokens to fiat onour Funoon Academy tutorial that will be available in October 2021
What categories of NFTs do you sell?
We will sell a range of categories of NFT on the Funoon platform. Initially we will focus on art related NFTs, however, the use cases of NFTs are broader than just for art, and so you will see additional categories over the coming months.
What other advantages do NFTs confer to the buyer?
NFTs are permanently available on the blockchain, and the transaction history is a matter of public record for posterity. Commentators such as Gary Vee are of the opinion that wallet addresses will be publically searchable, and will be of social significance much in the same way an individual's Instagram or Facebook account has social significance today. More information on the transformative nature of NFT technology will be available on Funoon Academy in October 2021.
Will you be supporting other blockchains in the future?
Yes, we intend to support additional blockchains in the future.
What are your platform fees?
Our platform fees are 2.5%
How much does it cost to mint an NFT on Funoon.io?
It depends. On the Binance Smart Chain at the time of writing (August 2021) the average cost for minting an NFT would be in the range of $2-3 dollars.
Do you support gasless minting?
We don't support gasless minting for the time being. Our decision has been to help educate our users on the nuts and bolts of blockchain technology, and whilst there is a case to be made for incorporating gasless minting in the future, we believe it is helpful to educate users on the underlying technology used by blockchains (proof of work vs proof of stake etc) to help users understand the technology, as well as secondary considerations such as effects on the environment and also security.
Can I buy more than one item at a time (i.e. a collection?)
If the NFT creator has issued and created a collection then you are able to buy this on the Funoon platform
What is the BEP-721 token standard?
"BEP-721 is a Binance Smart Chain (BSC) token standard that allows for the creation of non-fungible tokens (NFTs). It's an extension of Ethereum's ERC-721, one of the most commonly used NFT standards and is compatible with the Ethereum Virtual Machine (EVM). Each NFT is unique and is not interchanged with any other token.". This is taken from Binance Academy
What is the BEP-1155 multi-token standard?
"BEP-1155 is the multi-token standard for smart contracts that combines the fungibility of BEP-20 and the non-fungibility of BEP-721 in one contract."
Are NFTs shariah compliant?
There isn't much literature on this topic by scholars, however, there are various rulings on the permissability of art, which users can seek out. Once there is more scholarly discussion on this topic, we will be sure to link to content regarding this matter
How do I donate tokens to the Funoon Foundation?
When you mint an NFT, an option will be given to allocate x% to the charity wallet. For users who are buying/reselling an NFT you will have an option to donate to the charity wallet when you're processing your transaction. More information will be given on this process in October 2021 via the Funoon Academy.