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What are NFTs?

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What are NFTs?

NFT stands for Non-Fungible Token. “Non-fungible” simply means that it is unique and not replaceable or interchangeable with anything else.  On the other hand, physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one pound is always worth another pound; one Bitcoin is always equal to another Bitcoin.  However, a rare, one-of-a-kind collector’s item would be non-fungible, as there is no replacement of it available. NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).

More technically, an NFT is a secure, blockchain-based certificate that represents an entitlement its owner has to a (usually) digital or physical asset (e.g. artwork) or licence and permit for something. Each NFT has a unique signature that verifies authenticity and any transactions related to it — who created it, who owns it, who sold it and for how much, etc.

People think of NFTs as some funky digital image, however NFTs are much more than that; NFTs have great potential and can represent various assets. Non-fungible tokens are designed to be i) cryptographically verifiable, ii) unique or scarce and iii) easily transferable. These features allow the tokenisation of various non-fungible assets. As individual tokens, NFTs store valuable information and connection to an asset. Because they hold a value primarily set by the market and demand, they can be bought and sold just like other physical types of art. NFTs’ unique data makes it easy to verify and validate their ownership and the transfer of tokens between owners.

Essentially, NFTs are like physical collector’s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.

They also get exclusive ownership rights. NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata.

In our other miniblogs, we will discuss the use cases of NFTs, how they work, the minting process and other interesting bits of information regarding NFTs.

To get involved in creating a faith-inspired NFT then check out Funoon on Funoon.io.

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Introduction to Smart Contracts

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What are Smart Contracts?

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met. What makes smart contracts “smart,” however, is that the terms are established and executed as code running on a blockchain, rather than on paper sitting on a lawyer’s desk.

Supposedly, the idea was proposed in the 1990s by Nick Szabo, a pioneer of modern computer science, who defined them as a set of virtual promises with associated protocols to enforce them. Despite the name, smart contracts are not legally binding contracts. Their main function is to programmatically execute business logic that performs various tasks, processes or transactions that have been programmed into them to respond to a given set of conditions. Legal steps must be undertaken to link this execution to legally binding agreements between parties.

To illustrate the function and role of a smart contract, the analogy of a vending machine is most relevant. When buying a product on a vending machine, the underlying sale agreement is between the buyer and the owner of the vending machine, and the machine acts based on the actions of the buyer and instructions pre-set by the owner to perform the agreement between the parties.

Arguably, a smart contract is a tool to implement a sale agreement between the NFT owner and the buyer, like a vending machine. Smart contracts, being self-executing, are able to verify that the terms of the contract have been met and execute the terms without the need of an intermediary or central authority. Once implemented, the smart contract is updated and the code will become immutable as soon as it is logged on the blockchain. Since a smart contract’s code on a blockchain is public, any person who uses smart contracts and has the requisite coding skills can inspect the code and verify the authenticity of the smart contract.

Operations of a Smart Contract

The operation of a smart contract is similar to other blockchain transfers. These are the necessary steps:

  1. A user initiates a transaction from their blockchain wallet.
  2. The transaction arrives at the distributed database, where the identity is confirmed.
  3. The transaction, which may be a transfer of funds, is approved.
  4. The transaction includes the code that defines what type of transaction is to be executed.
  5. The transactions are added as a block within the blockchain.

  6. Any change in contract status follows the same process to be updated. 

NFTs and Smart Contracts

NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFT’s. When someone creates or mints an NFT, they execute code stored in smart contracts that conform to different standards, such as ERC-721. This information is added to the blockchain where the NFT is being managed

NFTs use identification codes and metadata that is logged and authenticated on cryptocurrency blockchains, which renders each NFT represented on the blockchain a unique asset. The smart contract contains information regarding the NFT including the creator of the work, other parties’ entitled to royalties each time the NFT is sold, and the ownership history of the work. Most NFTs are not stored on the blockchain as storing that much data on the blockchain is expensive and consumes a lot of electricity. Therefore, smart contracts usually contain a link to the work they represent which can be accessed by the owner only.

To get involved in creating a faith-inspired NFT then check out Funoon on Funoon.io.

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Introduction:

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Introduction: The potential of non-fungible tokens (NFTs) and how they could revolutionize the art world, specifically Islamic art.

NFTs are digital assets that are unique and non- interchangeable. This is in contrast to traditional cryptocurrencies like Bitcoin and Ethereum, which are fungible, meaning that each unit is identical to another. The potential of NFTs lies in the fact that they can represent unique assets or experiences. For example, one could create a NFT that represents a piece of art, or an event ticket.

This has already begun to be implemented in the art world. For example, there is a project called Maecenas that allows investors to buy shares in pieces of artwork. These shares are represented by NFTs. Another example is the virtual world Decentraland, which allows users to buy and sell land using NFTs.

The art of Islamic calligraphy is a form of writing that has been used for centuries to create religious texts and poetry. The Arabic script is written with a pen and ink on paper or parchment, and the artist’s goal is to produce an aesthetically pleasing piece of art that is also legible. In recent years, there has been a renewed interest in Islamic calligraphy, and artists are now using novel techniques to create unique pieces of art. One such technique is the use of non-fading inks and nanotechnology-based materials called “nanofibers” or “nanotubes.” These materials can be used to create three-dimensional sculptures that are both beautiful and durable.

Islamic art being created as NFTs

In a time where many individuals are re-examining their religious roots and are looking for meaning in the modern world, some artists are turning to Islamic art as a way to create something that is both beautiful and calming. These artists are using a new medium called non-fungible tokens (NFTs) to create pieces that can be traded and sold online. NFTs are digital assets that can be minted (created) on a blockchain and transferred, making them perfect for creating art that can be shared among people from all over the world. Funoon is one of the first platforms that is dedicated to this type of faith-inspired art.

NFTs and their impact on Islamic art: How NFTs could be used to authenticate and track Islamic art, creating a more secure and transparent industry.

Since its creation, blockchain technology has been nothing short of a disruptive force across industries. The immutable and transparent nature of the technology has made it an ideal solution for managing and recording transactions. Now, a new application of blockchain is emerging that could have a significant impact on the world of art: the use of blockchain to track and authenticate Islamic art.

The use of blockchain for this purpose could help to prevent the spread of counterfeit art, which is a major problem in the Islamic art world. With blockchain technology, it would be possible to create an immutable record of all transactions associated with a piece of artwork, as well as track its authenticity. This would not only provide peace of mind for buyers and collectors, but could also help to boost confidence in the Islamic art market overall. The use of blockchain technology in the Islamic art market is still in its early stages. For now, it seems that artworks are most likely to be registered by a third party or the seller themselves, and this is a direction that Funoon will be taking over the coming years.

The future of NFTs: What other applications of NFTs could we see in the future for faith-inspired NFTs?

In recent years, the use of non-fungible tokens (NFTs) has exploded in the world of digital assets. This is due, in part, to the unique capabilities that NFTs offer. For example, NFTs can be used to represent assets that are not only unique but also have real-world value. As a result, they have been embraced by a wide range of industries, including gaming, ticketing, collectibles, and property.

The future of NFTs is bright and there are a number of exciting applications that could be explored in the future. One area where NFTs could be particularly useful is in the field of faith-inspired NFTs. For example, they could be used to represent religious artifacts or symbolic collectibles that represent different aspects and attributes of faith-based communities.

Conclusion: The potential for NFTs is limitless, and their impact on the Islamic art world is only just beginning.

Since their inception, NFTs have exploded in popularity, with new and innovative applications being developed on a regular basis. In the Islamic art world, their potential is limitless, and their impact has already been felt in a variety of ways. One of the most notable aspects of this new technology is that it allows for a much more participatory experience for the viewer. Whereas traditional art is often seen as something to be appreciated from a distance, NFTs allow for a more interactive relationship between the artist and the viewer. This has led to a renewed interest in Islamic art, as people are now able to appreciate its beauty and complexity in a whole new way. Additionally, NFTs provide opportunities for creativity and collaboration that were not possible before, and a whole new group of artists are getting involved in this faith-based NFT market.

To get involved in creating a faith-inspired NFT then check out Funoon on Funoon.io.

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Uzbek Islamic Art NFTs

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Uzbek Islamic Art NFTs

Funoon’s NFT collaboration with Bukhari Islamic Art Exhibition features Islamic and contemporary art. Islamic art includes pieces from numerous cultures of Islamic societies devoted to remembering the Almighty. The Bukhari Islamic Art Exhibition is dedicated to Uzbek Islamic art and reflects on the great scholar Imam Al Bukhari’s collection of hadiths comprised of sayings and teachings penned in Quranic Arabic of prophet Muhammad (pbuh). Imam Al Bukhari was born in Uzbekistan and greatly influenced the heritage of the country. Uzbek artists were invited to create art pieces to showcase the Islamic lifestyle of Uzbeks inspired by hadith. The Bukhari Islamic Art Exhibition curated by Sevara Ibrokhim was organised together with the University of Leicester, the Economic & Social Research Council and the Bukhari International Programme. The collaboration with Bukhari Islamic Art Exhibition has seen Funoon develop NFTs from original artworks by five Uzbek artists from the collection. You are now able to explore the series of NFTs from these talented Uzbek artists. Artists span various genres from traditional miniaturists to more contemporary artists such as graphic and photographic artists. Each artist’s NFT drops address a concept in Sahih Al-Bukhari, these concepts include: mind, spirit, body, soul and life. More about the artists, their work and their NFTs featured on Funoon’s marketplace follow.

Davlat Toshev
Davlat Toshev is a miniaturist and calligrapher in Bukhara. He uses miniatures to depict the words of the beloved prophet (pbuh) from hadiths of Imam Bukhari. Thoughts, knowledge and wisdom are the main themes that run strongly throughout Davlat’s NFT artwork. The inspiration sought from hadiths of Imam Bukhari are reflected in the colours, patterns and motifs used by Davlat. He believes the beauty of Islam portrayed in his works will subconsciously result in the viewers’ appreciation for the religion. He is known for using tempera and watercolour paints with gold leaf on ancient and contemporary handmade silk paper. Davlat’s art has been exhibited all across Europe including Belgium, France, Germany, Italy, Luxembourg, Russia, Spain and Ukraine.
Sheikha Abdullaeva
Sheikha Abdullaeva is a calligrapher from Tashkent and works at the International Islamic Academy of Uzbekistan. Sheikha studied calligraphy in both Tashkent and Sharjah (UAE), and has been a participant of festivals and cultural events both at home in Uzbekistan and internationally in Oman and UAE. One of her most notable pieces of art is located in the Holy Quran Academy in Sharjah. Her artwork includes combining calligraphy with other artforms including visual and installation art. Whilst preserving traditional calligraphy, the use of new approaches makes Sheikha more of a contemporary calligrapher. Although Sahih Al-Bukhari influences Sheikha’s artwork that has been minted as NFTs, she also makes reference to verses from the holy Quran. The topic of her art in this NFT collection is spirit, something that links the ummah and connects us to our creator. The NFTs consist originally of scripts in oil and ink, on various papers.
Mukhiddin A Lee
Mukhiddin A Lee is a professional and established photographer located in Tashkent with over 10 years of experience in various genres of photography. His photography has quickly gained popularity nationally and overseas. Mukhiddin has hosted solo exhibitions showcasing his work in China, Singapore and Uzbekistan. He is known for creating documentary-style portrait photography with a unique energy, and collaborates with local and international book and magazine publishers. The work created by Mukhiddin in this NFT collection is on the concept body. Mukhiddin believes values are instilled in us and develop with experiences. In Islam, hadith is a valuable guide on what is good or bad. Mukhiddin’s story telling through his digital images, aims to express the physical aspect of humanity, the universe, shapes and material forms with emphasis on their purity.
Yokub Beknazarov
Yokub Beknazarov studied at the Uzbekistan State Institute of Design and Fine Arts. Although Yokub is a contemporary artist mainly creating hand painted graphic art using pen and marker, he continues to incorporate traditional ancient and Islamic art into his pieces. His artwork has previously been displayed at exhibitions and biennales in Uzbekistan and South Korea. Yokub grew up reading hadiths from Sahih Bukhari, they are important to him and influence his life and work as he states they are the words of the prophet (pbuh) to the community. The series of pieces he has created based on hadith are of the concept soul and the emotional intelligence promoted by Islamic teachings. His compositions in this NFT collection consist of monotone designs with graphic lines and geometric forms.
Kamoliddin Abdullayev
Kamoliddin Abdullayev is an artist specialising in book painting and his artwork is built around religious themes. Imam Bukhari’s books and hadiths are a source of inspiration to Kamoliddin as he believes such works give his art deep meaning. Kamoliddin has stated Quran and hadith are also an integral part of his lifestyle and work ethics. His style is based on that of Kamoliddin Bekzod, a great miniaturist and book painter of the 14th and 15th century. Kamoliddin’s reputation spans beyond Uzbekistan and he is known for working on old papers in old style. His artwork has been displayed at solo exhibitions as well as festivals in Algeria, Belgium, Bulgaria, China, France, Greece, Holland, India, Iran, Italy, Malaysia, the Kingdom of Oman, Russia, Turkey and Uzbekistan. The original NFT artwork featured has been created with tempera paint and gold leaf on handmade paper. The life themed NFTs translate the importance and thoughts on life and death using symbolic patterns.

Charity Partnership with Kijana Kwanza

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Charity Partnership with Kijana Kwanza

We’re excited to announce a charity partnership with Kijana Kwanza (registered UK charity number: 1183099) which is a non-denominational grassroots project based in Tanzania that helps disadvantaged young people access education, vocational learning and life skills training to prepare them for a future without poverty. It was established in November 2018 to support young Tanzanians to fulfil their ambitions and become active, engaged and economically independent role models and citizens
We at Funoon have a vision for a world where creative arts, sports, and culture can thrive economically while also making a positive impact on the less fortunate among us through the Funoon Foundation. We intend to assist Kijana Kwanza with the following projects, among others, through this partnership:
  1. Beds and Mattresses for their Shelter
  2. Desks and Chairs for their Classrooms
  3. Supplies for a School Laboratory
  4. Laptops for a Computer Room
  5. Equipment to Pilot a Hydroponic Farm at the Shelter
How is this going to work? All proceeds from the charity Wallet will be donated to Kijana Kwanza until these projects are funded. Because this is a collaborative effort, Team Kijana Kwanza will provide regular updates on the progress and development. Allah (Subhanahu Wa Ta’ala) says in the Qur’an:
“The example of those who spend their wealth in the cause of Allah is that of a grain that sprouts into seven ears, each bearing one hundred grains. And Allah multiplies ˹the reward even more˺ to whoever He wills. For Allah is All-Bountiful, All-Knowing.”
This unique aspect of our platform has a long-term financial influence on charity initiatives all across the world. Giving back is ingrained in our faith; its impact does not only extend to the external world, but also to our internal states and brings us closer to Allah. We wish to build an inclusive community that comes together for such greater purposes and creates a lasting impact rather than a one-time impact. We’re thrilled about the potential of bringing soft-coded digital philanthropy into action and can’t wait to see all the donations bear fruit and have a great social impact in Tanzania.

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