NFTs as a crypto asset and their evaluation in terms of Islamic law

The focal point of our research endeavours pertains to Non-Fungible Tokens (NFTs), which occupy a substantial position within the crypto asset ecosystem. In this context, technical information has been provided regarding blockchain technology and smart contracts, which serve as the underlying infrastructure. The eligibility of NFTs to be classified as "property" under Islamic property law has been examined, along with an assessment of the legal transactions involving NFTs in light of Islamic contract law. These evaluations are grounded in the differing approaches among Islamic legal schools (madhāhib) and, where necessary, include reflections from contemporary (positive) law. Methodologically, our research follows a deductive approach supported by a comprehensive literature review. Consequently, it has been determined that NFTs possess the characteristics of qımmī-manqūl and mutaqavvım goods according to Islamic jurisprudence. The precise classification of NFTs is contingent on their content. Moreover, it has been determined that legal transactions involving NFTs should be evaluated in accordance with this classification and the general principles of Islamic contract law.