Blockchain Technology? Visual Art Marketing Through Non-Fungible Token (NFT) from the Perspectives of Islamic Shariah in Malaysia: A Need Assessment Analyses

Abstract

The development of blockchain technology across the globe has seen to be vast, including those related to visual arts. In Islam, anything new: especially those that never existed before, needs to be, obligatory discussed from the Islamic Shariah perspective. Therefore, the vast development of blockchain technology relating to non-fungible token (NFT) towards marketing visual art needs assessment from the Islamic Shariah perspective as there has not been any empirical studies carried out towards it. This paper intends to discuss a need assessment analyses regarding marketing visual art through the NFT platform blockchain technology from the Islamic Shariah perspective in Malaysia. Using the systematic literature review technique, researchers have discussed briefly regarding the development of visual arts, NFT and its trend, and reviewing Islamic perspectives on NFT. As a result, it is necessary for the Islamic Council of Malaysia to explain in detail the marketing of visual arts through NFT. A proper paperwork is crucial to give an overview on the practices regarding NFT that are 1) crypto currency; 2) artwork visual appearance; 3) copyright and consent issue; 4) pricing and value; and 5) royalty and blockchain record - to market of visual arts for Islamic Shariah assessment; in ensuring the muamalat activities amongst Muslims are centred on the faith of Islam.