Vol.
No.
, p 349-357 DOI: 10.
47498/maqasidi.
ISSN: p-2798-981X, e-2798-9801 Investment in Non-Fungible Token (NFT) Digital Assets from Hadith Perspective: An Analysis of Gharar and Maisir Elements Alfan Jawahir Muhammad1.
Zainal Arif2.
Fina Nurafni3 1,2Universitas Muhammadiyah Jakarta.
Indonesia 3Universitas Darussalam Gontor.
Indonesia Correspondence Email: finanursukabumi@gmail.
Abstract The advancement of blockchain technology has introduced new digital economic instruments, notably Non-Fungible Tokens (NFT.
, which function not only as representations of digital asset ownership but also as investment vehicles with highly volatile values.
This development has sparked debates within Islamic law, particularly regarding the presence of gharar .
xcessive uncertaint.
and maisir .
peculative gamblin.
in NFT investment practices.
This study examines the legal status of NFT investment from the perspective of uadth-based muAmalah and analyzes the extent to which gharar and maisir are inherent in its transactional Employing a qualitative library research approach, this study uses descriptiveanalytical methods to examine Prophetic uadths prohibiting gharar and maisir, and contextualizes them within the technical characteristics and transaction structures of NFTs.
Data sources include classical uadth collections, uadth commentaries, fiqh al-muAmalah literature, and relevant contemporary scholarly works.
The findings indicate that NFTs, as digital assets, possess definable objects, ownership clarity, and verifiable delivery through blockchain technology, and therefore do not inherently constitute gharar.
However, the use of cryptocurrency, extreme price volatility, and short-term speculative behavior may introduce elements of gharar and maisir if not accompanied by clear valuation, utility, and investment Consequently, the permissibility of NFT investment cannot be generalized but must be assessed contextually to uphold justice and the protection of wealth .
ife al-mA.
Keywords: Non-Fungible Token (NFT), adth MuAmalah.
Gharar.
Maisir.
Introduction The advancement of blockchain technology has led to the emergence of various digital economic instruments, one of which is the Non-Fungible Token (NFT), functioning as a representation of ownership of unique and verifiable digital assets (Arif et al.
, 2023, p.
In 2021, global NFT trading experienced substantial growth.
According to a report by Non Fungible Corporation .
, the total transaction value of NFT sales and resales reached USD 17,694,851,721.
In Indonesia.
NFTs have also gained significant popularity, particularly following the widely publicized case of Ghazali, who reportedly earned billions of rupiah through the sale of NFT works on the Open Sea platform (Fahmi, 2023, p.
NFTs are a form of crypto-assets created and operated through smart contract mechanisms on the Ethereum blockchain network.
The NFT concept was initially https://ejournal.
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Fundamentally.
NFTs differ from conventional cryptocurrencies such as Bitcoin.
Bitcoin is fungible, meaning each unit has identical value and can be exchanged interchangeably.
In contrast.
NFTs possess inherent uniqueness, rendering them non-interchangeable and making them an effective medium for representing individual identity and ownership of digital assets (Wang et al.
, n.
, p.
Along with their increasing utilization in art, entertainment, and the creative economy.
NFTs have evolved into investment instruments traded at fluctuating values and oriented toward profit generation.
In practice.
NFT transactions predominantly use cryptocurrenciesAiparticularly EthereumAias a medium of exchange.
Cryptocurrencies such as Bitcoin have not received formal recognition within the Indonesian legal system, as they are considered inconsistent with Law No.
7 of 2011 and Bank Indonesia Regulation No.
17 of 2015.
Furthermore, the Indonesian Council of Ulama (Majelis Ulama Indonesia.
MUI) has issued a fatwa declaring the use of cryptocurrencies unlawful, not only as a means of payment but also as assets or digital This ruling is grounded in the non-physical nature of cryptocurrencies, which are deemed incapable of tangible delivery and thus potentially involve elements of uncertainty .
in transactions (Sundari et al.
, 2022, p.
This phenomenon reflects a paradigmatic shift in investment from tangible assets to non-physical digital assets, while simultaneously posing new challenges within the framework of Islamic Imam al-ShAfi asserts that a sale transaction is permissible only when the object of sale is clearly known or can be observed beforehand, emphasizing that the validity of a contract depends on the clarity of the objectAos characteristics, type, and Meanwhile.
Imam Ab anfah maintains that a sale may be deemed unlawful if the traded object fails to generate public benefit and instead results in harm or detriment (Umam et al.
, 2025, p.
These juristic perspectives provide an essential foundation for evaluating NFT investment practices, particularly as such transactions involve cryptocurrencies as a medium of exchange, thereby introducing elements of ambiguity (Rindika et al.
, 2024, p.
In Islamic scholarly tradition, uadth constitutes a primary normative source after the QurAn in regulating muAmalah activities.
Prophetic traditions prohibiting transactions involving gharar and speculative practices serve as ethical and legal foundations for assessing the validity of economic transactions (Basyariah, 2022, p.
Consequently, uadth-based analysis becomes a crucial instrument for examining the compatibility of NFT investment practices with Sharah principles, particularly in identifying the presence of gharar and maisir in digital asset transactions.
Several studies suggest that NFT transactions fulfill the essential pillars .
and conditions .
of sale .
in Islamic jurisprudence, with NFTs classified as mAl manaw that can be owned and utilized.
The use of cryptocurrency in NFT https://ejournal.
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comply with Sharah requirements applicable to electronic transactions (Fahmi, 2.
Moreover.
NFTs may be designated as waqf assets, provided they meet the conditions of mauqf, including Sharah compliance, clear description and type, and full ownership of copyright by the creator as the wAqif (Arif et al.
, 2023, p.
Digital assets can thus be legitimately conceptualized within Islamic jurisprudence through the application of classical muAmalah principles, provided they satisfy the criteria of mAl across juristic schools, are socially recognized .
, free from ribA and gharar, and aligned with Islamic principles of ownership (Tahir & Sawari, 2025, p.
However, from the perspective of Islamic economic law, the sale of NFTs not owned by the sellerAisuch as cases identified on the Curate marketplaceAiis deemed impermissible, as it violates the principles and conditions of sale contracts, particularly regarding ownership of the transaction object, and involves harm .
due to the trade of unlawfully acquired assets, such as those obtained through seizure or theft (Umam et al.
, 2025, p.
Despite the growing body of literature on NFTs within Islamic legal discourse, a methodological gap remains.
Studies examining NFT investment through thematic uadth analysisAiparticularly those focusing on the identification and evaluation of gharar and maisirAiare still limited.
Yet, uadth functions not only as a source of legal legitimacy but also as a repository of ethical values and prudential principles for responding to contemporary digital economic phenomena.
The absence of in-depth uadth-based studies has resulted in the lack of comprehensive parameters for assessing NFT investment practices from the perspective of the Prophetic Sunnah.
Therefore, this study aims to analyze NFT investment practices through a uadth-based lens in order to determine their compatibility with Islamic muAmalah principles, particularly concerning the prohibition of gharar and maisir.
Research Method This study adopts a qualitative approach employing descriptive-analytical methods to examine the phenomenon of Non-Fungible Token (NFT) digital asset investment from a uadth-based perspective.
The research is designed as a library study, given that the object of analysis consists of conceptual frameworks, normative evidences, and scholarly opinions derived from classical Islamic texts and academic Data were collected through an extensive review of relevant primary and secondary sources, including uadth compilations, uadth commentaries .
haru aluadt.
, fiqh al-muAmalah literature, academic books, peer-reviewed journal articles, theses, dissertations, encyclopedias, and credible online sources.
All collected data were analyzed descriptively and analytically to identify and examine the presence of gharar and maisir in NFT investment practices and to assess their compatibility with https://ejournal.
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The data analysis in this study was conducted in three stages.
First, data reduction, which involved selecting, focusing, and simplifying the collected data to ensure their relevance to the research objectives.
At this stage, the analysis focused on NFT investment practices, the characteristics of NFT transactions, and Prophetic uadths concerning the prohibition of gharar and maisir in muAmalah.
Data not directly related to the analysis of gharar and maisir were excluded.
Second, data display, which entailed organizing the reduced data into a systematic and coherent analytical The data were presented through an exposition of NFT investment characteristics, the classification of relevant uadth texts on muAmalah, and an analytical linkage between NFT investment practices and the uadth-based prohibitions of gharar and maisir.
This stage aimed to construct a comprehensive understanding of the position of NFT investment within a uadth framework.
Third, conclusion drawing, which involved synthesizing the findings derived from the analyzed data.
At this stage, the study formulated comprehensive conclusions regarding the presence of gharar and maisir in NFT investment practices and their implications for the Sharah compliance of NFT investments based on a uadth-centered muAmalah perspective.
The conclusions were developed in an integrated manner and are academically accountable (Nurjaman et al.
, 2022, p.
Result and Discussion The Concept of Non-Fungible Token (NFT) Digital Asset Investment Non-Fungible Tokens (NFT.
represent a derivative product of cryptocurrency technology, developed through smart contract mechanisms on the Ethereum NFTs are characterized by their uniqueness and non-fungibility, enabling the specific and individualized identification of digital assets.
Through smart contracts.
NFT creators can verify the authenticity, existence, and ownership of digital assets represented in various forms, including videos, images, digital artworks, and promotional content.
Beyond serving as representations of digital ownership.
NFTs also provide automated royalty mechanisms, allowing creators to receive compensation from every subsequent resale in the NFT marketplace.
Narrative value .
, liquidity, and interoperability further position NFTs as instruments with the potential to support intellectual property protection.
Although technically represented by relatively simple digital code, the economic value of NFTs is largely determined by digital scarcity, which plays a crucial role in sustaining the stability and market price of non-fungible virtual assets (Fahmi, 2023, p.
Unlike conventional crypto-assets.
NFTs are embedded with unique digital signatures that render them non-interchangeable, ensuring that each NFT possesses a distinct value even when the displayed digital content appears similar.
NFTs grant full https://ejournal.
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, 2025, p.
In investment practice, the initial step involves purchasing NFTs from their creators or current owners, typically through blockchain-based marketplaces such as OpenSea.
The motives for acquiring NFTs vary: some individuals purchase NFTs for personal collection and aesthetic appreciation, while others acquire them as investment instruments, anticipating future value appreciation and financial returns (Ibrahim, 2023, p.
NFT transactions are conducted by uploading digital files to blockchain-based marketplaces, where they are recorded in a digital ledger and converted into NFTs tradable using cryptocurrencies.
All transactions are automatically and transparently recorded on the blockchain, while creators retain copyright over the underlying digital NFT transactions operate through smart contracts adhering to standards such as ERC-721 and ERC-1155, which enable traceable ownership of digital assets.
NFT
trading commonly takes place on specialized marketplaces such as OpenSea, requiring users to possess digital wallets and Ethereum balances to execute transactions and receive royalties from secondary sales (Febriandika & Abdurrahman, 2022, p.
NFT
prices vary widely and are influenced by factors such as creator reputation, digital scarcity, and prevailing market trends (Umam et al.
, 2025, p.
In practical terms.
NFT transactions involve setting up a digital wallet .
MetaMas.
, purchasing cryptocurrency .
ypically Ethereu.
, connecting to a marketplace platform, and selecting NFTs for purchase via auction or direct sale.
Once the transaction is completed, ownership of the NFT is recorded in the buyerAos account.
From an investment perspective.
NFTs with strong fundamental valueAisuch as Bored Ape Yacht Club.
CryptoPunks, and Mutant Ape Yacht ClubAiare often regarded as more viable investment assets (Ibrahim, 2023, p.
adth-Based MuAmalah on Gharar Gharar refers to transactions characterized by uncertainty and ambiguity that may result in harm to one of the contracting parties.
Due to its potential to generate injustice .
, transactions involving gharar are prohibited in Islam (Zulfahmi & Maulana, 2022, p.
ImAm al-Nawaw, in his commentary on auu Muslim, emphasizes that transactions containing gharar constitute a central issue in Islamic commercial law.
The prohibition of gharar is explicitly stated in several Prophetic traditions.
Among them is the uadth narrated by Ab Hurayrah, recorded in Sunan Ab DAwd .
, in which the Prophet A Aforbade sales involving gharar and bay al-uaAh .
ransactions determined by the casting of stone.
A similar narration appears in auu Muslim .
, where the Prophet A Aprohibited both bay al-uaAh and bay al-gharar (Muchtar, 2017, p.
https://ejournal.
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2 December 2025 These prohibitions are further reinforced in other uadth collections, including Musnad Aumad and Sunan Ibn MAjah .
Classical scholars explain that gharar encompasses transactions involving objects whose existence, outcomes, or deliverability are uncertain, such as selling unborn animals, lost property, or goods whose quantity or quality is unknown (Hamnah, 2021, p.
Another narration from Ibn Umar condemns the pre-Islamic practice of uabal al-uabalah, which involved exchanging an unborn camel fetus for an older camelAian act prohibited due to its inherent uncertainty and potential harm.
Based on textual .
and chain .
analysis, these uadths are classified as auu.
Their content aligns with the QurAn, authentic Sunnah, and universal Sharah principles, emphasizing honesty and trustworthiness in muAmalah.
The continuous chains of transmission .
ttiAl al-sana.
and the reliability .
of the narrators further establish their legitimacy as authoritative legal evidence in Islamic commercial jurisprudence (Nasution et al.
, 2021, p.
Analysis of Gharar and Maisir Elements in NFT Investment The emergence of NFTs is inseparable from the rapid expansion of cryptocurrency usage.
Through blockchain technology, artists distribute digital artworks as CryptoArt, transforming them into scarce and tradable NFTs with market value (Ibrahim, 2023, p.
According to the legal maxim that all muAmalah activities are permissible unless explicitly prohibited, investments in assets such as gold, property, artworks, and NFTs are fundamentally allowed, provided they comply with ethical and legal standards and remain free from gharar, maisir, ribA, and other prohibited elements (Syafitri, 2.
In Islamic jurisprudence, gharar encompasses uncertainty related to the contract, transaction object, or the quality and quantity of goods.
It is commonly classified into four categories: .
uncertainty due to non-existence of the object, .
ambiguity in the objectAos attributes, .
inability to deliver the object, and .
price When applied to NFT transactions, these categories are not fully satisfied.
NFTs possess identifiable objects in the form of digital assets stored on the blockchain, clear characteristics through metadata, transferable ownership upon payment, and explicitly stated prices denominated in cryptocurrency, particularly Ethereum.
Nevertheless, the use of cryptocurrency itself introduces potential gharar, as cryptoassets lack physical form, rely heavily on trust, and exhibit extreme price volatility, resulting in uncertainty regarding value (Ibrahim, 2023, p.
The degree of gharar in crypto-assets and NFTs varies depending on asset characteristics, market liquidity, and information transparency.
Sharp price fluctuationsAicommon in crypto marketsAimay approach gharar fAuish when asset values become highly unpredictable, especially in the presence of jahAlah, such as unclear project fundamentals and uncertain regulatory frameworks.
However, not all https://ejournal.
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In certain contexts, speculation may function as part of price discovery in high-risk investments, similar to venture capital.
Yet, when trading activities focus solely on short-term price movements without consideration of utility or real value, they shift toward maisir, which is prohibited (Aulia, 2025, p.
Maisir refers to transactions driven by chance and speculative gain without productive economic activity.
In NFT investment, maisir is not inherent to the asset itself but may arise from transactional behavior.
NFTs can be analogized to collectible investmentsAisuch as artworks or rare vehiclesAiwhose values are influenced by scarcity and market appreciation rather than pure gambling.
Nevertheless, maisir emerges when NFTs are traded purely for short-term speculative profit without rational investment objectives or utility considerations (Ibrahim, 2023, p.
Given the novelty and ongoing evolution of NFTs, their utilization requires prudence, and transactions should be limited to practices aligned with Sharah principles and free from doubtful .
elements (Boudkhil, 2.
Overall.
NFTs constitute a modern muAmalah instrument that is conditionally permissible in Islam.
While NFTs themselves do not inherently contain gharar, the use of volatile cryptocurrencies and speculative trading patterns introduces risks that necessitate careful evaluation.
The permissibility of NFT investment must therefore be assessed contextually, considering asset characteristics, transactional mechanisms, and investor behavior, in order to uphold justice and the protection of wealth .
ife almA.
Implications of adth-Based Analysis for NFT Investment Practices When NFT transactions are examined through the lens of uadths prohibiting gharar, it becomes evident that NFTs may involve gharar if they fail to meet principles of clarity .
regarding object, value, and benefit.
While NFTs offer technical advantages such as uniqueness, blockchain-based ownership records, and transactional transparency (Fahmi, 2023, p.
, technical clarity alone is insufficient to eliminate gharar if economic value depends predominantly on speculative factors such as market trends, creator popularity, narrative appeal, and anticipated price This situation generates jahAlah regarding the real utility and value of NFTs at the time of contract, particularly when NFTs are traded primarily for capital gains rather than artistic appreciation.
Auction-based mechanisms and extreme price volatility further reinforce gharar, especially when buyers lack adequate information about the intrinsic value of digital assets (Ibrahim, 2023, p.
Although NFTs grant token ownership and potential royalties, such rights are often limited and may not equate to full copyright ownership, leading to misunderstandings among contracting parties.
Substantively, this resembles prohibited gharar-based transactions mentioned in uadths, such as selling unborn animals or selling with an uncertain outcome, where future benefits https://ejournal.
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Conversely, when NFTs are traded with clear ownership rights, defined benefits, and without excessive speculation, the element of gharar can be minimized, bringing transactions closer to the ethical ideals of honesty and trustworthiness emphasized in authentic Prophetic Conclusion Based on the analysis of Prophetic uadths prohibiting gharar and maisir in relation to Non-Fungible Token (NFT) investment practices, this study concludes that NFTs represent a contemporary muAmalah instrument that is not inherently contrary to Islamic Sharah.
From the perspective of transaction objects.
NFTs possess identifiable forms, attributes, ownership mechanisms, and delivery systems facilitated by blockchain technology, and therefore do not automatically fall within the category of prohibited gharar.
However, the use of highly volatile cryptocurrencies as a medium of exchange introduces significant potential for gharar and jahAlah, particularly due to the absence of clear underlying assets.
Moreover, maisir is not intrinsic to NFTs as assets but rather emerges from speculative trading patterns oriented toward shortterm gains, without regard for real utility or value.
Consequently, the permissibility of NFT investment from a uadth-based perspective must be evaluated contextually by considering asset characteristics, transactional structures, and the intentions and understanding of market participants, to ensure alignment with the principles of honesty, prudence, and the protection of wealth .
ife al-mA.
as core objectives of Islamic law.
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