A review of the key challenges of non-fungible tokens
Article
Article Title | A review of the key challenges of non-fungible tokens |
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ERA Journal ID | 33005 |
Article Category | Article |
Authors | Ali, Omar, Momin, Mujtaba, Shrestha, Anup, Das, Ronnie, Alhajj, Fadia and Dwivedi, Yogesh K. |
Journal Title | Technological Forecasting and Social Change |
Journal Citation | 187, pp. 1-13 |
Article Number | 122248 |
Number of Pages | 13 |
Year | 2023 |
Publisher | Elsevier |
Place of Publication | United States |
ISSN | 0040-1625 |
1873-5509 | |
Digital Object Identifier (DOI) | https://doi.org/10.1016/j.techfore.2022.122248 |
Web Address (URL) | https://www.sciencedirect.com/science/article/pii/S0040162522007697 |
Abstract | The nonfungible token (NFT) marketplace spiked in the recent past. The concept originated initially as a token standard of Ethereum, an open-source blockchain with smart contract functionality, where each token is characterized by distinguishable signs. These types of tokens have unique digital properties that allow their distinct identification. NFTs, with their distinct qualities, can be fluidly traded with customized values according to their ages, rarity, and liquidity. The trading of NFTs has heavily influenced the growth of the decentralized application (dApp) marketplace, as exponential returns (thousand folds from their original value) on its ever-expanding market are being observed, leading to worldwide attention. However, the NFT ecosystem is in its nascence, and the associated technologies are still in their infancy. New researchers might be fascinated with the exponential, yet nebulous evolution of NFTs; however, this novelty has contributed to the paucity of systematic and conclusive published research work on this topic. This review portrays the NFT ecosystem multidimensionally, wherein the paper commences with an overview of state-of-the-art NFT technology and furnishes summary standards and desired properties. Finally, the study concludes with an elaborate discussion of the future outlook for and prime challenges faced by NFTs. |
Keywords | Blockchain; Non-fungible token; Review; Smart contract |
ANZSRC Field of Research 2020 | 460905. Information systems development methodologies and practice |
350303. Business information systems | |
Public Notes | Files associated with this item cannot be displayed due to copyright restrictions. |
Funder | UK Research and Innovation |
Byline Affiliations | American University of the Middle East, Kuwait |
University of Southern Queensland | |
Audencia Business School, France | |
Symbiosis International, India | |
Swansea University, United Kingdom |
https://research.usq.edu.au/item/w3w92/a-review-of-the-key-challenges-of-non-fungible-tokens
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