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A review of the key challenges of non-fungible tokens

Omar Ali, Mujtaba Momin, Anup Shrestha, Ronnie Das, Fadia Alhajj, Yogesh Dwivedi Orcid Logo

Technological Forecasting and Social Change, Volume: 187, Start page: 122248

Swansea University Author: Yogesh Dwivedi Orcid Logo

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DOI (Published version): 10.1016/j.techfore.2022.122248

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 prop...

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Published in: Technological Forecasting and Social Change
ISSN: 0040-1625
Published: Elsevier BV 2023
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URI: https://cronfa.swan.ac.uk/Record/cronfa62073
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first_indexed 2022-11-28T16:21:17Z
last_indexed 2023-01-13T19:23:17Z
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spelling 2022-12-29T12:11:28.8662518 v2 62073 2022-11-28 A review of the key challenges of non-fungible tokens d154596e71b99ad1285563c8fdd373d7 0000-0002-5547-9990 Yogesh Dwivedi Yogesh Dwivedi true false 2022-11-28 BBU 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. Journal Article Technological Forecasting and Social Change 187 122248 Elsevier BV 0040-1625 Blockchain; Non-fungible token; Smart contract; Review 1 2 2023 2023-02-01 10.1016/j.techfore.2022.122248 COLLEGE NANME Business COLLEGE CODE BBU Swansea University SU Library paid the OA fee (TA Institutional Deal) 2022-12-29T12:11:28.8662518 2022-11-28T16:00:00.2839632 Faculty of Humanities and Social Sciences School of Management - Business Management Omar Ali 1 Mujtaba Momin 2 Anup Shrestha 3 Ronnie Das 4 Fadia Alhajj 5 Yogesh Dwivedi 0000-0002-5547-9990 6 62073__26138__0694937e341d4fe0a29b833828074d80.pdf 62073.pdf 2022-12-29T12:09:49.0464898 Output 904845 application/pdf Version of Record true © 2022 The Authors. This is an open access article under the CC BY-NC-ND license true eng http://creativecommons.org/licenses/by-nc-nd/4.0/
title A review of the key challenges of non-fungible tokens
spellingShingle A review of the key challenges of non-fungible tokens
Yogesh Dwivedi
title_short A review of the key challenges of non-fungible tokens
title_full A review of the key challenges of non-fungible tokens
title_fullStr A review of the key challenges of non-fungible tokens
title_full_unstemmed A review of the key challenges of non-fungible tokens
title_sort A review of the key challenges of non-fungible tokens
author_id_str_mv d154596e71b99ad1285563c8fdd373d7
author_id_fullname_str_mv d154596e71b99ad1285563c8fdd373d7_***_Yogesh Dwivedi
author Yogesh Dwivedi
author2 Omar Ali
Mujtaba Momin
Anup Shrestha
Ronnie Das
Fadia Alhajj
Yogesh Dwivedi
format Journal article
container_title Technological Forecasting and Social Change
container_volume 187
container_start_page 122248
publishDate 2023
institution Swansea University
issn 0040-1625
doi_str_mv 10.1016/j.techfore.2022.122248
publisher Elsevier BV
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
document_store_str 1
active_str 0
description 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.
published_date 2023-02-01T04:21:24Z
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score 11.017797

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