A critical professional ethical analysis of Non-Fungible Tokens (NFTs)

Flick, Catherine

doi:10.1016/j.jrt.2022.100054

Cited by 33 publications

(5 citation statements)

References 32 publications

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“…Here, issues were seen to include the security of metaverse-enabling devices, building secure protocols to mitigate the risk of the transfer of harmful code between platforms and thus enable the seamless movement of users between virtual spaces, as well as identify identity theft, avatar duplication and misuse. More generally, Flick [40] suggested that there are significant ethical concerns about the use of non-fungible tokens, and recommended that they should not be used unless these concerns are addressed or mitigated.…”

Section: Discussionmentioning

confidence: 99%

New Technology Deployment and Corporate Responsibilities in the Metaverse

Wynn,

Jones

2023

Knowledge

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The term “metaverse” came to the fore in 2021 when Facebook rebranded its corporate identity to Meta and signalled its intention to invest at least USD 10 billion in developing the concepts and related products that year. However, there is still little consensus in defining what constitutes the metaverse, although there is a widespread, though not universal, agreement that it will bring a wide range of benefits across society. More specifically, the advent and continuing evolution of the metaverse has strategic and operational implications for, and impacts on, industry and business at large. Adopting an inductive, interpretivist approach, this exploratory research article presents case examples of the guidance on the responsible development of the metaverse provided by two IT business services companies. This article identifies the major risks and responsibilities associated with the metaverse and assesses how companies might address these responsibilities. Very little research has been published in this area, and this article attempts to make a small contribution to filling this gap in the literature. This article finds that these responsibilities are largely in line with those currently associated with corporate digital responsibility, and concludes that the strategic impact and extent of regulatory change will depend on the nature of the metaverse that materialises in the forthcoming decade.

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Section: Discussionmentioning

confidence: 99%

New Technology Deployment and Corporate Responsibilities in the Metaverse

Wynn,

Jones

2023

Knowledge

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“…Within the context of NFT, exploitation is also a major ethical problem. Personal information, photographs, and creative works belonging to vulnerable persons or communities may be tokenized and sold without their knowledge or agreement [112]. Research may also focus on the potential of NFTs to promote sustainable practices, such as using carbon offsets or other environmental incentives.…”

Section: F Ethical and Social Challengesmentioning

confidence: 99%

Non-Fungible Tokens (NFTs)—Survey of Current Applications, Evolution, and Future Directions

Razi,

Devrani,

Abhyankar

et al. 2024

IEEE Open J. Commun. Soc.

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Non-fungible tokens (NFTs) have become an exciting technology that provides a fresh perspective on asset ownership, provenance, and value exchange. NFTs, a blockchain-based technology, are distinct and indivisible cryptographic tokens used to confirm and record the ownership of digital and physical assets in an immutable and transparent way. The fundamental block of NFT is a smart contract built on a blockchain network. This contract contains specific information about the asset it represents, such as its unique identifier, metadata, and ownership details. The information is kept private and tamper-proof due to the decentralized and distributed structure of the blockchain, boosting faith in the token's authenticity. The NFT is gaining popularity, but it is still in the developing stage. There is a need for a comprehensive survey to guide future research and development in NFTs. Thus, this paper presents the technical components of NFTs, their features, and the minting process. Further, this survey paper describes different token standards for NFTs. It presents various applications of NFTs in healthcare, supply chain, gaming, identity verification, agriculture, intellectual property, smart cities, charity and donation, and education. The article also emphasizes the significant difficulties faced currently in implementing NFT technology from the viewpoints of ownership, governance, and property rights, as well as security, privacy, and environmental effects. This work also elucidates the future directions to overcome the challenges in adopting NFTs in various applications.

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“…Potential Applications of NFTs in Water Resources Management: An additional aspect worth noting regarding blockchain applications is Non-Fungible Tokens (NFTs). An NFT is a type of cryptocurrency; however, in this definition, the money in question can be any asset that has value [199]. Assets that can be considered NFTs include any piece of art, video, tweet, a website, images, and stories that are created on social media.…”

Section: Recommendations For Future Workmentioning

confidence: 99%

Blockchain Opportunities for Water Resources Management: A Comprehensive Review

Satilmisoglu,

Sermet,

Kurt

et al. 2024

Sustainability

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Blockchain technology has been used for the digitalization of physical asset management and data management processes in many areas in the industry and academia, including the water domain. Its potential as an immutable data storage system and smart contract integration has provided a plethora of use cases and utility in the domain of hydrology and water resources. This systematic review critically examines the application of blockchain technology in the field of water resources and hydrology. By analyzing 104 academic publications and 37 non-academic studies from 2017 to 15 October 2022, this paper identifies the current state of blockchain applications in water management, delineates their potential use cases, and assesses their practical utility and scalability. Despite the theoretical promise of blockchain for enhancing water governance, data security, and stakeholder trust, the review reveals a noticeable gap between theoretical potential and the existence of workable, real-time applications specifically in water resources management. The findings indicate that while blockchain technology has been effectively implemented in various sectors, its adoption in hydrological domain is still emerging, with limited empirical evidence to support full-scale deployment. The paper concludes with a call for more empirical research to validate theoretical benefits, address scalability and interoperability challenges, and integrate blockchain technology with real-time data networks for sustainable water management practices.

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A critical professional ethical analysis of Non-Fungible Tokens (NFTs)

Cited by 33 publications

References 32 publications

New Technology Deployment and Corporate Responsibilities in the Metaverse

New Technology Deployment and Corporate Responsibilities in the Metaverse

Non-Fungible Tokens (NFTs)—Survey of Current Applications, Evolution, and Future Directions

Blockchain Opportunities for Water Resources Management: A Comprehensive Review

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