Knowledge development in non-fungible tokens (NFT): a scoping review

Abstract

Purpose The purpose of this paper is to investigate the potential of NFTs in revolutionizing innovation management and information systems. Innovations done by firms are blatantly used by other firms to develop cheap knock-off. This leads to huge economic loses to the firm investing in research and development activities. Firms are in need of trusted, immutable and verifiable means of storing information which cannot be used by others, even if publically available without their consent. Non-fungible tokens (NFTs) appear to be one such solution to this problem that has recently attracted a lot of investor interest. Using NFTs the information is tokenized and is stored in a secure manner. Design/methodology/approach Through this scoping review, the authors investigate the influence of NFTs towards the innovation management from the dual aspects of management and information systems. This scoping review is underpinned by the five-stage framework by Arksey and O’Malley. The five stages of Arksey and O’Malley’s framework were used in this analysis to classify the literature through five stages of identifying the initial research questions; locating relevant studies; study selection; charting the data; and compiling, summarizing and reporting the results. Findings This study suggests that NFTs on the blockchain have significant potential to revolutionize innovation management and information systems. Theoretical frameworks used in investigating the role of digital tokens in blockchain management are mainly based on contracts, diversity theory, portfolio theory and faking likelihood theory. The study reveals gaps in the literature, particularly in the under-researched areas of behavioural psychology and social psychology theories. The appropriate regulation and regulation authority for different types of digital tokens are required. The study also presents archetypes that represent patterns in the current landscape of blockchain tokens, which have significant potential for future research and practical applications. Originality/value This study is unique in its approach to assessing the future of NFTs in the field of innovation and information management. While many existing reviews have focused on describing the progress and development of NFTs in the past, this study takes a forward-looking perspective and projects the future potential of NFTs. This innovative approach allows for a deeper understanding of the potential impact of NFTs in various fields such as entrepreneurship, innovation management and tokenomics. Therefore, this study contributes to the literature on NFTs by providing insights and recommendations for future research and practical applications.

Not So New Kid on the Block: Accounting and Valuation Aspects of Non-Fungible Tokens (NFTs)

“…This study explores the potential applications (Mofokeng and Matima 2018;Nobanee and Ellili 2022;Mohammadi et al 2023;Kraizberg 2023) of Non-Fungible Tokens (NFTs) in the accounting field and its intersection with finance (Lee and Parlour 2022), information systems, and commercial law. The multidisciplinary approach is essential as accountants work in various industries, and a nuanced understanding of blockchain adoption is required (Behl et al 2023). Despite considerable attention, gaps remain in the areas of taxation (Calvin 2019), crypto-asset and liability treatment (Harwick 2016), triple-entry bookkeeping, and auditing procedures (Appelbaum and Nehmer 2020), particularly regarding NFTs.…”

Potential Integration of Metaverse, Non-Fungible Tokens and Sentiment Analysis in Quantitative Tourism Economic Analysis

“…Shifting the focus to the innovative realm of NFTs, Behl et al (2023) contribute a unique study that investigates the potential of NFTs to revolutionise innovation management and information systems. The study identifies theoretical frameworks based on contracts, diversity theory, portfolio theory and likelihood theory.…”