Smart Contracts and NFTs: Non-Fungible Tokens as a Core Component of Blockchain to Be Used as Collectibles

Arora, Akash; Kanisk,; Kumar, Shailender

doi:10.1007/978-981-16-3961-6_34

Cited by 15 publications

(9 citation statements)

References 9 publications

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“…Further, information system based NFT role in blockchain is found to be of focus on firm-based information systems, database management and financial information systems. The observations in our study should nonetheless be seen as tentative and be the object of further study and reproducibility (Arcenegui et al, 2020;Arora and Kumar, 2022;Chen, 2018;Cornelius, 2021). While there might be additional parameters, attributes and use cases for blockchain tokens that are not currently in our framework, they have the potential to change and possibly extend it.…”

Section: Pre-owned Marketsmentioning

confidence: 73%

“…A second possibility is to use textual analysis techniques to automatically detect and identify new token types in addition to qualitative data analysis. Therefore, we believe that we have made an initial contribution towards future research in a field that is rapidly changing, and which can both shape and be shaped by future advances in information systems research (Arcenegui et al , 2020; Arora and Kumar, 2022; Chen, 2018; Cornelius, 2021).…”

Section: Discussion Of the Findingsmentioning

confidence: 98%

“…Blockchain-based decentralized computing platform Ethereum is the first to standardize a digital token, namely, ERC721 (Chirtoaca et al , 2020). Similarly, Arora and Kumar (2022) and Goanta (2020) expanded the concept of the internet of value and examined the inner workings of decentral and through the lens of European legislation, notably the digital content directive with Arora and Kumar (2022) showed how tokens interact with Ethereum-based DApps. Until 2021, there was no contribution seen in firm-based legislative systems as Naqvi (2020) discussed the need for regulations on cryptocurrencies and cyber laundering with special reference to firm-based blockchains.…”

Section: Discussion Of the Findingsmentioning

confidence: 99%

“…Our results suggest that there is a large potential in the area of tokenomics (Chen, 2018), especially with respect to the challenges associated with the design of tokens (Arcenegui et al, 2020;Arora and Kumar, 2022;Chen, 2018;Cornelius, 2021). Although every blockchain application is unique, we present archetypes that represent patterns in the current landscape of blockchain tokens.…”

Section: Managerial Implicationsmentioning

confidence: 94%

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

Behl

Pereira

Nigam

et al. 2023

JKM

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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.

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Section: Pre-owned Marketsmentioning

confidence: 73%

Section: Discussion Of the Findingsmentioning

confidence: 98%

Section: Discussion Of the Findingsmentioning

confidence: 99%

Section: Managerial Implicationsmentioning

confidence: 94%

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

Behl

Pereira

Nigam

et al. 2023

JKM

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“…NFTs are a mechanism to facilitate this process via their unique digitalised smart contracts that enable secure transactions based on the blockchain protocol [147, p. 3], [148]- [150]. The NFT of the virtual asset is permanently linked to the creator.…”

Section: Xr Content Developmentmentioning

confidence: 99%

Caribbean Metaverse Development: A Literature Review Perspective

Rameshwar

King²

2022

Journal of Metaverse

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The Caribbean’s metaverse evolution accelerated due to the Covid-19 pandemic. This paper focuses on the metaverse, XR, and NFT and emphasises the Caribbean’s contribution to the virtual environment. A bibliometric analysis of metaverse-themed research identified the rapid increase in publications in 2021 and 2022 and that titles with XR (AR, VR or MR) occurred three times more than blockchain (including NFT). An evolving dataset was created based on a continuous scoping literature review of Industry 4.0 and its enabling technologies. This enables the creation of a new definition of the metaverse, understanding the UX benefits of XR and its applications' areas of foci, highlighting investment in XR-based projects, and illustrating the Caribbean-themed NFT and XR projects. This dataset revealed that UX benefits are linked to XR element features that are relevant, contextual, customised, hands-free and intuitive. It also revealed that XR applications have areas of foci that can enable machine control or data interface, designing and testing, remote support, education, customer engagement, remote collaboration or entertainment and escapism. Analysis of 54 XR papers revealed that the most popular area of focus was education (including training, learning and understanding). An evaluation of global investments in XR development showed funding ranged from USD 70K to USD 100M, and there needs to be focused financial support for Caribbean projects. This justifies continued research into factors influencing funding and encouraging Caribbean XR development. In addition, this research promotes regionally developed XR projects and NFTs. The paper's originality is the reductionist definition of the metaverse: a space designed for users by users, which can satisfy whomever, whatever, however, wherever and whenever. It manifests the user's extended reality, facilitated through XR technologies that enable Industry 4.0 (I4.0). As such, the metaverse can be considered the practical implementation of I4.0.

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NFT Performance and Security Review

Lavrova¹,

Iakushkin²

2022

Computational Science and Its Applications – ICCSA 2022 Workshops

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Smart Contracts and NFTs: Non-Fungible Tokens as a Core Component of Blockchain to Be Used as Collectibles

Cited by 15 publications

References 9 publications

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

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

Caribbean Metaverse Development: A Literature Review Perspective

NFT Performance and Security Review

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