The Potential Application Of NFT in the Publishing Industry; Opportunities and Challenges

Abstract

In the past few years, the world has witnessed a massive development in the digital world, which has led to the emergence of a new advanced trading technology called Non-Fungible Tokens (NFTs) as digital crypto assets using blockchain technology. This technology has expanded and developed by leaps and bounds in various aspects of the digital world, including virtual reality and cryptocurrency. This rapid development has created a marketplace that allows users to create, buy and sell their own unique NFT digital assets quickly and easily compared to the real world while maintaining ownership rights. The huge trading market of NFTs and their remarkable technical advantages have attracted Attention and concerns of musicians, artists, collectors and gamers to such an extent that it has sparked interest in studying the applicability of NFT technology in various sectors of the real world. This research came to study the applicability of non-fungible tokens (NFTs) and their opportunities and challenges in the publishing industry, taking into consideration all its stakeholders, in order to open doors for this industry, and maybe to other potential non-digital (real) industries to benefit from it.