NFTs – A Game Changer or a Bubble in the Digital Market?

IF 3 4区 管理学 Q1 INFORMATION SCIENCE & LIBRARY SCIENCE
Yuming He, Wenzhuo Li, Lixin Liu, Wu He
{"title":"NFTs – A Game Changer or a Bubble in the Digital Market?","authors":"Yuming He, Wenzhuo Li, Lixin Liu, Wu He","doi":"10.1080/1097198X.2023.2167561","DOIUrl":null,"url":null,"abstract":"Non-fungible tokens (NFTs) have gathered worldwide attention over the past several years. NFTs are cryptographic assets that use blockchain technology to represent ownership of digital goods and to store a digital asset’s ownership certificate (Kanellopoulos, Gutt, & Li, 2021). The non-fungible aspect of NFTs makes each token unique and can represent a specific object. These tokens are stored on a blockchain and can be used to merchandise digital assets in various forms (e.g., photos, videos, and audio). Furthermore, the creator of an NFT can earn royalties for each successful trade made on any NFT marketplace which is a website where one can create, sell, and buy NFTs. Due to the transparent and immutable properties provided by the blockchain, the entire historical record of ownership transactions becomes verifiable by each network participant, providing a promising intellectual property protection solution. NFTs were only known by blockchain amateurs at the beginning but have gathered mass attention and have their own market in recent years. People have expressed tremendous interest in various types of NFTs in different industries, such as gaming, arts, collectibles, and the metaverse. For example, CryptoPunks, one of the first NFTs, made one of the most significant digital art sales in history for nearly $24 million (Manoylov, 2022). CryptoKitties, a digital cat breeding game, had 1.5 million users responsible for $40 million worth of transactions on its platform (CryptoKitties Explained, 2021). Besides art and game, NFTs also promote the development of ticketing events, news, fashion, supply chain, and surrounding markets such as social portals (e.g., DappRadar), trading marketplace (e.g., OpenSea), and financial instruments (e.g., Defi) (Wang, Li, Wang, & Chen, 2021). Many leading global consumer brands such as Adidas, Coca-Cola and Nike have started to engage with their loyal fans using NFTs (Shanmugham, 2022). A report estimated that the overall value of the NFT market in 2021 is around $15.7 billion and would rise to $122 billion by 2028 (SkyQuest Technology Consulting Pvt, 2021). On the other hand, NFTs have their drawbacks. The generation and transaction of NFTs are highly energy-intensive and may negatively affect the environment over time. For instance, one NFT transaction costs as much electricity as the typical home for about a day (The Renewable Energy Hub, 2021). Also, NFTs are illiquid and speculative investments (Wilson, Karg, & Ghaderi, 2022). Since it is a new market asset, its value is unstable and is based on the price someone is willing to pay for it without much historical data for reference. NFTs can still be attacked and stolen by hackers, which face the risk of fraud and abuse (Wang, Li, Wang, & Chen, 2021). Moreover, owning an original NFT does not mean the owner can control its distribution or duplication. The owner cannot stop others from making and sharing “prints” (Rehman, E Zainab, Imran, & Bawany, 2021). So, how will the NFT market evolve in the coming years? Will it keep blooming or bursting? Although NFTs have a tremendous impact on the current decentralized markets, research on NFTs is still in a very early stage. This study aims to summarize the current status of the NFT market, discuss the potential challenges and promising opportunities related to NFT, and suggest some directions for further research.","PeriodicalId":45982,"journal":{"name":"Journal of Global Information Technology Management","volume":null,"pages":null},"PeriodicalIF":3.0000,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Global Information Technology Management","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/1097198X.2023.2167561","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"INFORMATION SCIENCE & LIBRARY SCIENCE","Score":null,"Total":0}
引用次数: 1

Abstract

Non-fungible tokens (NFTs) have gathered worldwide attention over the past several years. NFTs are cryptographic assets that use blockchain technology to represent ownership of digital goods and to store a digital asset’s ownership certificate (Kanellopoulos, Gutt, & Li, 2021). The non-fungible aspect of NFTs makes each token unique and can represent a specific object. These tokens are stored on a blockchain and can be used to merchandise digital assets in various forms (e.g., photos, videos, and audio). Furthermore, the creator of an NFT can earn royalties for each successful trade made on any NFT marketplace which is a website where one can create, sell, and buy NFTs. Due to the transparent and immutable properties provided by the blockchain, the entire historical record of ownership transactions becomes verifiable by each network participant, providing a promising intellectual property protection solution. NFTs were only known by blockchain amateurs at the beginning but have gathered mass attention and have their own market in recent years. People have expressed tremendous interest in various types of NFTs in different industries, such as gaming, arts, collectibles, and the metaverse. For example, CryptoPunks, one of the first NFTs, made one of the most significant digital art sales in history for nearly $24 million (Manoylov, 2022). CryptoKitties, a digital cat breeding game, had 1.5 million users responsible for $40 million worth of transactions on its platform (CryptoKitties Explained, 2021). Besides art and game, NFTs also promote the development of ticketing events, news, fashion, supply chain, and surrounding markets such as social portals (e.g., DappRadar), trading marketplace (e.g., OpenSea), and financial instruments (e.g., Defi) (Wang, Li, Wang, & Chen, 2021). Many leading global consumer brands such as Adidas, Coca-Cola and Nike have started to engage with their loyal fans using NFTs (Shanmugham, 2022). A report estimated that the overall value of the NFT market in 2021 is around $15.7 billion and would rise to $122 billion by 2028 (SkyQuest Technology Consulting Pvt, 2021). On the other hand, NFTs have their drawbacks. The generation and transaction of NFTs are highly energy-intensive and may negatively affect the environment over time. For instance, one NFT transaction costs as much electricity as the typical home for about a day (The Renewable Energy Hub, 2021). Also, NFTs are illiquid and speculative investments (Wilson, Karg, & Ghaderi, 2022). Since it is a new market asset, its value is unstable and is based on the price someone is willing to pay for it without much historical data for reference. NFTs can still be attacked and stolen by hackers, which face the risk of fraud and abuse (Wang, Li, Wang, & Chen, 2021). Moreover, owning an original NFT does not mean the owner can control its distribution or duplication. The owner cannot stop others from making and sharing “prints” (Rehman, E Zainab, Imran, & Bawany, 2021). So, how will the NFT market evolve in the coming years? Will it keep blooming or bursting? Although NFTs have a tremendous impact on the current decentralized markets, research on NFTs is still in a very early stage. This study aims to summarize the current status of the NFT market, discuss the potential challenges and promising opportunities related to NFT, and suggest some directions for further research.
nft:数字市场的游戏规则改变者还是泡沫?
不可替代代币(nft)在过去几年中引起了全世界的关注。nft是一种加密资产,它使用区块链技术来表示数字商品的所有权并存储数字资产的所有权证书(Kanellopoulos, Gutt, & Li, 2021)。nft的不可替代性使得每个令牌都是唯一的,并且可以表示一个特定的对象。这些代币存储在区块链上,可用于以各种形式(例如,照片,视频和音频)销售数字资产。此外,NFT的创造者可以从任何NFT市场(一个人们可以创建、销售和购买NFT的网站)上的每笔成功交易中获得版税。由于区块链提供的透明和不可变的属性,所有权交易的整个历史记录可以被每个网络参与者验证,提供了一个有前途的知识产权保护解决方案。nft一开始只有区块链业余爱好者知道,但近年来已经引起了广泛关注,并有了自己的市场。人们对不同行业的各种类型的nft表现出了极大的兴趣,比如游戏、艺术、收藏品和虚拟世界。例如,CryptoPunks,第一批nft之一,以近2400万美元的价格创造了历史上最重要的数字艺术销售之一(Manoylov, 2022)。数字养猫游戏CryptoKitties拥有150万用户,在其平台上负责价值4000万美元的交易(CryptoKitties Explained, 2021年)。除了艺术和游戏,nft还促进了票务活动、新闻、时尚、供应链和周边市场的发展,如社交门户网站(如DappRadar)、交易市场(如OpenSea)和金融工具(如Defi) (Wang, Li, Wang, & Chen, 2021)。许多领先的全球消费品牌,如阿迪达斯、可口可乐和耐克,已经开始使用nft与他们的忠实粉丝互动(Shanmugham, 2022)。一份报告估计,2021年NFT市场的总价值约为157亿美元,到2028年将增至1220亿美元(SkyQuest Technology Consulting Pvt, 2021)。另一方面,nft也有其缺点。nft的产生和交易是高度能源密集型的,随着时间的推移可能对环境产生负面影响。例如,一笔NFT交易的电费相当于一个普通家庭一天的电费(the Renewable Energy Hub, 2021)。此外,nft是非流动性和投机性投资(Wilson, Karg, & Ghaderi, 2022)。由于它是一种新的市场资产,它的价值是不稳定的,并且是基于某人愿意支付的价格,没有太多的历史数据可供参考。nft仍然可能被黑客攻击和窃取,这面临欺诈和滥用的风险(Wang, Li, Wang, & Chen, 2021)。此外,拥有原始的NFT并不意味着所有者可以控制其发行或复制。所有者不能阻止他人制作和分享“印刷品”(Rehman, E Zainab, Imran, & Bawany, 2021)。那么,未来几年NFT市场将如何发展?它会继续开花还是破裂?虽然nft对当前的去中心化市场产生了巨大的影响,但对nft的研究仍处于非常早期的阶段。本研究旨在总结NFT市场的现状,讨论与NFT相关的潜在挑战和前景机遇,并提出进一步研究的方向。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
Journal of Global Information Technology Management
Journal of Global Information Technology Management INFORMATION SCIENCE & LIBRARY SCIENCE-
CiteScore
4.10
自引率
10.00%
发文量
19
期刊介绍: The Journal of Global Information Technology Management (JGITM) is a refereed international journal that is supported by Global IT scholars from all over the world. JGITM publishes articles related to all aspects of the application of information technology for international business. The journal also considers a variety of methodological approaches and encourages manuscript submissions from authors all over the world, both from academia and industry. In addition, the journal will also include reviews of MIS books that have bearing on global aspects. Practitioner input will be specifically solicited from time-to-time in the form of invited columns or interviews. Besides quality work, at a minimum each submitted article should have the following three components: an MIS (Management Information Systems) topic, an international orientation (e.g., cross cultural studies or strong international implications), and evidence (e.g., survey data, case studies, secondary data, etc.). Articles in the Journal of Global Information Technology Management include, but are not limited to: -Cross-cultural IS studies -Frameworks/models for global information systems (GIS) -Development, evaluation and management of GIS -Information Resource Management -Electronic Commerce -Privacy & Security -Societal impacts of IT in developing countries -IT and Economic Development -IT Diffusion in developing countries -IT in Health Care -IT human resource issues -DSS/EIS/ES in international settings -Organizational and management structures for GIS -Transborder data flow issues -Supply Chain Management -Distributed global databases and networks -Cultural and societal impacts -Comparative studies of nations -Applications and case studies
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信