Future Tendencies of Non-fungible Tokens
Blockchain has been one of the key innovations in information technology in the last 15 years. An important aspect of applying blockchain technology is the creation of so-called non-fungible tokens (NFTs). Although the name resembles cryptocurrencies because of the word token, in practice, NFTs do n...
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| Format: | Article |
| Language: | English |
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Sciendo
2023-06-01
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| Series: | Naše Gospodarstvo |
| Subjects: | |
| Online Access: | https://doi.org/10.2478/ngoe-2023-0012 |
| _version_ | 1797784163218096128 |
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| author | Tomić Nenad Todorović Violeta Jakšić Milena |
| author_facet | Tomić Nenad Todorović Violeta Jakšić Milena |
| author_sort | Tomić Nenad |
| collection | DOAJ |
| description | Blockchain has been one of the key innovations in information technology in the last 15 years. An important aspect of applying blockchain technology is the creation of so-called non-fungible tokens (NFTs). Although the name resembles cryptocurrencies because of the word token, in practice, NFTs do not represent electronic money but a digital certificate of ownership of an asset. They effectively behave like tokens whose total supply is one, and it is immutable. Considering their technical and conceptual basis, NFTs can be defined as digital certificates of ownership based on blockchain technology, the possession of which proves the indisputable ownership of the purchased digital asset. The subject of this paper is the conceptual basis of NFTs and the scope of their application in digital business. It aims to determine the value factors of NFTs and whether an expansion of their use can be expected in the future. The results of our research show that the essential advantage that NFTs bring to digital business is authentication. NFTs also enable the continuous collection of royalties by the author. The last, but potentially most powerful value generator of NFTs, is the creation of an ecosystem, where an online community is formed based on the initial forms of digital assets. Without standardization and regulation by states, NFTs will remain in the market niche of intensive Internet users. |
| first_indexed | 2024-03-13T00:36:02Z |
| format | Article |
| id | doaj.art-aa9369d6e4c746e7862b66d32699f6d3 |
| institution | Directory Open Access Journal |
| issn | 2385-8052 |
| language | English |
| last_indexed | 2024-03-13T00:36:02Z |
| publishDate | 2023-06-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Naše Gospodarstvo |
| spelling | doaj.art-aa9369d6e4c746e7862b66d32699f6d32023-07-10T06:05:03ZengSciendoNaše Gospodarstvo2385-80522023-06-01692606710.2478/ngoe-2023-0012Future Tendencies of Non-fungible TokensTomić Nenad0Todorović Violeta1Jakšić Milena21University of Kragujevac, Faculty of Economics, Liceja Kneževine Srbije 3, 34000Kragujevac, Serbia1University of Kragujevac, Faculty of Economics, Liceja Kneževine Srbije 3, 34000Kragujevac, Serbia1University of Kragujevac, Faculty of Economics, Liceja Kneževine Srbije 3, 34000Kragujevac, SerbiaBlockchain has been one of the key innovations in information technology in the last 15 years. An important aspect of applying blockchain technology is the creation of so-called non-fungible tokens (NFTs). Although the name resembles cryptocurrencies because of the word token, in practice, NFTs do not represent electronic money but a digital certificate of ownership of an asset. They effectively behave like tokens whose total supply is one, and it is immutable. Considering their technical and conceptual basis, NFTs can be defined as digital certificates of ownership based on blockchain technology, the possession of which proves the indisputable ownership of the purchased digital asset. The subject of this paper is the conceptual basis of NFTs and the scope of their application in digital business. It aims to determine the value factors of NFTs and whether an expansion of their use can be expected in the future. The results of our research show that the essential advantage that NFTs bring to digital business is authentication. NFTs also enable the continuous collection of royalties by the author. The last, but potentially most powerful value generator of NFTs, is the creation of an ecosystem, where an online community is formed based on the initial forms of digital assets. Without standardization and regulation by states, NFTs will remain in the market niche of intensive Internet users.https://doi.org/10.2478/ngoe-2023-0012artificial intelligenceblockchaincryptocurrenciesnon-fungible tokensexclusivityo32o33g29 |
| spellingShingle | Tomić Nenad Todorović Violeta Jakšić Milena Future Tendencies of Non-fungible Tokens Naše Gospodarstvo artificial intelligence blockchain cryptocurrencies non-fungible tokens exclusivity o32 o33 g29 |
| title | Future Tendencies of Non-fungible Tokens |
| title_full | Future Tendencies of Non-fungible Tokens |
| title_fullStr | Future Tendencies of Non-fungible Tokens |
| title_full_unstemmed | Future Tendencies of Non-fungible Tokens |
| title_short | Future Tendencies of Non-fungible Tokens |
| title_sort | future tendencies of non fungible tokens |
| topic | artificial intelligence blockchain cryptocurrencies non-fungible tokens exclusivity o32 o33 g29 |
| url | https://doi.org/10.2478/ngoe-2023-0012 |
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