Exploring Non‐Fungible Tokens: A Bibliometric Analysis and Future Research Opportunities

Abstract

ABSTRACT Non‐fungible tokens (NFTs) are digital assets that represent the ownership of unique items that can be bought or sold using cryptocurrency. This comprehensive analysis of NFT involved a literature search conducted in February 2025. A total of 963 publications were initially identified from the Scopus database. Following meticulous screening, analysis, and evaluation, 734 relevant and high‐quality documents were selected for further examination, employing rigorous discussions, voting, and critical appraisal. The literature review on NFTs highlighted several frequently co‐occurring keywords, including Blockchain, Smart Contracts, Commerce, Ethereum, Digital Assets, Metaverse, Decentralization, Digital Storage, Cryptocurrency, and Distributed Ledger. This study organizes NFT research into 10 distinct categories through a combination of review and text mining techniques. These categories include “pricing, marketing, and investment,” “application of NFTs,” “art,” “games and metaverse,” “benefits, drawbacks, and review papers,” “security”, “law and ownership,” “system for NFT and extending of NFT,” “Supply chain management,” and “AI.” For each category, the research questions and their corresponding answers are mapped. Additionally, the study developed a comprehensive framework to establish connections between research categories, providing valuable insights into expanding NFT adoption. Finally, this research investigates the challenges associated with the application of NFTs and explores potential future research directions.