Understanding Non-Fungible Tokens (NFTs) in Smart Cities

Abstract

This chapter depicts the role of Non-Fungible Tokens (NFTs) in the development of smart cities in this digital era, focusing on its perspective to boost urban governance, community engagement, and resource management. A unique digital asset fosters transparent ownership and provenance tracking of urban resources, such as public art, land, and community spaces. The integration of NFTs enhances service delivery and planning as demonstrated in the chapter advance participatory governance, granting citizens to engage in decision-making processes through tokenized voting mechanisms. Moreover, NFTs promote community engagement and tokenized identity expressions, thereby boosting local economies. Finally, the study highlighted the transformative potential of NFTs in creating sustainable, inclusive, and innovative urban environments.