On the Financial Perspective of Non-Fungible Tokens: A Thematic Literature Review

Abstract

This paper provides a systematic analysis of the financial attributes of non-fungible tokens. The study synthesizes the theme and author characteristics of 48 empirical studies published in JCR-listed journals or shared in the SSRN repository from 2021 to 2023. This paper constructs NFTs as a digital investment system within the framework of systems theory. The composition of this system includes NFT assets, markets, investors, and regulations. The financial attributes of NFTs, such as pricing, return, and risks, interact with the segments of this system. This framework reveals the current progress in the research on NFTs as a digital investment. There is a high degree of heterogeneity among studies that examine this empirical phenomenon. Additionally, the bibliometric analysis reveals that this new area of study possesses unique characteristics in terms of publications, author identity, journals, analytical methods, and other relevant factors. Based on the analysis and review, potential areas for future research are identified and practical implications are discussed from the investor, regulator, and market participant perspectives.