When Big Data Meets NFT

Abstract

Non-fungible tokens (NFTs) are unique digital assets that are based on smart contracts of blockchain technology and traded via cryptocurrencies. They became known to the public in 2021 and kept growing rapidly. Until the second quarter of 2022, the total volume of NFTs has reached $12.22 billion. However, since the NFT market is still in its early stage, there are limited studies on this topic. In this paper, the first purpose is to analyze the overall market structure and volatility, characteristics of top NFTs on famous marketplaces, and future trends of NFTs. The next focus is to summarize current research trends about the concept of NFT, investigate the challenges faced by researchers, and provide current data collection or feature extraction techniques that are frequently utilized to solve those challenges.