Although NFTs (non-fungible tokens) and cryptocurrencies are active on the same market, their prices are not so closely related over time. The objective of this paper is to identify the relationship between the two types of assets (NFTs and the cryptocurrencies Ethereum, Crypto Coin, and Bitcoin), using data for the period between September 2020 until February 2022. The conclusions of the study are useful for cryptocurrency and NFT issuers, but also for investors on the financial market who are reconfiguring their portfolios with increasing frequency, and use these new assets for speculative or hedging purposes based on blockchain technology. The results highlighted relationships between NFTs and Ethereum, between Ethereum and Crypto Coin, and between Bitcoin and Ethereum, Ethereum being a bridge between all four. Therefore, NFTs present a relationship with Ethereum, the NFTs price had a causal effect on the price of Ethereum.
In the past few years, Non-Fungible Token (NFT), a derivative product of blockchain technology, has stolen headlines all over the globe with its groundbreaking sales auction and prominent celebrity buyer. NFT enables digital ownership over assets including images, videos, sound, and text, allowing creators to get ongoing royalties and ensure assets’ authenticity. This paper proposed the hypotheses of consumers’ interest for fashion NFT in Indonesia. The research is validated through quantitative studies of questionnaires as well as qualitative studies from interviews and case studies. In addition, secondary sources are added to gain insights regarding the topic. Contingent on the results analysed, it is fair to conclude that Indonesian consumers are interested to explore fashion NFT products. Pairing digital and physical assets also contribute to increased willingness to purchase digital fashion pieces. There are abundant challenges that exist in this early stage of technology, but the prospect of the use of blockchain technology and NFT in the future is positive. This paper aims to improve the understanding of consumers’ interest in digital fashion assets ownership in Indonesia along with creating practical contributions to the industry.
Eduard Hartwich, Philipp Ollig, Gilbert Fridgen, Alexander Rieger
Purpose This paper aims to establish a fundamental and comprehensive understanding of non-fungible tokens (NFTs) by identifying and structuring common characteristics within a taxonomy. NFTs are hyped and increasingly marketed as essential building blocks of the Metaverse. However, the dynamic evolution of the NFT space has posed challenges for those seeking to develop a deep and comprehensive understanding of NFTs, their features and their capabilities. Design/methodology/approach Utilizing common guidelines for the creation of taxonomies, the authors developed (over 3 iterations), a multi-layer taxonomy based on workshops and interviews with 11 academic and 15 industry experts. Through an evaluation of 25 NFTs, the authors demonstrate the usefulness of the taxonomy. Findings The taxonomy has 4 layers, 14 dimensions and 42 characteristics, which describe NFTs in terms of reference object, token properties, token distribution and realizable value. Originality/value The authors' framework is the first to systematically cover the emerging NFT phenomenon. This framework is concise yet extendible and presents many avenues for future research in a plethora of disciplines. The characteristics identified in the authors' taxonomy are useful for NFT- and Metaverse-related research in finance, marketing, law and information systems. Additionally, the taxonomy can serve as an information source for policymakers as they consider NFT regulation.
Impulsada por algunas ventas extraordinarias, la fiebre de los NFT, esos títulos de propiedad garantizados y autentificados que permiten adquirir obras de arte virtuales, se ha apoderado del mercado del arte. Los NFT [siglas en inglés de non fungible token o activo digital indivisible], que aparecieron hace pocos años en el mercado, ofrecen sin duda nuevas posibilidades de ingresos a los artistas e invitan a los museos a interesarse por el arte digital. Pero, ¿se trata de una auténtica revolución o de una burbuja especulativa?
Non Fungible Tokens (NFTs) are becoming a standard to represent unique and valuable items, such as a piece of art, a videogame item, or other digital or physical goods, and keep track of their provenance. Thanks to blockchain technology and the power of smart contracts, NFT holders have true ownership over them, because they are the only ones who can transfer them. However, through an attack called sleepminting, an attacker is able to impersonate another person, including an artist, and create NFTs on the artist’s behalf, while still maintaining its possession, leveraging bugs in the code of the smart contract that manages the NFTs. Therefore, the attacker can cheat concerning the provenance of an NFT and then sell the fake NFTs to unaware buyers. In this paper, we propose a study that sheds light on this phenomenon. In particular, we collect over 1.3 million events that are connected to sleepminting and analyse the events under multiple aspects. The study uncovers that, by using the sleepminting attack, some users are able to create fake NFTs of popular brands, and are able to mint them to famous personalities in the NFT field, such as well known artists and collectors.
Copyright is a means to an end, not an end in itself. We created copyright because we wanted to encourage the creation and distribution of works of authorship, not because we wanted to enable copyright owners to control the use of the works they own. We stuck with copyright because it was the best tool we had, despite its flaws. Was copyright ever efficient? No. But marginal improvements matter. Technology has changed the copyright calculus. Distribution of works of authorship gradually got cheaper and cheaper. And then the Internet made it free. But creation remained costly, even though technology helped make it easier. For better or worse, copyright was still our best way of encouraging authors to create new works, by enabling them to claim some of the economic value of those works. Of course, copyright was always a compromise, with many flaws. First, it’s overbroad. While many authors rely on copyright, many others don’t—but copyright protects their works anyway, even if they don’t want it. Second, it’s overlong. Copyright protects works far longer than necessary to encourage their production, and keeps forgotten works out of print. Third, it’s inequitable. By design, copyright only benefits commercially successful authors. And finally, it’s inefficient. Most of the benefits of copyright go to publishers rather than to authors. There’s gotta be a better way. And maybe there is. The market for non-fungible tokens, or “NFTs,” enables authors to sell their works without relying on copyright at all. An NFT is a transferable cryptographic token. Authors can create NFTs that represent “ownership” of their works and sell those NFTs to collectors. The NFT market recognizes the owner of a “legitimate” NFT of a work as the “owner” of the work, even though NFTs typically don’t convey copyright ownership of the work. I call this “pwnership,” because it consists of “clout,” rather than control. NFT owners don’t need copyright, because pwnership depends on the endorsement of the author, rather than control of the use of the work. In fact, NFT owners encourage others to use the work, because popularity increases the value of pwnership. Essentially, NFTs allow authors to profit from creating works of authorship without having to control their use. If the potential profit from selling NFTs alone is large enough to encourage authors to create works, then authors don’t need copyright anymore. And if authors don’t need copyright, no one does. In theory, NFTs could finally make copyright obsolete. Works of authorship are inherently public goods. As Stewart Brand famously observed, “Information wants to be free.” And for most of human history, information was at least nominally free, albeit profoundly costly to obtain. While mechanical reproduction made information far less expensive, it also made the cost of creating and distributing information far more salient. Copyright was the kludge we invented to solve that welcome new problem. We had to destroy free culture in order to save it. Maybe NFTs will enable us to finally dispense with copyright and make information free again.
As described by Georges Bataille in his 1949 essays on General Economy, the Accursed Share refers to the excessive and non-recuperable portions of an economy that must be spent lavishly or luxuriously, or otherwise be destined to outrageous, destructive, and catastrophic expressions — most often resulting in war, or other ruinous and destructive acts [Baitaille and Hurley 1988]. How might we might consider Bataille's idea as expressed through the recent boom in Non-Fungible Tokens (NFTs) and contemporary Blockchain technology? Between 2020 and 2021, the global trading volume of NFTs increased ten-fold [Nadini et al. 2021], with a reported global market of 22 billion USD in 2021 [Milmo 2021]. Researchers Matthieu Nadini (et al.) note that digital art sales accounted for roughly 10 percent of all NFT transactions in 2021 [Nadini et al. 2021]. The volume and frequency of the booming NFT market cannot be ignored, but what does it suggest for the future of art practice and pedagogy, and how does it relate to the excesses suggested in Bataille's notion of general economy?
Blockchain is a progressive innovation and will have extraordinary constructive outcomes in our business climate sooner rather than later. NFT represents Non- Fungible Token. An NFT can be viewed as only a computerized type of genuine world objects like workmanship, music, in-game things and recordings. They are exchanged on the web, by and large with various kinds of digital money. Non-fungible tokens exchanged on a NFT commercial center are not quite the same as fungible tokens that are traded on different incorporated or decentralized trades. NFTs are unique. Each NFT has a computerized signature that makes it inconceivable for them to be traded for another NFT. Each has its not entirely settled by different variables like metadata, maker, highlights, and so forth. The larger part of NFTs in the current times are computerized, and makers could make do here from now on and clear a path for additional inventive things for the clients.. It is extremely evident that blockchain innovation and NFTs can offer the ideal a chance for specialists and content makers to get monetary compensation for their works. Along these lines, craftsmen try not to need to rely upon exhibitions to sell their work of art. All things being equal, a craftsman could simply offer their work to a purchaser in the type of a NFT. This likewise brings about better benefit for the specialists. Curiously, Non Fungible Tokens likewise have the component of eminences where a specific sum is credited to the first maker of a specific NFT each time the said NFT is sold. Since Blockchain is a generally more up to date innovation, assets are less and very hard to track down the wonderful one which makes it considerably more challenging to fabricate a complex NFT Marketplace. NFTs have different use-cases and the NFT commercial center should be at the center of all those extraordinary use cases by giving the clients a stage to mint and exchange the Non-Fungible tokens.
The NFT marketplace is only three years old, yet it was already reshaping the worldwide market in 2021-2022. The Non-fungible tokens (NFTs) are a new and rapidly growing trend changing how digital assets are exchanged. NFTs are digital tokens representing unchangeable ownership of digital goods such as artwork and collectibles and are traded on blockchain-based marketplaces. NFTs generate unique ways to manage, utilize, transfer, design, and save digital data and have undergone a quick surge in numerous applications spanning artwork, entertainment, media, content sharing, and digital crypto commerce. This study aims to look into non-fungible tokens for marketplaces and how they affect global markets. Our main contribution is to prospecting NFTs for Marketplaces. In doing so, we highlight essential questions of NFTs for marketplaces and examine what the taxes and intellectual rights of properties of NFTs are. Further, the paper provides trending information such as total bitcoin price and the mean price per transaction transmitted to NFTs Networks, Most Popular NFT collections transaction volume, the proportion of web traffic to NFTs markets by area, number of active NFT collections on OpenSea.
NFT piyasası son yıllarda hızla gelişmektedir. NFT kavramı, aslen bir blokzincir altyapısına ait olan Ethereum standardından gelmektedir. Oluşturulan benzersiz kimlikler, dijital varlıklarla ilgilidir. NFT, özelleştirilmiş değerlerle şeffaf bir ticaret sağlamaktadır. Dijital sanat kavramı benimsenirken, yeni bir pazar da oluşmaktadır. Günümüzde, NFT satışları milyonlarca USD'ye ulaşmıştır. Gelişen NFT pazarı dikkat çekmektedir. NFT'nin arkasındaki teknolojiler olgunlaşmadığından, NFT keşfedilmeyi ve anlaşılmayı bekleyen bir ekosistem haline gelmektedir. Bu çalışmada, dijital sanat ve NFT'nin avantajları ve fırsatları tartışılırken, NFT ekosistemi önemli örneklerle gözden geçirilmektedir.
As a blockchain-based application, Non-Fungible Token (NFT) has received worldwide attention over the past few years. Digital artwork is the main form of NFT that can be stored on different blockchains. Although the NFT market is rapidly developing, we observed potential ethical and racial fairness issues in the design of NFT artworks due to a lack of ethical guidelines or censorship. Therefore, we investigated CryptoPunks, the most famous collection in the NFT market, to explore and visualize its potential ethical issues. We explored the ethical issues from three aspects: design, trading transactions, and related topics on Twitter. We scraped data from Twitter and Dune Analytics using python libraries, Twitter crawler, and sentiment analysis tools. Our five visualizations implied that 1.6 times more male punks were created in the initial design process than the female ones. And the male ones have a higher average selling price than females; lighter-skinned punks tend to sell for higher prices. The results of our study and visualizations provide a preliminary exploration of CryptoPunks and further inspire future ethical-related investigation and research in the NFT domain.
This paper investigates non-fungible tokens, or NFTs, and examines their place within art historical canon. Crypto-art and crypto-collectibles have flooded digital markets, offering unique art. Recently, Beeple’s Everydays—The First 5000 Days, the first digital artwork fitted with a non-fungible token offered by the major auction house Christie’s, sold for $69,346,250 on March 11, 2021. It is the third most expensive artwork sold by a living artist, following Jeff Koon’s sculpture Rabbit (1986) and David Hockney’s painting Portrait of an Artist (Pool with Two Figures) (1972). While Jeff Koons and David Hockney are the artists, whose theoretical perspectives are well known and have a secured place in an art historical canon, Beeple’s work and works of other digital NFT artists have not been fully investigated to be positioned in relation to art history, seemingly existing in a theoretical vacuum. The absence of artistic statements that usually accompany artworks contributes to this effect. Is it possible to think of the 21st century NFT-backed digital artists as the avant-gardes, who, like their 20th -century predecessors, confronted and condemned the art historical tradition? Using the case study of Beeple’s Everydays, this paper proposes an answer to the puzzling question of how a mosaic of everyday sketches produced by “pooping something out in 45 minutes,” using Beeple’s own words, was claimed to be “the next chapter in art history.” Using historical and textual analyses, this essay provides a critical response to the recent digital artworld trends driven by the decentralized networks and currencies existing in fully digital ecosystems.
This paper examines the respondent's purchase intentions appropriate to the advertising variables. It therefore sum ups the consequences and impacts related to respondent's choice of advertising variables and purchase intentions of cryptocurrency. The unexplored market potential of cryptocurrency might be due to ineffective use of advertising to facilitate purchase intention. Interestingly, scanty empirical investigation could be found on the topic of advertising and purchasing intentions of cryptocurrency among developing economies of the world. Accordingly, the need for the research presented here is evident. The main purpose of the study is investigating the effects of advertising on purchase intention of cryptocurrency among young adult in Awka, Nigeria. This necessitated conducting a research for the evaluation of current advertising practices to check their effect on consumer purchase intentions. Data were collected from the sample of 138 individuals selected randomly. Presented questionnaire was used to collect data. Data analysis and interpretations was done through regression model and descriptive statistics. To check the impact of advertising, the advertising related variables were used which includes awareness, interest, desire, action of advertising on the dependent variable of consumer’s purchase intentions of crypto currency. The results declared most advertising related variables have significant impact on purchase intentions.
Alexander Pfeiffer, Natalie Denk, Thomas Wernbacher, Stephen Bezzina · 6 authors
Non-Fungible Tokens (NFTa) can either represent an original digital artwork, or act as a digital reference to the actual work. In both as digital references to the actual work. In both cases the record in the distributed ledger, mostly a blockchain-based database, intends to serve as a proof of ownership or transfer of rights. NFTs might also add a further purpose, which in blockchain terms is referred to as “a utility", such as access to special websites, chats or clubs in emerging metaverse platforms. This use-case paper presents a first introduction of two early stage demonstrators, set outside the common use of art images or images of historical events as NFTs. The first case shows how educational credentials can be created, in which different teachers contribute to assessment achievements. We elaborate how these partial achievements are verified separately within the actual credentials. In the second case study, we build on previous research in regard to NFTs in the music industry and show the combination of physical vinyl record special editions, in our case vinyls signed by the band, and the ownership certificate as NFT. For both demonstrators we used, in different settings, the crypto art platform NFTmagic and the blockchain-token wallet Sigbro. We developed and tested the results within the setting of a roleplay as a group and show how blockchain technologies and especially NFTs can be made useful in new ways, inspired by the ongoing process of discovering risks and opportunities in ‘crypto art’, thus initiating discussion on the topic and effectively bridging the cybersecurity and (digital) art communities.
Non-Fungible Tokens (NFT's) is a form of digital certificate of authentication being created on the blockchain technology which is similar to other virtual crypto assets and currencies. The popularity of the blockchain technology along with dealing in crypto assets has seen to grow in the recent years. The NFT market is also rising exponentially as witnessed in the recent years. The very concept of NFT originates from a token standard of Ethereum, aiming to differentiate and distinguish each token with its unique signature being bound with digital properties. The impressive return on its rapidly increasing market worldwide has drawn massive attention, with India too having witnessed a heightened interest in this digital sector, especially from the upcoming new-age investors and digital creators. However, development of the NFT ecosystem being in an early stage has seen an absence of a regulatory legal framework to govern such pre-mature digital crypto assets in the country of India. The legal policies surrounding them are plentiful which has further lead to a lack of clarity in regards to its legal validity and sanctity. The upcoming artists may tend to get lost in this frenetic evolution with lack of systematic summaries. This paper intends to explore the concept of NFT in contrast to cryptocurrency and copyright along with its working and technical components. It aims to analyse the legal pitfalls which impact its functioning along with the opportunities and challenges faced by the Indian legal framework in terms of cryptographic assets.
Sarah Allen, Ari Juels, Mukti Khaire, Tyler Kell · 5 authors
Non-fungible tokens (NFTs)} are digital objects that reside on blockchains and are typically associated with unique digital media, such as images or music. A recent frenzy of popular interest has given rise seemingly overnight to a multi-billion NFT market. Individual NFTs can sell for millions or tens of millions of dollars, while creators ranging from traditional artists such as Damien Hirst and Grimes to mainstream consumer-goods companies such as Coca-Cola and Nike are producing their own NFT collections.This primer’s focus is on NFTs for art and collectables. Our aim is to give non-technical readers a basic familiarity with the technology behind NFTs, the history of their development, the current state of the NFT community and marketplace, and a notion of how NFTs might evolve in the future. We also offer a brief overview of the dynamics of traditional art markets and discuss the similarities, differences, and points of intersection in NFT markets. We hope that readers will come away from this primer with a basic understanding of how blockchains, smart contracts, and cryptographic keys work, an appreciation of some of the novel ways in which NFTs are empowering artists, a picture of the variety of dynamism of NFTs projects and communities, and possibly a hankering to own at least a fractional Bored Ape.
Cristian Bogdan Onete, Irina Albăstroiu, Mihai Felea, Răzvan Dina
Non-fungible token (NFT) is a distinctive, digitized, and encrypted token fabricated and stored using blockchain technology. Artists, filmmakers, photographers, game developers, and fashion designers sell their work on the NFT marketplace. Nevertheless, NFTs are no longer a concept associated with art and design and they are starting to be used in different sectors. Now, NFT is branching out to higher education, where students, tutors, and institutions can use NFTs for different purposes. Given these coordinates, in this article we have chosen to discuss the applicability of NFT related to higher education. Thus, our paper presents, in the introductory part, the conceptual delimitations regarding NFTs. Areas of application, and the main ways of use in education, are presented next, showing that adoption of NFTs in higher education has been too little addressed in the literature. Most of the work in the field insists on the technical aspects and only subsidiarily deals with the issues regarding the level of understanding of the NFT concept by potential or actual users and the degree of adoption and use of these as solutions to some problems of higher education. In order to cover these gaps identified in the literature, we presented, in the second part of the paper, the methodology and results of an exploratory research, conducted on a sample of 383 students from Faculty of Business and Tourism -Bucharest University of Economic Studies, which allowed us to identify the level of understanding the concept, the degree of openness to the adoption of NFTs as diplomas/certificates/attestations for the recognition of studies/knowledge/skills/competences acquired in the formal education system, and, also, the associated benefits and challenges, from the perspective of the Romanian students.
A. Budin Posavec, Karmela Aleksić-Maslać, M. Tominac
Non-fungible tokens (NFTs), as a variant of tokens making up the blockchain, are recently gaining attention with different opportunities for the real and virtual assets and with potential use cases in decentralized markets, arts, gaming and education. This paper gives an overview of the NFT concept and its uses and presents the results of the survey conducted in Croatia in 2021 with the goal of gaining insight into familiarity of respondents with the concepts of the blockchain and NFTs. The results of the survey, especially when compared to publicly available results of an international survey from 2020, indicate that educative efforts might be needed in Croatia towards increasing knowledge about NFTs taking into account their wide potential areas of application.
Non-fungible tokens (NFTs) have taken the world by storm. Initially started as an art/game experiment, the NFT has given rise to a new form of entrepreneurship in the virtual world with massive opportunities and affordances. However, research into the entrepreneurial aspect of NFTs and the role of agency in the process is limited. In this article, I examine the concept of NFT-enabled Entrepreneurship (or NFTE). I first identify the main characteristics of NFTs, then define NFTE and discuss the related assumptions, and finally propose a conceptual framework for NFTE and investigate its enablers. I conclude by proposing NFTE as a novel domain of entrepreneurship theory and practice with extensive new research opportunities, and the plausibility of using NFT as an alternative mode of knowledge production in which scholars become “NFT creators.”