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Non-Fungible Tokens (NFTs) are digital certificates of ownership that can be attached to any virtual or physical asset. Recently, they have become increasingly popular, especially with the advent of metaverses, virtual spaces shared and accessible online. Many organizations are launching NFT initiatives for a variety of reasons including retaining...
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... NFTs are not merely artworks; they are cryptographic equipment that use blockchain technology to safeguard and validate a record of the existence and ownership of both digital and physical goods [18]. Some of the most famous and high-priced NFTs have been associated with digital artwork. ...
The rapid advancement of technology has led to the emergence of Non- Fungible Tokens (NFTs) and the Metaverse, representing unique digital assets and a post-reality environment that combines virtual and digital worlds. This review aims to explore the legal and ethical challenges associated with NFTs and the Metaverse in the United Arab Emirates (UAE) and to identify opportunities for the UAE to position itself as a leader in these technologies. A review of 15 research articles was conducted, focusing on privacy, cybersecurity, regulatory concerns, and socio-cultural issues related to NFTs and the Metaverse in the UAE. Information relevant to the UAE was included, while unrelated data was excluded. The findings indicate that NFTs and the Metaverse offer significant opportunities for the UAE to lead in technological innovation. However, substantial legal and ethical challenges must be addressed to realize these benefits fully. Enhancing the financing and entrepreneurial ecosystem in the UAE is recommended to foster innovative applications of NFTs and the Metaverse. Addressing legal and ethical challenges is crucial to improving citizens’ lives, boosting economic competitiveness, and driving innovation.
... Using a Design Science Research methodology, Udokwu et al. [12] proposed a DApp solution for the authentication of luxury accessories. Pirnay et al. [13] analyzed the value of NFT from the customers' perspective. Drawing on Holbrook's framework for value conceptualization, the authors provided a way to organize NFT initiatives into eight types: consumables, speculations, play, art and memories, status, possessions of rarity, charity, and community belonging. ...
... This is in line with the results reported in [16], [17]. Following the framework proposed in [13], we can say that the collections we analyzed here belong to three types DGFamily Glass Box). We believe that we could consider all the collections belonging to the possessions of rarity type. ...
... Accessed: 27.03.2023Today, NFTs are widely used as investment instruments by users around the world(Pirnay, 2023). Especially in countries where health tourism is carried out, health institutions, public institutions and travel agencies are working on the development and implementation of blockchain-based applications(Castro, Tito, Brandao, & Gomes 2019). ...
... ). The term "Non-Fungible Token" gained popularity during Ethereum discussions in 2017(Parrales and Batbayar, 2022), and in 2018, William Enriken, Dieter Shirley, Jacob Evans, and Nastassia Sach of Ethereum formalized a new standard for non-fungible tokens, ERC-721, which explains how NFTs can be created on the Ethereum blockchain, managed on other blockchain platforms or interfaces, and how ownership and exchange can be ensured(Pirnay et al., 2023). Since then, various standards such as ERC-998, ERC-1155, ERC-875 have been developed and emerged. ...
Health tourism is a rapidly growing health service model in the world. Today, its use by health service demanders has become widespread. The health tourism sector is a sector that combines health and tourism, where individuals who demand health services can receive treatment services by traveling. In the health sector, where technology is used intensively, innovative approaches are emerging in the provision of health services. NFTs (Non-Fungible Tokens), a new digital asset that has emerged in recent years with the development of blockchain, offers different usage areas in health tourism with its features. NFTs are defined as unique digital assets and are supported by blockchain technology. This new approach offers innovative opportunities for health tourists and health tourism organizations, data security, and payment methods. This innovative technology can make the health tourism experience more transparent and secure. This study is expected to contribute to the sector with an innovative alternative payment method for practitioners in health tourism, which is an international service model.
... Similarly, it may be challenging for sellers to set fair prices for NFTs. Because there may not be reliable standards or historical data, setting the right asking price for an NFT might be difficult [103]. Price fluctuations and speculative behaviors might occur if sellers establish inflated pricing based on their optimistic market demand forecasts. ...
Non-fungible tokens (NFTs) have become an exciting technology that provides a fresh perspective on asset ownership, provenance, and value exchange. NFTs, a blockchain-based technology, are distinct and indivisible cryptographic tokens used to confirm and record the ownership of digital and physical assets in an immutable and transparent way. The fundamental block of NFT is a smart contract built on a blockchain network. This contract contains specific information about the asset it represents, such as its unique identifier, metadata, and ownership details. The information is kept private and tamper-proof due to the decentralized and distributed structure of the blockchain, boosting faith in the token’s authenticity. The NFT is gaining popularity, but it is still in the developing stage. There is a need for a comprehensive survey to guide future research and development in NFTs. Thus, this paper presents the technical components of NFTs, their features, and the minting process. Further, this survey paper describes different token standards for NFTs. It presents various applications of NFTs in healthcare, supply chain, gaming, identity verification, agriculture, intellectual property, smart cities, charity and donation, and education. The article also emphasizes the significant difficulties faced currently in implementing NFT technology from the viewpoints of ownership, governance, and property rights, as well as security, privacy, and environmental effects. This work also elucidates the future directions to overcome the challenges in adopting NFTs in various applications.
The classical pathway of mass production followed a linear model with trashed products and wasted remaining materials at the final stage of their life cycle. Smart approaches of manufacturing and product life cycle management aim for Circular Economy (CE) models to implement sustainable business models to overcome imbalances between resource supply and demand of goods. Non-Fungible Token (NFT) solutions together with smart contracts seem to have the potential to realise such new sustainable business models in the context of CE. The study demonstrates how NFT technology can become an integral part of smart product life cycle management for batteries of e-cars. The research highlights how circular business models can be developed and implemented in the e-car sector around the life cycle management of batteries as well as how NFT technology can contribute to sustainable conceptualisation for battery recycling.
The rapid evolution of blockchain technology has led to the emergence of non-fungible tokens (NFTs) as a novel and disruptive tool within the realms of digital art, collectibles, and entertainment. This research chapter delves into the nascent yet rapidly growing trend of utilizing NFTs for marketing campaigns. As traditional marketing strategies continue to face challenges in capturing audience attention and engagement, NFTs offer a unique avenue to enhance brand-consumer interactions. This chapter aims to provide a comprehensive analysis of NFT-based marketing campaigns, examining their effectiveness, challenges, and potential for reshaping the future of advertising. The study also delves into the underlying psychological and economic factors that contribute to the success of NFT-based marketing, including scarcity, ownership, and emotional resonance.
Non-Fungible Tokens (NFTs) are digital certificates of ownership that can be attached to virtual or physical assets. Recently, they have become increasingly popular, especially with the advent of metaverse, virtual spaces shared and accessible online. Many brands are launching NFT initiatives for various reasons including retaining customers, developing new revenue streams, or demonstrating that they are keeping up with the latest technological
advances. As for any product or service, to increase the likelihood of success of NFT initiatives, it is key to design them so as to provide value to the targeted audience. In previous research, the notion of “value” of NFTs has been essentially seen through the lenses of
financial return. However, NFT initiatives can provide other types of values to the targeted audience. This paper presents the NFTByBrands framework that can be used to identify the
potential types of values that can be delivered by brands through NFT initiatives, and can help guide brands in this endeavor. It is built upon customer perceived value theory, and an analysis of 50 NFT initiatives launched by 42 brands. The framework can also be used as a basis for further research on the value of NFTs, and a research agenda is proposed in the paper.
