Non-Fungible Tokens (NFT): A Systematic Review

Abstract

Non-fungible tokens (NFTs) are gaining in popularity and are already extensively implemented. New use cases for NFTs are constantly developing. NFTs may prevent counterfeiting since each token carries the owner’s digital signature and is thus unique. For the usage of NFTs to progress in an institutional environment, the potential for using NFTs must be investigated in detail. This discovery prompted a comprehensive examination of NFTs developed between 2012 and 2022. The scope is confined to the journal and the keywords “Blockchain”, “Block-chain”, “Non-fungible Token”, and “NFT” are used. Also excluded are studies based on interviews, articles in the press, non-English articles, reviews, conferences, book chapters, dissertations, and monographs. This evaluation includes 34 papers from the last decade. This research examines the current state and development trends of NFT. In addition, the gaps and difficulties in the related literature have been explored, with an emphasis on the limits. These results highlight many unsolved research questions and potential future research avenues that would likely be beneficial to academics and professionals.