[en] 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.
Centre de recherche :
Interdisciplinary Centre for Security, Reliability and Trust (SnT) > FINATRAX - Digital Financial Services and Cross-organizational Digital Transformations
Disciplines :
Gestion des systèmes d’information Sciences informatiques
Auteur, co-auteur :
HARTWICH, Eduard ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
Ollig, Philipp
FRIDGEN, Gilbert ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
RIEGER, Alexander ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
Co-auteurs externes :
yes
Langue du document :
Anglais
Titre :
Probably something: a multi-layer taxonomy of non-fungible tokens
Date de publication/diffusion :
12 avril 2023
Titre du périodique :
Internet Research: Electronic Networking Applications and Policy
adidas.com (n.d), “Adidas Originals: into the metaverse”, available at: https://www.adidas.com/into_the_metaverse/faq (accessed 9 August 2022).
Ali, M. and Bagui, S. (2021), “Introduction to NFTs: the future of digital collectibles”, International Journal of Advanced Computer Science and Applications (IJACSA), Vol. 12 No. 10, pp. 50-56, doi: 10.14569/IJACSA.2021.0121007.
Alt, R. (2022), “Blockchain und distributed-ledger-technologien: infrastrukturen für die überbetriebliche vernetzung”, Handbuch Digitalisierung, Vahlen, pp. 361-394.
Ante, L. (2022), “Non-fungible token (NFT) markets on the Ethereum blockchain: temporal development, cointegration and interrelations”, Economics of Innovation and New Technology, pp. 1-19, doi: 10.1080/10438599.2022.2119564.
Arslanian, H. and Fitzgerald, D. (2021), “Non-Fungible Tokens (NFTs): legal, tax and accounting considerations you need to know”, PricewaterhouseCoopers, available at: https://www.pwchk.com/en/research-and-insights/fintech/nfts-legal-tax-accounting-considerations-dec2021.html (accessed 9 August 2022).
Avrilionis, D. and Hardjono, T. (2022), “From trade-only to zero-value NFTs: the asset proxy NFT paradigm in Web3”, arXiv. doi: 10.48550/arXiv.2205.04899.
Babel, M., Gramlich, V., Körner, M.-F., Sedlmeir, J., Strüker, J. and Zwede, T. (2022), “Enabling end-to-end digital carbon emission tracing with shielded NFTs”, 11th DACH+ Conference on Energy Informatics, Freiburg im Breisgau, available at: https://eref.uni-bayreuth.de/70137/.
Bamakan, S.M.H., Nezhadsistani, N., Bodaghi, O. and Qu, Q. (2022), “Patents and intellectual property assets as non-fungible tokens; key technologies and challenges”, Scientific Reports, Vol. 12 No. 1, p. 2178, doi: 10.1038/s41598-022-05920-6.
Barbereau, T., Sedlmeir, J., Smethurst, R., Fridgen, G. and Rieger, A. (2022), “Tokenization and regulatory compliance for art and collectibles markets: from regulators’ demands for transparency to investors’ demands for privacy”, in Lacity, M.C. and Treiblmaier, H. (Eds), Blockchains and the Token Economy: Theory and Practice, Springer International Publishing, pp. 213-236.
Barrera, K.G. and Shah, D. (2023), “Marketing in the Metaverse: conceptual understanding, framework, and research agenda”, Journal of Business Research, Vol. 155, 113420, doi: 10.1016/j.jbusres.2022.113420.
Belk, R., Humayun, M. and Brouard, M. (2022), “Money, possessions, and ownership in the metaverse: NFTs, cryptocurrencies, Web 3 and wild markets”, Journal of Business Research, Vol. 153, pp. 198-205, doi: 10.1016/j.jbusres.2022.08.031.
Berente, N., Hansen, S., Pike, J.C. and Bateman, P.J. (2011), “Arguing the value of virtual worlds: patterns of discursive sensemaking of an innovative technology”, MIS Quarterly, Vol. 35 No. 3, pp. 685-709, doi: 10.2307/23042804.
Berger, S., Bürger, O. and Röglinger, M. (2020), “Attacks on the industrial internet of things – development of a multi-layer taxonomy”, Computers & Security, Vol. 93, 101790, doi: 10.1016/j.cose.2020.101790.
binance.com (2022), “Binance NFT | marketplace for NFTs and mystery boxes”, available at: https://www.binance.com/en/nft/home (accessed 9 August 2022).
binance.com (n.d), “All about NFT whitelists and how to get whitelisted in 3 easy steps”, Binance Blog, available at: https://www.binance.com/en/blog/nft/all-about-nft-whitelists-and-how-to-get-whitelisted-in-3-easy-steps-421499824684903878 (accessed 9 August 2022).
Borri, N., Liu, Y. and Tsyvinski, A. (2022), “The economics of non-fungible tokens”, SSRN Scholarly Paper No 4052045, doi: 10.2139/ssrn.4052045.
Brooks, K.J. (2022), “Nike's new NFT sneakers selling for more than $100,000”, available at: https://www.cbsnews.com/news/nike-cryptokicks-nft-blockchain-metaverse-rtfkt/ (accessed 9 August 2022).
Buterin, V. (2022), “Soulbound”, available at: https://vitalik.eth.limo/general/2022/01/26/soulbound.html (accessed 9 August 2022).
Butijn, B.-J., Tamburri, D.A. and Heuvel, W.-J.V.D. (2020), “Blockchains: a systematic multivocal literature review”, ACM Computing Surveys, Vol. 53 No. 3, pp. 61:1-61:37, doi: 10.1145/3369052.
Chalmers, D., Fisch, C., Matthews, R., Quinn, W. and Recker, J. (2022), “Beyond the bubble: will NFTs and digital proof of ownership empower creative industry entrepreneurs?”, Journal of Business Venturing Insights, Vol. 17, e00309, doi: 10.1016/j.jbvi.2022.e00309.
Chandra, Y. and Leenders, M.A.A.M. (2012), “User innovation and entrepreneurship in the virtual world: a study of Second Life residents”, Technovation, Vol. 32 No. 7, pp. 464-476, doi: 10.1016/j.technovation.2012.02.002.
Chirinos, C. (2022), “Someone just paid $450,000 to be Snoop Dogg's neighbor in the metaverse. Here's how you can live by a celebrity too | Fortune”, available at: https://fortune.com/2022/02/02/how-to-buy-metaverse-real-estate-snoop-dogg-celebrity-neighbor/ (accessed 9 August 2022).
Chohan, U.W. (2021), “Non-fungible tokens: blockchains, scarcity, and value”, SSRN Scholarly Paper No. 3822743, doi: 10.2139/ssrn.3822743.
Chohan, R. and Paschen, J. (2021), “NFT marketing: how marketers can use nonfungible tokens in their campaigns”, Business Horizons, Vol. 66 No. 1, pp. 43-50, doi: 10.1016/j.bushor.2021.12.004.
Christidis, K. and Devetsikiotis, M. (2016), “Blockchains and smart contracts for the internet of things”, IEEE Access, Vol. 4, pp. 2292-2303, doi: 10.1109/ACCESS.2016.2566339.
Christie's.com (2021), “Beeple (b. 1981), EVERYDAYS: THE FIRST 5000 DAYS | Christie's”, available at: https://onlineonly.christies.com/s/beeple-first-5000-days/beeple-b-1981-1/112924?ldp_breadcrumb=back (accessed 9 August 2022).
coinmarketcap.com (2022), “Cryptocurrency prices, charts and market capitalizations”, CoinMarketCap, available at: https://coinmarketcap.com/ (accessed 9 August 2022).
Colicev, A. (2022), “How can non-fungible tokens bring value to brands”, International Journal of Research in Marketing. doi: 10.1016/j.ijresmar.2022.07.003.
Council of the European Union (2022), “Digital finance: agreement reached on European crypto-assets regulation (MiCA)”, available at: https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/ (accessed 9 August 2022).
Dailey, N. (2022), “NFTs ballooned to a $41 billion market in 2021 and are catching up to the total size of the global fine art market”, Markets Insider, available at: https://markets.businessinsider.com/news/currencies/nft-market-41-billion-nearing-fine-art-market-size-2022-1 (accessed 9 August 2022).
Davies, S. (1991), Definitions of Art, Cornell University Press, Ithaca, London.
Di Angelo, M. and Salzer, G. (2020), “Tokens, types, and standards: identification and utilization in ethereum”, 2020 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPS), pp. 1-10, doi: 10.1109/DAPPS49028.2020.00001.
Dincelli, E. and Yayla, A. (2022), “Immersive virtual reality in the age of the Metaverse: a hybrid-narrative review based on the technology affordance perspective”, The Journal of Strategic Information Systems, Vol. 31 No. 2, 101717, doi: 10.1016/j.jsis.2022.101717.
Doodles.app (n.d), “Doodles”, available at: https://doodles.app/ (accessed 9 August 2022).
Dowling, M. (2022a), “Fertile LAND: pricing non-fungible tokens”, Finance Research Letters, Vol. 44, 102096, doi: 10.1016/j.frl.2021.102096.
Dowling, M. (2022b), “Is non-fungible token pricing driven by cryptocurrencies?”, Finance Research Letters, Vol. 44, 102097, doi: 10.1016/j.frl.2021.102097.
Duan, H., Li, J., Fan, S., Lin, Z., Wu, X. and Cai, W. (2021), “Metaverse for social good: a university campus prototype”, Proceedings of the 29th ACM International Conference on Multimedia, pp. 153-161, doi: 10.1145/3474085.3479238.
Dwivedi, Y.K., Hughes, L., Baabdullah, A.M., Ribeiro-Navarrete, S., Giannakis, M., Al-Debei, M.M., Dennehy, D., Metri, B., Buhalis, D., Cheung, C.M.K., Conboy, K., Doyle, R., Dubey, R., Dutot, V., Felix, R., Goyal, D.P., Gustafsson, A., Hinsch, C., Jebabli, I., … Wamba, S.F. (2022), “Metaverse beyond the hype: multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy”, International Journal of Information Management, Vol. 66, 102542, doi: 10.1016/j.ijinfomgt.2022.102542.
ethereum.org (2022), “Token standards”, Ethereum.org, available at: https://ethereum.org/en/developers/docs/standards/tokens/ (accessed 9 August 2022).
Fairfield, J. (2021), “Tokenized: the law of non-fungible tokens and unique digital property”, available at: https://papers.ssrn.com/abstract=3821102
Farell, R. (2015), “An analysis of the cryptocurrency industry”, Wharton Research Scholars, Vol. 130, available at: https://repository.upenn.edu/wharton_research_scholars/130
Febriandika, N.R., Fadli, F. and Mi’raj, D.A. (2022), “How are NFT (Non-Fungible Token) transactions reviewed according to Islamic law?”, Borobudur Law Review, Vol. 4 No. 1, pp. 1-12, doi: 10.31603/burrev.6807.
Fridgen, G., Regner, F., Schweizer, A. and Urbach, N. (2018), “Don't slip on the initial coin offering (ICO): a taxonomy for a blockchain-enabled form of crowdfunding”, 26th European Conference on Information Systems (ECIS), available at: http://hdl.handle.net/10993/44504.
Fröwis, M. and Böhme, R. (2019), “The operational cost of ethereum airdrops”, in Pérez-Solà, C., Navarro-Arribas, G., Biryukov, A. and Garcia-Alfaro, J. (Eds), Data Privacy Management, Cryptocurrencies and Blockchain Technology, Springer International Publishing, pp. 255-270.
Glum, J. (2022), “Only 1 in 4 people actually know what an NFT is”, MiamiHerald, available at: https://www.miamiherald.com/money/people-know-what-nft-is/ (accessed 14 August 2022).
Haines, R. (2021), “Activity awareness, social presence, and motivation in distributed virtual teams”, Information & Management, Vol. 58 No. 2, 103425, doi: 10.1016/j.im.2020.103425.
Harrigan, M., Shi, L. and Illum, J. (2018), “Airdrops and privacy: a case study in cross-blockchain analysis”, 2018 IEEE International Conference on Data Mining Workshops (ICDMW), pp. 63-70, doi: 10.1109/ICDMW.2018.00017.
Hofstetter, R., de Bellis, E., Brandes, L., Clegg, M., Lamberton, C., Reibstein, D., Rohlfsen, F., Schmitt, B. and Zhang, J.Z. (2022), “Crypto-marketing: how non-fungible tokens (NFTs) challenge traditional marketing”, Marketing Letters, Vol. 33 No. 4, pp. 705-711, doi: 10.1007/s11002-022-09639-2.
Horky, F., Rachel, C. and Fidrmuc, J. (2022), “Price determinants of non-fungible tokens in the digital art market”, Finance Research Letters, Vol. 48, 103007, doi: 10.1016/j.frl.2022.103007.
Idelberger, F. and Mezei, P. (2022), “Non-fungible tokens”, available at: https://papers.ssrn.com/abstract=4081396
İkiz, F., Tanrıöver, A. and de Vette, A. (2022), “Deep dive into NFT market transactions”, PricewaterhouseCoopers, available at: https://www.pwc.com.tr/deep-dive-into-nft-market-transactions (accessed 9 August 2022).
Isaac, M. (2021), “Facebook changes corporate name to meta—the New York times”, available at: https://www.nytimes.com/2021/10/28/technology/facebook-meta-name-change.html (accessed 9 August 2022).
Jeon, H., Youn, H., Ko, S. and Kim, T. (2022), “Blockchain and AI meet in the metaverse | IntechOpen”, Advances in the Convergence of Blockchain and Artificial Intelligence, Vol. 73, available at: https://www.intechopen.com/chapters/77823
Kim, J. (2021), “Advertising in the metaverse: research agenda”, Journal of Interactive Advertising, Vol. 21 No. 3, pp. 141-144, doi: 10.1080/15252019.2021.2001273.
Kong, D.-R. and Lin, T.-C. (2021), “Alternative investments in the fintech era: the risk and return of non-fungible token (NFT)”, SSRN Scholarly Paper No. 3914085, doi: 10.2139/ssrn.3914085.
Kräussl, R., Lehnert, T. and Martelin, N. (2016), “Is there a bubble in the art market?”, Journal of Empirical Finance, Vol. 35, pp. 99-109, doi: 10.1016/j.jempfin.2015.10.010.
Kugler, L. (2021), “Non-fungible tokens and the future of art”, Communications of the ACM, Vol. 64 No. 9, pp. 19-20, doi: 10.1145/3474355.
Kuhn, M., Funk, F. and Franke, J. (2021), “Blockchain architecture for automotive traceability”, Procedia CIRP, Vol. 97, pp. 390-395, doi: 10.1016/j.procir.2020.05.256.
Kundisch, D., Muntermann, J., Oberländer, A.M., Rau, D., Röglinger, M., Schoormann, T. and Szopinski, D. (2021), “An update for taxonomy designers”, Business and Information Systems Engineering, Vol. 64, pp. 421-439, doi: 10.1007/s12599-021-00723-x.
larvalabs.com (n.d), “CryptoPunks”, available at: https://www.larvalabs.com/cryptopunks (accessed 9 August 2022).
Li, S. and Chen, Y. (2022), “How non-fungible tokens empower business model innovation”, Business Horizons, doi: 10.1016/j.bushor.2022.10.006.
Marr, B. (2022), “Metaverse, NFTs, Web 3 and virtual land in the sandbox”, available at: https://www.forbes.com/sites/bernardmarr/2022/06/27/metaverse-nfts-web3-and-virtual-land-in-the-sandbox/?sh=5cb1cd107f57 (accessed 9 August 2022).
Martin, J. and Kellar, C.H. (2021), “A technical deep dive into and implementation of non-fungible tokens in a practical setting”, available at: https://timroughgarden.github.io/fob21/reports/r8.pdf (accessed 9 August 2022).
Mekacher, A., Bracci, A., Nadini, M., Martino, M., Alessandretti, L., Aiello, L.M. and Baronchelli, A. (2022), “Heterogeneous rarity patterns drive price dynamics in NFT collections”, Scientific Reports, Vol. 12 No. 1, 13890, doi: 10.1038/s41598-022-17922-5.
moonbirds.xyz (n.d), “Moonbirds: the official PROOF PFP”, available at: https://www.moonbirds.xyz/ (accessed 9 August 2022).
Murray, M.D. (2022), “NFT ownership and copyrights”, SSRN Scholarly Paper No. 4152468, doi: 10.2139/ssrn.4152468.
Myers, M.D. and Newman, M. (2007), “The qualitative interview in IS research: examining the craft”, Information and Organization, Vol. 17 No. 1, pp. 2-26, doi: 10.1016/j.infoandorg.2006.11.001.
Nadini, M., Alessandretti, L., Di Giacinto, F., Martino, M., Aiello, L.M. and Baronchelli, A. (2021), “Mapping the NFT revolution: market trends, trade networks, and visual features”, Scientific Reports, Vol. 11 No. 1, 20902, doi: 10.1038/s41598-021-00053-8.
Nakamoto, S. (2008), “Bitcoin: a peer-to-peer electronic cash system”, Decentralized Business Review.
Nakavachara, V. and Saengchote, K. (2022), “Is Metaverse LAND a good investment? It depends on your unit of account!”, arXiv. doi: 10.48550/arXiv.2202.03081.
nftraffles.com (n.d), “NFT raffles”, available at: https://nftraffles.com/ (accessed 9 August 2022).
Nickerson, R.C., Varshney, U. and Muntermann, J. (2013), “A method for taxonomy development and its application in information systems”, European Journal of Information Systems, Vol. 22 No. 3, pp. 336-359, doi: 10.1057/ejis.2012.26.
NonFungible Corporation (2022), “Yearly NFT market report 2021”, NonFungible.com, available at: https://nonfungible.com/reports/2021/en/yearly-nft-market-report (accessed 9 August 2022).
Oberländer, A.M., Röglinger, M., Rosemann, M. and Kees, A. (2018), “Conceptualizing business-to-thing interactions – a sociomaterial perspective on the Internet of Things”, European Journal of Information Systems, Vol. 27 No. 4, pp. 486-502, doi: 10.1080/0960085X.2017.1387714.
Okonkwo, I.E. (2021), “NFT, copyright and intellectual property commercialization”, International Journal of Law and Information Technology, Vol. 29 No. 4, pp. 296-304, doi: 10.1093/ijlit/eaab010.
Oliveira, L., Zavolokina, L., Bauer, I. and Schwabe, G. (2018), “To token or not to token: tools for understanding blockchain tokens”, International Conference of Information Systems (ICIS 2018), San Francisco, USA, doi: 10.5167/uzh-157908.
Oxford English Dictionary (2022a), “ACCESSORY | meaning & definition for UK English | Lexico.com”, Lexico Dictionaries | English, available at: https://www.lexico.com/definition/accessory (accessed 9 August 2022).
Oxford English Dictionary (2022b), “ART | meaning & definition for UK English | Lexico.com”, Lexico Dictionaries | English, available at: https://www.lexico.com/definition/art (accessed 9 August 2022).
Pawelzik, L. and Thies, F. (2022), “Selling digital art for millions - a qualitative analysis of NFT art marketplaces”, ECIS 2022 Research Papers, available at: https://aisel.aisnet.org/ecis2022_rp/53
Peters, J. (2021), “Adidas sold more than $22 million in NFTs, but it hit a few snags along the way”, The Verge, available at: https://www.theverge.com/2021/12/17/22843104/adidas-nfts-metaverse-sold-bored-ape (accessed 9 August 2022).
Regner, F., Schweizer, A. and Urbach, N. (2019), “NFTs in practice: non-fungible tokens as core component of a blockchain-based event ticketing application”, 40th International Conference on Information Systems, Munich, Germany, available at: https://www.fim-rc.de/Paperbibliothek/Veroeffentlicht/1045/wi-1045.pdf
sandbox.game (n.d.-a), “A decentralized gaming metaverse made by players. The sandbox”, available at: https://sandbox.game (accessed 9 August 2022).
sandbox.game (n.d.-b), “The sandbox whitepaper—welcome to the metaverse. sandbox.game”, available at: https://installers.sandbox.game/The_Sandbox_Whitepaper_2020.pdf (accessed 9 August 2022).
Scheiding, R. (2022), “Designing the future? The metaverse, NFTs, & the future as defined by unity users”, Games and Culture. doi: 10.1177/15554120221139218.
Sedlmeir, J., Smethurst, R., Rieger, A. and Fridgen, G. (2021), “Digital identities and verifiable Credentials”, Business & Information Systems Engineering, Vol. 63 No. 5, pp. 603-613, doi: 10.1007/s12599-021-00722-y.
Sedlmeir, J., Lautenschlager, J., Fridgen, G. and Urbach, N. (2022), “The transparency challenge of blockchain in organizations”, Electronic Markets, Vol. 32, pp. 1779-1794, doi: 10.1007/s12525-022-00536-0.
shatnercards.io (n.d), “Buy and collect William shatner trading cards on the WAX blockchain”, available at: https://shatnercards.io (accessed 9 August 2022).
Shin, D. (2019), “Blockchain: the emerging technology of digital trust”, Telematics and Informatics, Vol. 45, 101278, doi: 10.1016/j.tele.2019.101278.
Shin, D. and Hwang, Y. (2020), “The effects of security and traceability of blockchain on digital affordance”, Online Information Review, Vol. 44 No. 4, pp. 913-932, doi: 10.1108/OIR-01-2019-0013.
Shin, D. and Rice, J. (2022), “Cryptocurrency: a panacea for economic growth and sustainability? A critical review of crypto innovation”, Telematics and Informatics, Vol. 71, 101830, doi: 10.1016/j.tele.2022.101830.
Sjöblom, M., Macey, J. and Hamari, J. (2020), “Digital athletics in analogue stadiums: comparing gratifications for engagement between live attendance and online esports spectating”, Internet Research, Vol. 30 No. 3, pp. 713-735, doi: 10.1108/INTR-07-2018-0304.
solanart.io (2022), “Solanart—discover, collect and trade NFTs”, Solanart, available at: https://solanart.io/ (accessed 9 August 2022).
Stackpole, T. (2022), “Exploring the metaverse”, Harvard Business Review, available at: https://hbr.org/2022/07/exploring-the-metaverse
Streim, A. and Faupel, B. (2022), “NFTs sind in Deutschland noch weitgehend unbekannt | Bitkom e.V”, available at: https://www.bitkom.org/Presse/Presseinformation/NFTs-noch-weitgehend-unbekannt (accessed 9 August 2022).
The Facebook Company Is Now Meta (2021), “Meta”, available at: https://about.fb.com/news/2021/10/facebook-company-is-now-meta/ (accessed 9 August 2022).
unstoppabledomains.com (n.d), “What is an NFT domain?”, Unstoppable Domains, available at: https://unstoppabledomains.com/learn/what-is-an-nft-domain (accessed 9 August 2022).
Vasan, K., Janosov, M. and Barabási, A.-L. (2022), “Quantifying NFT-driven networks in crypto art”, Scientific Reports, Vol. 12 No. 1, p. 2769, doi: 10.1038/s41598-022-05146-6.
VIDT Datalink (2021), “VIDT NFTs: the 1st use case explained with a vintage Rolex”, Medium, available at: https://vidtdatalink.medium.com/vidt-nfts-the-1st-use-case-explained-with-a-vintage-rolex-f9fda068ddac (accessed 23 August 2022).
Wang, Q., Li, R., Wang, Q. and Chen, S. (2021), “Non-Fungible Token (NFT): overview, evaluation, opportunities and challenges”, arXiv. doi: 10.48550/arXiv.2105.07447.
Wang, F.-Y., Qin, R., Wang, X. and Hu, B. (2022), “MetaSocieties in metaverse: MetaEconomics and MetaManagement for MetaEnterprises and MetaCities”, IEEE Transactions on Computational Social Systems, Vol. 9 No. 1, pp. 2-7, doi: 10.1109/TCSS.2022.3145165.
Weking, J., Mandalenakis, M., Hein, A., Hermes, S., Böhm, M. and Krcmar, H. (2020), “The impact of blockchain technology on business models – a taxonomy and archetypal patterns”, Electronic Markets, Vol. 30 No. 2, pp. 285-305, doi: 10.1007/s12525-019-00386-3.
Weyl, E.G., Ohlhaver, P. and Buterin, V. (2022), “Decentralized society: finding Web3’s soul”, SSRN Scholarly Paper No. 4105763, doi: 10.2139/ssrn.4105763.
Wilson, K.B., Karg, A. and Ghaderi, H. (2022), “Prospecting non-fungible tokens in the digital economy: stakeholders and ecosystem, risk and opportunity”, Business Horizons, Vol. 65 No. 5, pp. 657-670, doi: 10.1016/j.bushor.2021.10.007.
Wood, G. (2014), “Ethereum: a secure decentralised generalised transaction ledger”, Ethereum Project Yellow Paper, Vol. 151, pp. 1-32.
Xia, Y., Li, J. and Fu, Y. (2022), “Are non-fungible tokens (NFTs) different asset classes? Evidence from quantile connectedness approach”, Finance Research Letters, Vol. 49, 103156, doi: 10.1016/j.frl.2022.103156.
Zhao, X. and Si, Y.-W. (2021), “NFTCert: NFT-based certificates with online payment gateway”, 2021 IEEE International Conference on Blockchain (Blockchain), pp. 538-543, doi: 10.1109/Blockchain53845.2021.00081.
