Abstract: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 t… Show more
“…Finally, given the exceptionally limited literature, non-fungible tokens (NFTs) were not covered in this review. NFTs are cryptographic digital assets (e.g., images, and songs) that rely on blockchain technology to secure their value, which is closely related to the price of Ethereum (Apostu et al 2022;White et al 2022). Despite both NFTs and cryptocurrencies being based on blockchain technology they are not the same, as NFTs cannot be exchanged as currency (Dowling 2022).…”
Policymakers’ attempts to prevent gambling-related harm are affected by the ‘gamblification’ of, for example, video games and investing. This review highlights related issues posed by cryptocurrencies, which are decentralised and volatile digital assets, and which underlie ‘cryptocasinos’—a new generation of online gambling operators. Cryptocurrencies can be traded around the clock and provide the allure of big potential lottery-like wins. Frequent cryptocurrency traders often suffer from gambling-related harm, which suggests that many users are taking on substantial risks. Further, the lack of regulation around cryptocurrencies and social media echo chambers increases users’ risk of being scammed. In comparison to the conventional regulated online gambling sector, cryptocasinos pose novel risks for existing online gamblers, and can also make online gambling accessible to the underage, the self-excluded, and those living in jurisdictions where online gambling is illegal. Researchers and policymakers should continue to monitor developments in this fast-moving space.
“…Finally, given the exceptionally limited literature, non-fungible tokens (NFTs) were not covered in this review. NFTs are cryptographic digital assets (e.g., images, and songs) that rely on blockchain technology to secure their value, which is closely related to the price of Ethereum (Apostu et al 2022;White et al 2022). Despite both NFTs and cryptocurrencies being based on blockchain technology they are not the same, as NFTs cannot be exchanged as currency (Dowling 2022).…”
Policymakers’ attempts to prevent gambling-related harm are affected by the ‘gamblification’ of, for example, video games and investing. This review highlights related issues posed by cryptocurrencies, which are decentralised and volatile digital assets, and which underlie ‘cryptocasinos’—a new generation of online gambling operators. Cryptocurrencies can be traded around the clock and provide the allure of big potential lottery-like wins. Frequent cryptocurrency traders often suffer from gambling-related harm, which suggests that many users are taking on substantial risks. Further, the lack of regulation around cryptocurrencies and social media echo chambers increases users’ risk of being scammed. In comparison to the conventional regulated online gambling sector, cryptocasinos pose novel risks for existing online gamblers, and can also make online gambling accessible to the underage, the self-excluded, and those living in jurisdictions where online gambling is illegal. Researchers and policymakers should continue to monitor developments in this fast-moving space.
“…Non-fungible tokens (NFTs) are intrinsically linked to crypto-art [22], targeted at investors willing to invest in Ethereum (ETH) and other cryptocurrencies [67]. As their name suggests, these assets are not fungible, and thus each item is uniquely identified on the blockchain.…”
The Markets in Crypto-Assets (MiCa) Regulation of the European Union is the first comprehensive piece of legislation that seeks to protect the interests of investors in the crypto-assets sector. Although the market value of crypto-assets is significant at world level, there is a lack of clear regulatory guidelines regarding the recognition, measurement, and presentation of crypto-assets in the financial statements of investors. Considering that not all digital assets are the same, retail holders need to take into account the characteristics, rights, and obligations associated with the crypto-assets they purchase to determine the appropriate accounting method. Therefore, the research question of the present article is: Which are the main types of crypto-assets and how should they be recognized and measured in the financial statements of investors and holders? We perform a review of the accounting policies and options, relying on relevant regulations, standards, regulatory drafts, legal and academic papers, recommendations of market regulators, crypto-asset white papers, industry opinions, and media articles. There are different accounting treatments that can be applied, depending on the legal and technological aspects of each class of crypto-assets. Based on a critical discussion of accounting policies and options, our research has implications for accounting professionals, but also for standard setters, who are urged to provide clear guidelines. Identifying the key economic characteristics of each asset and determining the most appropriate way to recognize these characteristics in the financial statements are crucial for the development of a functional and trustworthy market in crypto-assets.
“…However, as a generational division of technology emergence, this article uses Web 3.0 as a label for subsequent use. In the past 3 years, the phenomenon of almost simultaneous breakthroughs in several different fields has once again emerged in the entire technological evolution, with media technologies such as VR/AR as the forerunner, followed by NFT (Non-Fungible Token) applications (Apostu et al, 2022) the threshold of image content generation to the unprecedented bottom line of natural language prompts, making imagination (language expression) and judgment (aesthetic preference) the only two core elements of human participation in creation and abandoning all professional photographic equipment, creation software, and other end-application capabilities. As illustrated in Figure 3, we predict that future creative participants will be divided into two camps: one for the general public, who will only use their linguistic and aesthetic abilities and rely on the AIGC platform to create personalized content, and the other for the AIGC platform, whose participants will include professional content creators who will be responsible for providing training data.…”
Section: Emerging Technology Drives the Iteration Of Workflowmentioning
confidence: 99%
“…However, as a generational division of technology emergence, this article uses Web 3.0 as a label for subsequent use. In the past 3 years, the phenomenon of almost simultaneous breakthroughs in several different fields has once again emerged in the entire technological evolution, with media technologies such as VR/AR as the forerunner, followed by NFT (Non-Fungible Token) applications (Apostu et al, 2022) based on blockchain technology and AIGC scenarios arising from AI technology based on the extension of the emerging technology family.…”
Section: Emerging Technology Drives the Iteration Of Workflowmentioning
We review the technology-driven attribution of business models at different stages of the imagery stock industry and their intrinsic regularities. We take Visual China Group’s (VCG) business development over the past two decades as a timeline. This paper analyses the phenomenon by focusing on the emerging technology family represented by AI technology. It explores the theoretical origins, future outlook, and risk prediction based on experience. We try to induce the development of the industry from representative cases, on the one hand, highlighting the opportunities for efficiency leapfrogging due to the contribution of emerging technologies to productivity and, on the other hand, rethinking the challenges of business ethics, business models and governance mechanisms. This research proposed to implement research on digital governance mechanisms based on blockchain technology. It explored the production relations of the emerging media industry, which is based on the “governance of technology by technology”.
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