NFTs: Applications and Challenges

Rehman, Wajiha; Zainab, Hijab e; Imran, Jaweria; Bawany, Narmeen Zakaria

doi:10.1109/acit53391.2021.9677260

Cited by 88 publications

(55 citation statements)

References 20 publications

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“…An evolution of blockchain technology, NFTs exhibit significant growth in business volume such that the total market value of NFT has surpassed $40 billion (USD) in 2021 [17]. There exists different applications of NFTs that find themselves a place in various domains which are summarized in [18] as digital art, fashion, licenses and certifications, collectibles, gaming, domain names, virtual worlds and sports. Trading platforms for NFTs, such as OpenSea and Rarible, make it easy for the NFT holders to trade with one another, just like trading other conventional objects with monetary values [13].…”

Section: Non-fungible Tokens (Nft)mentioning

confidence: 99%

“…Consequently and more specifically, NFTs can provide new opportunities for the art-related businesses which suffer from establishing online markets because of the inability of claiming the exclusive ownership [18], [23]. In fact, GLAM (Galleries, Libraries, Archives and Museums) institutions have already started selling NFTs of their collections, and The British Museum is a recent example of this [24].…”

Section: Non-fungible Tokens (Nft)mentioning

confidence: 99%

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Examining the Use of Non-fungible Tokens (NFTs) as a Trading Mechanism for the Metaverse

Yılmaz

Hacaloğlu

Clarke

2022

Communications in Computer and Information Science

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The notion of a metaverse seems hard to define but encourages the impression that it can be considered as a new virtual metaphysical landscape that somehow goes beyond our geographical locations and understanding (i.e., independent of time and space). Based on virtual reality, augmented reality, and blockchain, it is envisioned as an independent but extended world that is planned to be a digital virtuality entrenched not only in our old habits such as gaming and entertainment but also in virtual asset trade. In particular, trading is a pillar of the virtual economy, and auction houses will be crucial for Metaverse trading. This exploratory study examines the possibility of using an auction environment to improve the trading capabilities in a virtual universe. We investigate the cases of creating a virtual auction house with the potential of social trading of virtual assets with crypto coins and bartering. To this end, we built a virtual auction house and tested it initially using a set of scenarios. Our preliminary findings suggest that creating a virtual trading environment would be beneficial as an environment for buying and selling virtual assets and exploring their consequences.

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Section: Non-fungible Tokens (Nft)mentioning

confidence: 99%

Section: Non-fungible Tokens (Nft)mentioning

confidence: 99%

Examining the Use of Non-fungible Tokens (NFTs) as a Trading Mechanism for the Metaverse

Yılmaz

Hacaloğlu

Clarke

2022

Communications in Computer and Information Science

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“…Finally, non-fungible tokens (NFT) are digital assets often in the form of multimedia, i.e., images, videos, music, etc. ; mainly available on the Ethereum blockchain [149,150].…”

Section: Blockchainmentioning

confidence: 99%

Framework for disruptive AI/ML Innovation

Verleyen¹,

McGinnis²

2022

Preprint

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“…Each NFT has a single owner and is backed by the blockchain, which adds value and traceability to the ownership of the digital asset [23]. Today, the NFTs market is estimated to be worth USD 1.2 billion [24]. One of the prominent areas that leverage NFTs is creative work.…”

mentioning

confidence: 99%

“…One of the prominent areas that leverage NFTs is creative work. For example, the fashion industry uses NFTs by providing digital assets of their physical counterparts that can be used in the virtual world [24]. Similarly, NFTs can be useful to encode the features of precious stones and metals, provide identification and quality assurance, and help customers avoid purchasing fine jewelry from fraud organizations, thus ensuring a the purchase of a legitimate piece.…”

mentioning

confidence: 99%

NFT Certificates and Proof of Delivery for Fine Jewelry and Gemstones

et al. 2022

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Fine jewelry is a unique class of ornaments composed of precious metals and gemstones. Premium-grade metals such as gold, platinum, and sliver, and gemstones such as pearls, diamonds, rubies, and emeralds are used use to make fine jewelry. Paper-based certificates are typically issued by retailers and producers for fine jewelry and gemstones as a proof of origin, sale, ownership, history, and quality. However, paper certificates are subject to counterfeiting, loss, or theft. In this paper, we show how nonfungible tokens (NFTs) and Ethereum blockchain can be used for digital certification, proof of ownership, sale history, and quality, as well as proof of delivery for fine jewelry and gemstones. We present the proposed system design and architecture with sequence diagrams covering key interactions for jewelry production, purchase, and sale, along with algorithms related to NFT minting, auctioning, ownership management, and physical delivery. We demonstrate that our proposed NFT and blockchain-based solution can provide superior alternative in terms of verifiability, traceability, immutability, and security when compared with paper-based certification and traditional auctioning, delivery and ownership management. We make our developed smart contracts and testing scripts publicly available on GitHub.

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NFTs: Applications and Challenges

Cited by 88 publications

References 20 publications

Examining the Use of Non-fungible Tokens (NFTs) as a Trading Mechanism for the Metaverse

Examining the Use of Non-fungible Tokens (NFTs) as a Trading Mechanism for the Metaverse

Framework for disruptive AI/ML Innovation

NFT Certificates and Proof of Delivery for Fine Jewelry and Gemstones

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