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Prospecting non-fungible tokens in the digital economy: Stakeholders and ecosystem, risk and opportunity

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  • Wilson, Kathleen Bridget
  • Karg, Adam
  • Ghaderi, Hadi

Abstract

Non-fungible tokens (NFTs) are a highly nascent and emerging phenomenon revolutionizing how digital assets are traded. NFTs embody immutable rights to unique digital assets such as digital art and collectibles and are represented as digital tokens that can be traded across marketplaces utilizing blockchain technologies. NFTs engender new ways to organize, consume, move, program, and store digital information and have experienced a rapid rise in various adaptations across art, sports, broadcasting, content creation, and tech-crypto businesses. In this article, we define NFTs and look at how they fit with blockchain and cryptocurrencies, how they are used by various industries, and the opportunities and risks they present. Our key contribution is a conceptual map of an initial NFT ecosystem. In doing so, we provide relational mapping between and among key stakeholders: content creators, core and related technical and business intermediaries, consumers, investors, and speculators. We also highlight implications for managers and tie them to conceptual exploration and exploitation frameworks.

Suggested Citation

  • Wilson, Kathleen Bridget & Karg, Adam & Ghaderi, Hadi, 2022. "Prospecting non-fungible tokens in the digital economy: Stakeholders and ecosystem, risk and opportunity," Business Horizons, Elsevier, vol. 65(5), pages 657-670.
    • Handle: RePEc:eee:bushor:v:65:y:2022:i:5:p:657-670
    DOI: 10.1016/j.bushor.2021.10.007
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    Cited by:

    1. Gunay, Samet & Goodell, John W. & Muhammed, Shahnawaz & Kirimhan, Destan, 2023. "Frequency connectedness between FinTech, NFT and DeFi: Considering linkages to investor sentiment," International Review of Financial Analysis, Elsevier, vol. 90(C).
    2. Ante, Lennart & Wazinski, Friedrich-Philipp & Saggu, Aman, 2023. "Digital real estate in the metaverse: An empirical analysis of retail investor motivations," Finance Research Letters, Elsevier, vol. 58(PA).
    3. Goodell, John W. & Yadav, Miklesh Prasad & Ruan, Junhu & Abedin, Mohammad Zoynul & Malhotra, Nidhi, 2023. "Traditional assets, digital assets and renewable energy: Investigating connectedness during COVID-19 and the Russia-Ukraine war," Finance Research Letters, Elsevier, vol. 58(PA).
    4. Yogesh K. Dwivedi & Nir Kshetri & Laurie Hughes & Nripendra P. Rana & Abdullah M. Baabdullah & Arpan Kumar Kar & Alex Koohang & Samuel Ribeiro-Navarrete & Nina Belei & Janarthanan Balakrishnan & Sripa, 2023. "Exploring the Darkverse: A Multi-Perspective Analysis of the Negative Societal Impacts of the Metaverse," Information Systems Frontiers, Springer, vol. 25(5), pages 2071-2114, October.
    5. Karol Król & Dariusz Zdonek, 2022. "Digital Assets in the Eyes of Generation Z: Perceptions, Outlooks, Concerns," JRFM, MDPI, vol. 16(1), pages 1-14, December.
    6. Lee, Crystal T. & Shen, Yung-Cheng, 2024. "Exploring determinants of non-fungible token creators’ engagement behaviors on metaverse-based NFT platforms: A multi-analytical SEM-IPMA method," Journal of Business Research, Elsevier, vol. 185(C).
    7. BenMabrouk, Houda & Sassi, Syrine & Soltane, Feriel & Abid, Ilyes, 2024. "Connectedness and portfolio hedging between NFTs segments, American stocks and cryptocurrencies Nexus," International Review of Financial Analysis, Elsevier, vol. 91(C).
    8. Zoran Poposki, 2024. "Corpus-based critical discourse analysis of NFT art within mainstream art-market discourse and implications for the political economy of digital art," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-10, December.
    9. Damiano Cesa Bianchi & Marco Bellucci & Giacomo Manetti & Luca Bagnoli, 2023. "NFTs and business model innovations," Working Papers - Business wp2023_01.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    10. Kumar, Anoop S & Padakandla, Steven Raj, 2023. "Do NFTs act as a good hedge and safe haven against Cryptocurrency fluctuations?," Finance Research Letters, Elsevier, vol. 56(C).
    11. Emiliya James & Parthajit Kayal & Moinak Maiti & G. Balasubramanian, 2024. "A Study on the Hedging and Safe-Haven Features of Non-fungible Tokens Segments," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 23(4), pages 495-502, December.
    12. Hong Bao & David Roubaud, 2022. "Non-Fungible Token: A Systematic Review and Research Agenda," JRFM, MDPI, vol. 15(5), pages 1-9, May.
    13. Li, Sen & Chen, Yan, 2023. "How nonfungible tokens empower business model innovation," Business Horizons, Elsevier, vol. 66(4), pages 543-554.
    14. Urom, C. & Ndubuisi, Gideon & Guesmi, K., 2022. "Quantile return and volatility connectedness among Non-Fungible Tokens (NFTs) and (un)conventional asset," MERIT Working Papers 2022-017, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    15. Geissler, Dominik & Beiderbeck, Daniel & Schmidt, Sascha L. & Schreyer, Dominik, 2024. "Emerging technologies and shifting consumer motives: Projecting the future of the top-tier sports media product," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    16. Choi, Jaeseo, 2024. "A Study on the Applicability of NFT in the Entertainment Industry: Application of the Means-end Chain analysis and Laddering," 24th ITS Biennial Conference, Seoul 2024. New bottles for new wine: digital transformation demands new policies and strategies 302456, International Telecommunications Society (ITS).
    17. Abdullah, Mohammad & Sarker, Provash Kumer & Abakah, Emmanuel Joel Aikins & Tiwari, Aviral Kumar & Rehman, Mohd Ziaur, 2024. "Tail risk intersection between tech-tokens and tech-stocks," Global Finance Journal, Elsevier, vol. 61(C).
    18. Yunfei Xing & Justin Z. Zhang & Yuming He & Yueqi Li, 2025. "Toward an ecosystem of non-fungible tokens from mapping public opinions on social media," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-24, December.
    19. Rami Alkhudary & Bertrand Belvaux & Nathalie Guibert, 2023. "Understanding non-fungible tokens (NFTs): insights on consumption practices and a research agenda," Marketing Letters, Springer, vol. 34(2), pages 321-336, June.
    20. Jan Schwiderowski & Asger Balle Pedersen & Jonas Kasper Jensen & Roman Beck, 2023. "Value creation and capture in decentralized finance markets: Non-fungible tokens as a class of digital assets," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-16, December.

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