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Non-Fungible Tokens

Author

Listed:
  • Andrea Barbon

    (University of St. Gallen; University of St.Gallen)

  • Angelo Ranaldo

    (University of St. Gallen; Swiss Finance Institute)

Abstract

This paper explores the new world of Non-Fungible Tokens (NFT), which are unique digital assets providing proof of ownership and verification of authenticity held in the blockchain. After describing what a NFT is, we shed light on the main reasons it has value both as a financial instrument and as a new product. Second, we discuss the various types of existing NFTs, including digital artworks, play-to-earn video games, and (digital) real estate. Third, we explain how NFTs and smart contracts are created. In doing so, we discuss some technical aspects such as blockchain, non-fungible versus semi-fungible, and minting. Finally, we give an overview of existing marketplaces followed by a more general discussion of how NFTs could help improve some of market inefficiencies and could contribute to the social welfare and banking industry.

Suggested Citation

  • Andrea Barbon & Angelo Ranaldo, 2022. "Non-Fungible Tokens," Swiss Finance Institute Research Paper Series 22-84, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2284
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    Keywords

    Non-Fungible Tokens; Blockchain; Smart Contract; Digital Assets;
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