Non-fungible tokens: Use cases of NFTs and future research agenda

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Abstract

Blockchain is a disruptive technology that is applied in many different areas (Atici, 2022). Non-fungible tokens (NFTs) are becoming increasingly popular and are already widely used in practice. New use cases for NFTs are emerging all the time. Due to the fact that they are unique, NFTs can prevent counterfeiting, as each token contains the digital signature of the owner (Rehman, Zainab, Imran, & Bawany, 2021). For the use of NFTs to advance in the institutional setting, the opportunities for using NFTs need to be clearly explored. Based on a systematic literature review (SLR), this paper describes and lists the most discussed use cases for NFTs in the scientific literature. The most discussed use cases are art and collectibles, video games, and applications in the metaverse. Another contribution of this article is a future research agenda that contains open questions in the field of NFTs. It aims to provide researchers with promising research avenues to stimulate future research. The results show that there are still challenges in the field of NFT that need to be further explored. In summary, our article aims to equip both researchers and practitioners with an initial overview and knowledge about NFTs, including their applications and challenges.

Keywords: Blockchain, Distributed Ledger, Non-Fungible Token, Digitalization, Decentralization

Authors’ individual contribution: Conceptualization — P.G.; Methodology — P.G.; Validation — E.K.; Formal Analysis — P.G.; Investigation — P.G.; Resources — P.G.; Data Curation — P.G.; Writing — Original Draft — P.G.; Writing — Review & Editing — E.K. and M.J.; Visualization — P.G.; Supervision — E.K.; Project Administration — E.K.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

Acknowledgements: We acknowledge support by the Open Access Publication Fund of the University of Duisburg-Essen.

JEL Classification: M15, O30, O32

Received: 28.07.2022
Accepted: 12.09.2022
Published online: 14.09.2022

How to cite this paper: Gonserkewitz, P., Karger, E., & Jagals, M. (2022). Non-fungible tokens: Use cases of NFTs and future research agenda. Risk Governance and Control: Financial Markets & Institutions, 12(3), 8–18. https://doi.org/10.22495/rgcv12i3p1