<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Blockchain has been one of the key innovations in information technology in the last 15 years. An important aspect of applying blockchain technology is the creation of so-called non-fungible tokens (NFTs). Although the name resembles cryptocurrencies because of the word token, in practice, NFTs do not represent electronic money but a digital certificate of ownership of an asset. They effectively behave like tokens whose total supply is one, and it is immutable. Considering their technical and conceptual basis, NFTs can be defined as digital certificates of ownership based on blockchain technology, the possession of which proves the indisputable ownership of the purchased digital asset. The subject of this paper is the conceptual basis of NFTs and the scope of their application in digital business. It aims to determine the value factors of NFTs and whether an expansion of their use can be expected in the future. The results of our research show that the essential advantage that NFTs bring to digital business is authentication. NFTs also enable the continuous collection of royalties by the author. The last, but potentially most powerful value generator of NFTs, is the creation of an ecosystem, where an online community is formed based on the initial forms of digital assets. Without standardization and regulation by states, NFTs will remain in the market niche of intensive Internet users.</p>
</abstract>

Blockchain has been one of the key innovations in information technology in the last 15 years. An important aspect of applying blockchain technology is the creation of so-called non-fungible tokens (NFTs). Although the name resembles cryptocurrencies because of the word token, in practice, NFTs do not represent electronic money but a digital certificate of ownership of an asset. They effectively behave like tokens whose total supply is one, and it is immutable. Considering their technical and conceptual basis, NFTs can be defined as digital certificates of ownership based on blockchain technology, the possession of which proves the indisputable ownership of the purchased digital asset. The subject of this paper is the conceptual basis of NFTs and the scope of their application in digital business. It aims to determine the value factors of NFTs and whether an expansion of their use can be expected in the future. The results of our research show that the essential advantage that NFTs bring to digital business is authentication. NFTs also enable the continuous collection of royalties by the author. The last, but potentially most powerful value generator of NFTs, is the creation of an ecosystem, where an online community is formed based on the initial forms of digital assets. Without standardization and regulation by states, NFTs will remain in the market niche of intensive Internet users.

Future Tendencies of Non-fungible Tokens

Naše gospodarstvo/Our economy

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

{"article-title":"Future Tendencies of Non-fungible Tokens"}

Blockchain has been one of the key innovations in information technology in the last 15 years. An important aspect of applying blockchain technology is the...

Future Tendencies of Non-fungible Tokens

Pubblicato online: 30 giu 2023

Pagine: 60 - 67

Ricevuto: 01 nov 2022

Accettato: 01 mag 2023

DOI: https://doi.org/10.2478/ngoe-2023-0012

Parole chiave
Artificial intelligence, Blockchain, Cryptocurrencies, Non-fungible tokens, Exclusivity

© 2023 Nenad Tomić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Future Tendencies of Non-fungible Tokens

Pubblicato online: 30 giu 2023

Pagine: 60 - 67

Ricevuto: 01 nov 2022

Accettato: 01 mag 2023

DOI: https://doi.org/10.2478/ngoe-2023-0012

Parole chiaveArtificial intelligence, Blockchain, Cryptocurrencies, Non-fungible tokens, Exclusivity

© 2023 Nenad Tomić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Parole chiave
Artificial intelligence, Blockchain, Cryptocurrencies, Non-fungible tokens, Exclusivity