A Review of the Non-Fungible Tokens (NFT): Challenges and Opportunities

Abubakar, Mwrwan; Gunathilake, Nilupulee A.; Buchanan, William J.; O’Reilly, Brian

Abstract

Non-Fungible Token (NFT) is an emerging blockchain-based technology. These tokens can represent digital assets, as it has proof of ownership built in. NFTs have the potential to hugely influence both the decentralised markets that exist now and the commercial possibilities that will arise in the future. While there is a wealth of information about NFTs accessible, NFTs are still in an early stage, and some potential obstacles need to be properly addressed. Therefore, in this study, we aim to present a comprehensive review of NFTs and an in-depth study of their underlying fundamental technologies, the current state of their technology roadmap and the potential they present. The paper focuses on the most significant obstacles that must be overcome to use NFT technology from the points of view of security, confidentiality, ownership, administration and property ownership. By doing so, we want to bring attention to these concerns since they have been noticed. Additionally, we go over some of the solutions that can be put into action to avoid some of the challenges that may appear.

Citation

Abubakar, M., Gunathilake, N. A., Buchanan, W. J., & O’Reilly, B. (2023, August). A Review of the Non-Fungible Tokens (NFT): Challenges and Opportunities. Presented at 13th EAI International Conference, BDTA 2023, Edinburgh

• Presentation Conference Type: Conference Paper (published)
• Conference Name: 13th EAI International Conference, BDTA 2023
• Start Date: Aug 23, 2023
• End Date: Aug 24, 2023
• Online Publication Date: Jan 31, 2024
• Publication Date: 2024
• Deposit Date: Oct 8, 2024
• Publisher: Springer
• Peer Reviewed: Peer Reviewed
• Pages: 171-190
• Series Title: Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering
• Series ISSN: 1867-8211
• Book Title: Big Data Technologies and Applications
• ISBN: 978-3-031-52264-2
• DOI: https://doi.org/10.1007/978-3-031-52265-9_12