Non-Fungible Token (NFT) Technology

Abstract

Non-fungible tokens (NFTs) are a new type of unique and indivisible block chain-based tokens introduced in late 2017. This seminar report addresses this gap in theoretical and practical knowledge and demonstrates the efficacy of NFTs in the domain of event ticketing. It’s follow a rigorous design science research approach of designing, building and thoroughly evaluating a prototype of an event ticketing system based on NFTs. Thereby, we demonstrate the usefulness of NFTs to tokenize digital goods, prevent fraud and improve control over secondary market transactions. Further, we contribute generalizable knowledge of the benefits and challenges of NFTs and derive implications for both researchers and practitioners. Finally, this paper proposes managerial recommendations for building applications utilizing NFTs and enables other researchers to draw on its findings and design principles.The concept of NFT originally comes from a token standard of Ethereum, aiming to distinguish each token with distinguishable signs. This type of tokens can be bound with virtual/digital properties as their unique identifications. With NFTs, all marked properties can be freely traded with customized values according to their ages, rarity, liquidity, etc. The thousand fold return on its increasing market draws huge attention worldwide.