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Article
Publication date: 12 April 2023

Eduard Hartwich, Philipp Ollig, Gilbert Fridgen and Alexander Rieger

This paper aims to establish a fundamental and comprehensive understanding of non-fungible tokens (NFTs) by identifying and structuring common characteristics within a taxonomy…

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Abstract

Purpose

This paper aims to establish a fundamental and comprehensive understanding of non-fungible tokens (NFTs) by identifying and structuring common characteristics within a taxonomy. NFTs are hyped and increasingly marketed as essential building blocks of the Metaverse. However, the dynamic evolution of the NFT space has posed challenges for those seeking to develop a deep and comprehensive understanding of NFTs, their features and their capabilities.

Design/methodology/approach

Utilizing common guidelines for the creation of taxonomies, the authors developed (over 3 iterations), a multi-layer taxonomy based on workshops and interviews with 11 academic and 15 industry experts. Through an evaluation of 25 NFTs, the authors demonstrate the usefulness of the taxonomy.

Findings

The taxonomy has 4 layers, 14 dimensions and 42 characteristics, which describe NFTs in terms of reference object, token properties, token distribution and realizable value.

Originality/value

The authors' framework is the first to systematically cover the emerging NFT phenomenon. This framework is concise yet extendible and presents many avenues for future research in a plethora of disciplines. The characteristics identified in the authors' taxonomy are useful for NFT- and Metaverse-related research in finance, marketing, law and information systems. Additionally, the taxonomy can serve as an information source for policymakers as they consider NFT regulation.

Details

Internet Research, vol. 34 no. 1
Type: Research Article
ISSN: 1066-2243

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Book part
Publication date: 5 October 2017

Free Access. Free Access

Abstract

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Custard, Culverts and Cake
Type: Book
ISBN: 978-1-78743-285-7

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Book part
Publication date: 26 November 2016

Karin Klenke

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Abstract

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Qualitative Research in the Study of Leadership
Type: Book
ISBN: 978-1-78560-651-9

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Book part
Publication date: 19 November 2021

Leanne Weber, Jarrett Blaustein, Kathryn Benier, Rebecca Wickes and Diana Johns

Abstract

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Place, Race and Politics
Type: Book
ISBN: 978-1-80043-046-4

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Book part
Publication date: 8 August 2022

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Abstract

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Sustainable Railway Engineering and Operations
Type: Book
ISBN: 978-1-83909-589-4

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Article
Publication date: 10 August 2010

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Details

Library Hi Tech News, vol. 27 no. 6/7
Type: Research Article
ISSN: 0741-9058

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