Research Article
A Review of the Non-Fungible Tokens (NFT): Challenges and Opportunities
@INPROCEEDINGS{10.1007/978-3-031-52265-9_12, author={Mwrwan Abubakar and Nilupulee A. Gunathilake and William J. Buchanan and Brian O’Reilly}, title={A Review of the Non-Fungible Tokens (NFT): Challenges and Opportunities}, proceedings={Big Data Technologies and Applications. 13th EAI International Conference, BDTA 2023, Edinburgh, UK, August 23-24, 2023, Proceedings}, proceedings_a={BDTA}, year={2024}, month={1}, keywords={Blockchain Non-Fungible Token (NFT) Cryptography}, doi={10.1007/978-3-031-52265-9_12} }- Mwrwan Abubakar
Nilupulee A. Gunathilake
William J. Buchanan
Brian O’Reilly
Year: 2024
A Review of the Non-Fungible Tokens (NFT): Challenges and Opportunities
BDTA
Springer
DOI: 10.1007/978-3-031-52265-9_12
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.
