NFT Marketplace

DOI

No DOI

Published In

Volume 3, Issue 6 (2022)

Published Online

November-December 2022

Pages

56-58

Article Type

Research Article

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No DOI available for cross-reference

Abstract: A non-fungible token (NFT) is a new kind of block chain-based token that is unique and indivisible. They were first introduced in late 2017. Fungible tokens have pioneered new use cases such as initial coin offerings, but the value of his NFTs as a component is still unknown. This study fills a gap in theoretical and practical knowledge by demonstrating the effectiveness of NFTs in the event ticketing arena. Using a rigorous design science research approach, we design, build, and extensively evaluate a prototype event ticket system based on NFTs. As a result, we demonstrate how NFTs can be used to tokenize digital products, reduce fraud, and increase control over secondary market transactions. We also provide generalizable information on the benefits and challenges of NFTs and their implications for researchers and practitioners.