Non-Fungible Tokens

Andrea Barbon () and Angelo Ranaldo
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Andrea Barbon: University of St. Gallen and Swiss Finance Institute

Chapter Chapter 6 in The Fintech Disruption, 2023, pp 139-163 from Palgrave Macmillan

Abstract: Abstract This paper explores the new world of non-fungible tokens (NFT), which are unique digital assets providing proof of ownership and verification of authenticity held in the blockchain. After describing what a NFT is, we shed light on the main reasons it has value both as a financial instrument and as a new product. Second, we discuss the various types of existing NFTs, including digital artworks, play-to-earn video games, and (digital) real estate. Third, we explain how NFTs and smart contracts are created. In doing so, we discuss some technical aspects such as blockchain, non-fungible versus semi-fungible, and minting. Finally, we give an overview of existing marketplaces followed by a more general discussion of how NFTs could help improve some of market inefficiencies and could contribute to the social welfare and banking industry.

Date: 2023
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DOI: 10.1007/978-3-031-23069-1_6

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