When Big Data Meets NFT: Challenges, Impacts, and Opportunities

Qinuo Chen, Jingyao Guo, Bocheng Wei, Bangcheng Li and Jack Michael Kelly
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Qinuo Chen: Boston College, USA
Jingyao Guo: New York University, USA
Bocheng Wei: University of Connecticut, USA
Bangcheng Li: Pioneer Academy, USA
Jack Michael Kelly: Hightstown High School, USA

International Journal of Information Systems and Social Change (IJISSC), 2023, vol. 14, issue 1, 1-16

Abstract: Non-fungible tokens (NFTs) are unique digital assets that are based on smart contracts of blockchain technology and traded via cryptocurrencies. They became known to the public in 2021 and kept growing rapidly. Until the second quarter of 2022, the total volume of NFTs has reached $12.22 billion. However, since the NFT market is still in its early stage, there are limited studies on this topic. In this paper, the first purpose is to analyze the overall market structure and volatility, characteristics of top NFTs on famous marketplaces, and future trends of NFTs. The next focus is to summarize current research trends about the concept of NFT, investigate the challenges faced by researchers, and provide current data collection or feature extraction techniques that are frequently utilized to solve those challenges.

Date: 2023
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