Deciphering the world of NFTs: a scholarly review of trends, challenges, and opportunities

Muneer M. Alshater (), Nohade Nasrallah (), Rim Khoury () and Mayank Joshipura ()
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Muneer M. Alshater: The University of Jordan
Nohade Nasrallah: CERIIM, Excelia Business School, France. 94230 Cachan (Campus d’aivancity)
Rim Khoury: Lebanese American University
Mayank Joshipura: NMIMS University

Electronic Commerce Research, 2025, vol. 25, issue 5, No 27, 4193-4249

Abstract: Abstract This study presents a hybrid review of Non-Fungible Tokens (NFTs) utilizing a hybrid approach based on bibliometric and content analyses. Employing the Scopus database, we conducted a bibliometric analysis of 210 articles. Additionally, a thorough content analysis of the 43 most influential papers, filtered based on their publication in highly-ranked journals, is included to highlight key research themes and sub-themes. Most of the surveyed papers were qualitative and offered conceptual frameworks for NFT-based solutions to validate NFTs’ applicability and propagation of NFTs in various fields. The content analysis identifies six key streams: the common characteristics of NFTs, their expansion into creative industries, applications in both physical and digital realms, NFT-related hype on social media platforms, environmental impacts, market biases, legal and privacy issues, NFTs pricing strategies, diversification potential and connectedness, and the evolving role of NFTs in virtual and augmented reality landscapes. This study holds significant implications for managers, portfolio managers, investors, policymakers, and regulators.

Keywords: Non-fungible tokens (NFTs); Blockchain; Virtual reality; Smart contracts; Metaverse; ERC721; ERC-20 (search for similar items in EconPapers)
JEL-codes: G12 K11 L86 O33 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s10660-024-09881-y

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