Non-fungible tokens

Dagmar Gesmann-Nuissl

Chapter 30 in Elgar Encyclopedia of Cryptocurrencies, Blockchain and DLT, 2026, pp 150-154 from Edward Elgar Publishing

Abstract: Non-fungible tokens (NFTs) represent objects (e.g., digital artworks, trading cards, patient records, music or film sequences, numbered seats at concerts, or objects in virtual (gaming) worlds) or rights (e.g., copyright to a work of art) that are assigned to an authorized owner as “digital tokens.” Even though NFTs have become known primarily in the field of art—in 2021, the auction house Christie's auctioned an NFT of the digital artwork “Everydays: The First 5000 Days” by digital artist Beeple for around US$69 million—they enable the digital representation of assets of all kinds. The technical basis, scope, and economic benefits of NFTs are described in this chapter, followed by a legal classification and remaining challenges.

Keywords: Non-fungible token; NFT; Functionality; Applications and economic Benefit; ERC 721 and ERC 7007; Legal classification and challenges (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035339952
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