Non-Fungible Tokens

Andrea Barbon and Angelo Ranaldo
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Andrea Barbon: University of St. Gallen; University of St.Gallen

No 22-84, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

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.

Keywords: Non-Fungible Tokens, Blockchain, Smart Contract; Digital Assets (search for similar items in EconPapers)
Pages: 27 pages
Date: 2022-11
New Economics Papers: this item is included in nep-ban, nep-cul and nep-pay
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https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4274986 (application/pdf)

Related works:
Chapter: Non-Fungible Tokens (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2284

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