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A Review of the Non-Fungible Tokens (NFT): Challenges and Opportunities

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Big Data Technologies and Applications (BDTA 2023)

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Abstract

Non-Fungible Token (NFT) is an emerging blockchain-based technology. These tokens can represent digital assets, as it has proof of ownership built in. NFTs have the potential to hugely influence both the decentralised markets that exist now and the commercial possibilities that will arise in the future. While there is a wealth of information about NFTs accessible, NFTs are still in an early stage, and some potential obstacles need to be properly addressed. Therefore, in this study, we aim to present a comprehensive review of NFTs and an in-depth study of their underlying fundamental technologies, the current state of their technology roadmap and the potential they present. The paper focuses on the most significant obstacles that must be overcome to use NFT technology from the points of view of security, confidentiality, ownership, administration and property ownership. By doing so, we want to bring attention to these concerns since they have been noticed. Additionally, we go over some of the solutions that can be put into action to avoid some of the challenges that may appear.

This research is Partially funded by the Scottish Funding Council under SFC Innovation Voucher Scheme Agreement.

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Authors and Affiliations

  1. Blockpass Identity Lab (BIL), School of Computing, Engineering and the Built Environment, Edinburgh Napier University, Edinburgh, UK

    Mwrwan Abubakar, Nilupulee A. Gunathilake & William J. Buchanan

  2. TreeGreen Ltd. trading as EGG Lighting, Glasgow, UK

    Brian O’Reilly

Authors
  1. Mwrwan Abubakar
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  2. Nilupulee A. Gunathilake
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  3. William J. Buchanan
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  4. Brian O’Reilly
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Corresponding author

Correspondence to Mwrwan Abubakar .

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Editors and Affiliations

  1. Edinburgh Napier University, Edinburgh, UK

    Zhiyuan Tan

  2. University of Bristol, Bristol, UK

    Yulei Wu

  3. University of Technology Sydney, Sydney, NSW, Australia

    Min Xu

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© 2024 ICST Institute for Computer Sciences, Social Informatics and Telecommunications Engineering

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Abubakar, M., Gunathilake, N.A., Buchanan, W.J., O’Reilly, B. (2024). A Review of the Non-Fungible Tokens (NFT): Challenges and Opportunities. In: Tan, Z., Wu, Y., Xu, M. (eds) Big Data Technologies and Applications. BDTA 2023. Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering, vol 555. Springer, Cham. https://doi.org/10.1007/978-3-031-52265-9_12

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  • DOI: https://doi.org/10.1007/978-3-031-52265-9_12

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-52264-2

  • Online ISBN: 978-3-031-52265-9

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