IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v15y2022i5p215-d811074.html
   My bibliography  Save this article

Non-Fungible Token: A Systematic Review and Research Agenda

Author

Listed:
  • Hong Bao

    (School of Finance, Central University of Finance and Economics, Beijing 100081, China)

  • David Roubaud

    (Department of Finance, Control and Law, Montpellier Business School, 12 Rue Bayard, 34000 Montpellier, France)

Abstract

The popularity of the Non-Fungible Token (NFT) has risen rapidly since 2020, becoming one of the most popular applications in the Fintech field. However, there has so far been no attempt to perform a systematic review in this new area. Considering the items of the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA), this paper conducts a systematic review of the research work on NFT, published in journals indexed at the Web of Science and ScienceDirect until April 2022. The results reveal that there are 13 published articles in the targeted journals and they are mainly focused on the asset pricing area. The research gaps identified in the literature also can be the opportunity for future study. Thus, we lay down the research agenda for the future in several important but unanswered fields related to asset pricing, tokenomics, and risk and regulation.

Suggested Citation

  • Hong Bao & David Roubaud, 2022. "Non-Fungible Token: A Systematic Review and Research Agenda," JRFM, MDPI, vol. 15(5), pages 1-9, May.
    • Handle: RePEc:gam:jjrfmx:v:15:y:2022:i:5:p:215-:d:811074
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/15/5/215/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/15/5/215/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Chalmers, Dominic & Fisch, Christian & Matthews, Russell & Quinn, William & Recker, Jan, 2022. "Beyond the bubble: Will NFTs and digital proof of ownership empower creative industry entrepreneurs?," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    2. Sarkodie, Samuel Asumadu & Ahmed, Maruf Yakubu & Owusu, Phebe Asantewaa, 2022. "COVID-19 pandemic improves market signals of cryptocurrencies–evidence from Bitcoin, Bitcoin Cash, Ethereum, and Litecoin," Finance Research Letters, Elsevier, vol. 44(C).
    3. Sabrina T Howell & Marina Niessner & David Yermack & Jiang Wei, 2020. "Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales," The Review of Financial Studies, Society for Financial Studies, vol. 33(9), pages 3925-3974.
    4. Aharon, David Y. & Demir, Ender, 2022. "NFTs and asset class spillovers: Lessons from the period around the COVID-19 pandemic," Finance Research Letters, Elsevier, vol. 47(PA).
    5. Yue, Yao & Li, Xuerong & Zhang, Dingxuan & Wang, Shouyang, 2021. "How cryptocurrency affects economy? A network analysis using bibliometric methods," International Review of Financial Analysis, Elsevier, vol. 77(C).
    6. Wilson, Kathleen Bridget & Karg, Adam & Ghaderi, Hadi, 2022. "Prospecting non-fungible tokens in the digital economy: Stakeholders and ecosystem, risk and opportunity," Business Horizons, Elsevier, vol. 65(5), pages 657-670.
    7. Karim, Sitara & Lucey, Brian M. & Naeem, Muhammad Abubakr & Uddin, Gazi Salah, 2022. "Examining the interrelatedness of NFTs, DeFi tokens and cryptocurrencies," Finance Research Letters, Elsevier, vol. 47(PB).
    8. Umar, Zaghum & Gubareva, Mariya & Teplova, Tamara & Tran, Dang K., 2022. "Covid-19 impact on NFTs and major asset classes interrelations: Insights from the wavelet coherence analysis," Finance Research Letters, Elsevier, vol. 47(PB).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Elli Kraizberg, 2023. "Non-fungible tokens: a bubble or the end of an era of intellectual property rights," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-20, December.
    2. Hong Tang & Chaoyue Cai & Chunxiao Xu, 2022. "Does the Digital Economy Improve Urban Tourism Development? An Examination of the Chinese Case," Sustainability, MDPI, vol. 14(23), pages 1-23, November.
    3. Damiano Cesa Bianchi & Marco Bellucci & Giacomo Manetti & Luca Bagnoli, 2023. "NFTs and business model innovations," Working Papers - Business wp2023_01.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    4. Sławomir Bielecki & Tadeusz Skoczkowski & Lidia Sobczak & Marcin Wołowicz, 2022. "Electricity Usage Settlement System Based on a Cryptocurrency Instrument," Energies, MDPI, vol. 15(19), pages 1-35, September.
    5. Giovanni Colavizza, 2022. "Seller-buyer networks in NFT art are driven by preferential ties," Papers 2210.04339, arXiv.org, revised Nov 2022.
    6. Éder Pereira & Paulo Ferreira & Derick Quintino, 2022. "Non-Fungible Tokens (NFTs) and Cryptocurrencies: Efficiency and Comovements," FinTech, MDPI, vol. 1(4), pages 1-8, October.
    7. Cevik, Emrah Ismail & Gunay, Samet & Zafar, Muhammad Wasif & Destek, Mehmet Akif & Bugan, Mehmet Fatih & Tuna, Fatih, 2022. "The impact of digital finance on the natural resource market: Evidence from DeFi, oil, and gold," Resources Policy, Elsevier, vol. 79(C).
    8. Voicu D. Dragomir & Valentin Florentin Dumitru, 2023. "Recognition and Measurement of Crypto-Assets from the Perspective of Retail Holders," FinTech, MDPI, vol. 2(3), pages 1-17, August.
    9. Nguyen, Jeremy K., 2022. "Racial discrimination in non-fungible token (NFT) prices? CryptoPunk sales and skin tone," Economics Letters, Elsevier, vol. 218(C).
    10. Vidal-Tomás, David, 2023. "The illusion of the metaverse and meta-economy," International Review of Financial Analysis, Elsevier, vol. 86(C).
    11. Rami Alkhudary & Bertrand Belvaux & Nathalie Guibert, 2023. "Understanding non-fungible tokens (NFTs): insights on consumption practices and a research agenda," Marketing Letters, Springer, vol. 34(2), pages 321-336, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wang, Jying-Nan & Lee, Yen-Hsien & Liu, Hung-Chun & Hsu, Yuan-Teng, 2023. "Dissecting returns of non-fungible tokens (NFTs): Evidence from CryptoPunks," The North American Journal of Economics and Finance, Elsevier, vol. 65(C).
    2. Laurens Swinkels, 2023. "Empirical evidence on the ownership and liquidity of real estate tokens," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-29, December.
    3. Dulani Jayasuriya & Alexandra Sims, 2023. "Not So New Kid on the Block: Accounting and Valuation Aspects of Non-Fungible Tokens (NFTs)," JRFM, MDPI, vol. 16(11), pages 1-24, October.
    4. Ghosh, Bikramaditya & Bouri, Elie & Wee, Jung Bum & Zulfiqar, Noshaba, 2023. "Return and volatility properties: Stylized facts from the universe of cryptocurrencies and NFTs," Research in International Business and Finance, Elsevier, vol. 65(C).
    5. Nobanee, Haitham & Ellili, Nejla Ould Daoud, 2023. "Non-fungible tokens (NFTs): A bibliometric and systematic review, current streams, developments, and directions for future research," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 460-473.
    6. Kumar, Anoop S & Padakandla, Steven Raj, 2023. "Do NFTs act as a good hedge and safe haven against Cryptocurrency fluctuations?," Finance Research Letters, Elsevier, vol. 56(C).
    7. Urom, C. & Ndubuisi, Gideon & Guesmi, K., 2022. "Quantile return and volatility connectedness among Non-Fungible Tokens (NFTs) and (un)conventional asset," MERIT Working Papers 2022-017, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    8. Niklas Konstantin Klein & Fritz Lattermann & Dirk Schiereck, 2023. "Investment in non-fungible tokens (NFTs): the return of Ethereum secondary market NFT sales," Journal of Asset Management, Palgrave Macmillan, vol. 24(4), pages 241-254, July.
    9. Cevik, Emrah Ismail & Gunay, Samet & Zafar, Muhammad Wasif & Destek, Mehmet Akif & Bugan, Mehmet Fatih & Tuna, Fatih, 2022. "The impact of digital finance on the natural resource market: Evidence from DeFi, oil, and gold," Resources Policy, Elsevier, vol. 79(C).
    10. Umar, Zaghum & Polat, Onur & Choi, Sun-Yong & Teplova, Tamara, 2022. "Dynamic connectedness between non-fungible tokens, decentralized finance, and conventional financial assets in a time-frequency framework," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
    11. Damiano Cesa Bianchi & Marco Bellucci & Giacomo Manetti & Luca Bagnoli, 2023. "NFTs and business model innovations," Working Papers - Business wp2023_01.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    12. Li, Sen & Chen, Yan, 2023. "How nonfungible tokens empower business model innovation," Business Horizons, Elsevier, vol. 66(4), pages 543-554.
    13. Abakah, Emmanuel Joel Aikins & Wali Ullah, GM & Adekoya, Oluwasegun B. & Osei Bonsu, Christiana & Abdullah, Mohammad, 2023. "Blockchain market and eco-friendly financial assets: Dynamic price correlation, connectedness and spillovers with portfolio implications," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 218-243.
    14. Elli Kraizberg, 2023. "Non-fungible tokens: a bubble or the end of an era of intellectual property rights," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-20, December.
    15. Kräussl, Roman & Tugnetti, Alessandro, 2023. "Non-fungible tokens (NFTs): A review of pricing determinants, applications and opportunities," CFS Working Paper Series 693, Center for Financial Studies (CFS).
    16. Wang, Yizhi, 2022. "Volatility spillovers across NFTs news attention and financial markets," International Review of Financial Analysis, Elsevier, vol. 83(C).
    17. Bao, Te & Ma, Mengzhong & Wen, Yonggang, 2023. "Herding in the non-fungible token (NFT) market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 39(C).
    18. Urom, Christian & Ndubuisi, Gideon & Guesmi, Khaled, 2022. "Dynamic dependence and predictability between volume and return of Non-Fungible Tokens (NFTs): The roles of market factors and geopolitical risks," Finance Research Letters, Elsevier, vol. 50(C).
    19. Chowdhury, Mohammad Ashraful Ferdous & Abdullah, Mohammad & Alam, Masud & Abedin, Mohammad Zoynul & Shi, Baofeng, 2023. "NFTs, DeFi, and other assets efficiency and volatility dynamics: An asymmetric multifractality analysis," International Review of Financial Analysis, Elsevier, vol. 87(C).
    20. Khreshna Syuhada & Venansius Tjahjono & Arief Hakim, 2023. "Dependent Metaverse Risk Forecasts with Heteroskedastic Models and Ensemble Learning," Risks, MDPI, vol. 11(2), pages 1-25, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:15:y:2022:i:5:p:215-:d:811074. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.