IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2022i1p7-d1008579.html
   My bibliography  Save this article

Educational Applications of Non-Fungible Token (NFT)

Author

Listed:
  • Chih-Hung Wu

    (Department of Digital Content and Technology, National Taichung University of Education, Taichung 403, Taiwan)

  • Chien-Yu Liu

    (Department of Digital Content and Technology, National Taichung University of Education, Taichung 403, Taiwan)

Abstract

With the emergence of non-fungible tokens (NFTs) in blockchain technology, educational institutions have been able to use NFTs to reward students. This is done by automatically processing transaction information and the buying and selling process using smart contract technology. The technology enables the establishment of recognition levels and incentivizes students to receive NFT recognition rewards. According to the Taxonomy Learning Pyramid, learning through hands-on experiences plays a crucial role in attracting students’ interest. In this study, we analyzed the potential for using NFTs in education and the current applications of NFTs in society. We conducted a case study and performed a preliminary investigation of the types of NFT applications in the education industry. We then analyzed different education industries using individual analysis combined with SWOT analysis to understand the impact, value, and challenges of NFT applications. The results revealed 10 educational applications of NFT: textbooks; micro-certificates; transcripts and records; scholarships and rights; master classes and content creation; learning experiences; registration and data collection; patents, innovation, and research; art; payment; and deposit. Finally, ways to reduce the negative impact of education NFTs on the sustainable environment are discussed.

Suggested Citation

  • Chih-Hung Wu & Chien-Yu Liu, 2022. "Educational Applications of Non-Fungible Token (NFT)," Sustainability, MDPI, vol. 15(1), pages 1-22, December.
    • Handle: RePEc:gam:jsusta:v:15:y:2022:i:1:p:7-:d:1008579
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/1/7/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/1/7/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lucas M. Palma & Martín A. G. Vigil & Fernando L. Pereira & Jean E. Martina, 2019. "Blockchain and smart contracts for higher education registry in Brazil," International Journal of Network Management, John Wiley & Sons, vol. 29(3), May.
    2. Valentin Kuleto & Rocsana Bucea-Manea-Țoniş & Radu Bucea-Manea-Țoniş & Milena P. Ilić & Oliva M. D. Martins & Marko Ranković & Ana Sofia Coelho, 2022. "The Potential of Blockchain Technology in Higher Education as Perceived by Students in Serbia, Romania, and Portugal," Sustainability, MDPI, vol. 14(2), pages 1-16, January.
    3. Rocsana Bucea-Manea-Țoniş & Oliva M. D. Martins & Radu Bucea-Manea-Țoniş & Cătălin Gheorghiță & Valentin Kuleto & Milena P. Ilić & Violeta-Elena Simion, 2021. "Blockchain Technology Enhances Sustainable Higher Education," Sustainability, MDPI, vol. 13(22), pages 1-21, November.
    4. Reto Hofstetter & Emanuel Bellis & Leif Brandes & Melanie Clegg & Cait Lamberton & David Reibstein & Felicia Rohlfsen & Bernd Schmitt & John Z. Zhang, 2022. "Crypto-marketing: how non-fungible tokens (NFTs) challenge traditional marketing," Marketing Letters, Springer, vol. 33(4), pages 705-711, December.
    5. Guendalina Capece & Nathan Levialdi Ghiron & Francesco Pasquale, 2020. "Blockchain Technology: Redefining Trust for Digital Certificates," Sustainability, MDPI, vol. 12(21), pages 1-12, October.
    6. Dowling, Michael, 2022. "Is non-fungible token pricing driven by cryptocurrencies?," Finance Research Letters, Elsevier, vol. 44(C).
    7. Morkunas, Vida J. & Paschen, Jeannette & Boon, Edward, 2019. "How blockchain technologies impact your business model," Business Horizons, Elsevier, vol. 62(3), pages 295-306.
    8. Abdul Halim Abdullah & Elizabeth Julius & Nornazira Suhairom & Marlina Ali & Corrienna Abdul Talib & Zakiah Mohamad Ashari & Umar Haiyat Abdul Kohar & Sharifah Nurarfah S. Abd Rahman, 2022. "Relationship between Self-Concept, Emotional Intelligence and Problem-Solving Skills on Secondary School Students’ Attitude towards Solving Algebraic Problems," Sustainability, MDPI, vol. 14(21), pages 1-22, November.
    Full references (including those not matched with items on IDEAS)

    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. Goran Bjelobaba & Marija Paunovic & Ana Savic & Hana Stefanovic & Jelena Doganjic & Zivanka Miladinovic Bogavac, 2022. "Blockchain Technologies and Digitalization in Function of Student Work Evaluation," Sustainability, MDPI, vol. 14(9), pages 1-22, April.
    2. 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.
    3. Milica Jevremović & Cătălin Gheorghiță & Vladimir Cerić & Ovidiu Blăjină & Zorica Jelić & Milena P. Ilić & Rocsana Bucea-Manea-Țoniș, 2022. "An Empirical Study on Website Interactivity Impact among a Student Group, Beneficent for Companies, and Other Users," Sustainability, MDPI, vol. 14(8), pages 1-20, April.
    4. Zhang, Z. John, 2023. "Cryptopricing: Whence comes the value for cryptocurrencies and NFTs?," International Journal of Research in Marketing, Elsevier, vol. 40(1), pages 22-29.
    5. Hakkarainen, Tuuli & Colicev, Anatoli, 2023. "Blockchain-enabled advances (BEAs): Implications for consumers and brands," Journal of Business Research, Elsevier, vol. 160(C).
    6. Pu, Shuyi & Lam, Jasmine Siu Lee, 2023. "The benefits of blockchain for digital certificates: A multiple case study analysis," Technology in Society, Elsevier, vol. 72(C).
    7. Umar, Zaghum & Usman, Muhammad & Choi, Sun-Yong & Rice, John, 2023. "Diversification benefits of NFTs for conventional asset investors: Evidence from CoVaR with higher moments and optimal hedge ratios," Research in International Business and Finance, Elsevier, vol. 65(C).
    8. Mao Zhao & Wei Liu & Abu Naser Mohammad Saif & Bo Wang & Rasheda Akter Rupa & K. M. Anwarul Islam & S. M. Masudur Rahman & Nusrat Hafiz & Rehnuma Mostafa & Mohammad Anisur Rahman, 2023. "Blockchain in Online Learning: A Systematic Review and Bibliographic Visualization," Sustainability, MDPI, vol. 15(2), pages 1-22, January.
    9. Lulwah AlSuwaidan & Nuha Almegren, 2020. "Validating the Adoption of Heterogeneous Internet of Things with Blockchain," Future Internet, MDPI, vol. 12(6), pages 1-17, June.
    10. Linlin Zheng & Yashi Dong & Jineng Chen & Yuyi Li & Wenzhuo Li & Miaolian Su, 2022. "Impact of Crisis on Sustainable Business Model Innovation—The Role of Technology Innovation," Sustainability, MDPI, vol. 14(18), pages 1-28, September.
    11. 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).
    12. Büttgen, Marion & al.,, 2021. "Blockchain in Service Management and Service Research - Developing a Research Agenda and Managerial Implications," SMR - Journal of Service Management Research, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 5(2), pages 71-102.
    13. Mahmoona Khalil & Kausar Fiaz Khawaja & Muddassar Sarfraz, 2022. "The adoption of blockchain technology in the financial sector during the era of fourth industrial revolution: a moderated mediated model," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(4), pages 2435-2452, August.
    14. Rocsana Bucea-Manea-Țoniș & Luciela Vasile & Rareș Stănescu & Alina Moanță, 2022. "Creating IoT-Enriched Learner-Centered Environments in Sports Science Higher Education during the Pandemic," Sustainability, MDPI, vol. 14(7), pages 1-25, April.
    15. Serneels, Sven, 2023. "Detecting wash trading for nonfungible tokens," Finance Research Letters, Elsevier, vol. 52(C).
    16. Mwenza Blell & Shan‐Jan Sarah Liu & Audrey Verma, 2023. "Working in unprecedented times: Intersectionality and women of color in UK higher education in and beyond the pandemic," Gender, Work and Organization, Wiley Blackwell, vol. 30(2), pages 353-372, March.
    17. Oscar Lage & María Saiz-Santos & José Manuel Zarzuelo, 2022. "Decentralized platform economy: emerging blockchain-based decentralized platform business models," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1707-1723, September.
    18. Boukis, Achilleas, 2023. "Storytelling in initial coin offerings: Attracting investment or gaining referrals?," Journal of Business Research, Elsevier, vol. 160(C).
    19. Andrea Barbon & Angelo Ranaldo, 2023. "NFT Bubbles," Swiss Finance Institute Research Paper Series 23-20, Swiss Finance Institute.
    20. Dany EKA SAPUTRA & Nicoleta ISAC & Waqar BADSHAH & Cosmin DOBRIN, 2023. "Analysis of Potential Threats of NFTS (Non-Fungible Tokens) for National Security and Economic Resilience. A Case Study of Indonesia," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 24(5), pages 696-716, December.

    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:jsusta:v:15:y:2022:i:1:p:7-:d:1008579. 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.