When Big Data Meets NFT: Challenges, Impacts, and Opportunities

Non-fungible tokens (NFTs) are unique digital assets that are based on smart contracts of blockchain technology and traded via cryptocurrencies. They became known to the public in 2021 and kept growing rapidly. Until the second quarter of 2022, the total volume of NFTs has reached $12.22 billion. Ho...

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Bibliographic Details
Published inInternational journal of information systems and social change Vol. 14; no. 1; pp. 1 - 16
Main Authors Chen, Qinuo, Guo, Jingyao, Wei, Bocheng, Li, Bangcheng, Kelly, Jack Michael
Format Journal Article
LanguageEnglish
Published Hershey IGI Global 01.01.2023
Subjects
Artificial intelligence
Big Data
Blockchain
Cryptography
Data analysis
Data collection
Decision making
Deep learning
Digital currencies
Feature extraction
Information systems
Investments
Machine learning
Non-fungible tokens
Popularity
Social change
Social networks
Trends
Volatility
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Summary:Non-fungible tokens (NFTs) are unique digital assets that are based on smart contracts of blockchain technology and traded via cryptocurrencies. They became known to the public in 2021 and kept growing rapidly. Until the second quarter of 2022, the total volume of NFTs has reached $12.22 billion. However, since the NFT market is still in its early stage, there are limited studies on this topic. In this paper, the first purpose is to analyze the overall market structure and volatility, characteristics of top NFTs on famous marketplaces, and future trends of NFTs. The next focus is to summarize current research trends about the concept of NFT, investigate the challenges faced by researchers, and provide current data collection or feature extraction techniques that are frequently utilized to solve those challenges.
ISSN:1941-868X
1941-8698
DOI:10.4018/ijissc.314570