5.9 KiB
5.9 KiB
Non Fungible Token
A type of smart contracts that associates a tradable crypto asset with a unique piece of data, often a url to hosted image representing some abstract or perceived notion of ownership in art or sign value. Since the tokens have "unique" data associated with the token it is non-fungible unlike other crypto assets which aspire to be a fungible private money.
NFTs at their most basic conceptual core are a hyperlink or URL that is itself sold as a tradeable asset where the connection between the concepts of the URL and the ficticious commodity is generated by the Tinkerbell effect.
NFTs have been critizied as having a payout structure similar to a pyramid scheme or multilevel marketing scheme.
NFTs have been critizied as being a bubble.
NFTs have no use value.
NFTs have no fundamental value.
NFTs are a speculative asset.
NFTs have no income cashflows.
Duplication
#todo
Plagiarism
#todo
Multiple-chains
#todo
Link Rot
NFTs have been critized as having no relationship to the underlying artwork and being subject to link-rot.
Redefinition of Ownership
#todo
Tinkerbell Effect
#todo
References
- Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
- *‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. n.d. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
- Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
- Aharon, David Y., and Ender Demir. 2021. ‘NFTs and Asset Class Spillovers: Lessons from the Period around the COVID-19 Pandemic’. Finance Research Letters, 102515. https://doi.org/10.1016/j.frl.2021.102515.
- Ante, Lennart. 2021. ‘Non-Fungible Token (NFT) Markets on the Ethereum Blockchain: Temporal Development, Cointegration and Interrelations’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904683.
- Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
- Çağlayan Aksoy, Pınar, and Zehra Özkan Üner. 2021. ‘NFTs and Copyright: Challenges and Opportunities’. Journal of Intellectual Property Law & Practice 16 (10): 1115–26. https://doi.org/10.1093/jiplp/jpab104.
- Casale-Brunet, S., P. Ribeca, P. Doyle, and M. Mattavelli. 2021. ‘Networks of Ethereum Non-Fungible Tokens: A Graph-Based Analysis of the ERC-721 Ecosystem’. ArXiv Preprint ArXiv:2110.12545. http://arxiv.org/abs/2110.12545.
- Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
- Dowling, Michael. 2021. ‘Fertile LAND: Pricing Non-Fungible Tokens’. Finance Research Letters, 102096. https://doi.org/10.1016/j.frl.2021.102096.
- Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
- Frye, Brian L. 2021. ‘After Copyright: Pwning NFTs in a Clout Economy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971240.
- *———. n.d. ‘How to Sell NFTs Without Really Trying’. Harvard Journal of Sports and Entertainment Law, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3930430.
- Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
- Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
- Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
- Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
- Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
- Mazur, Mieszko. 2021. Non-Fungible Tokens (NFT). The Analysis of Risk and Return. SSRN Electronic Journal. October. https://doi.org/10.2139/ssrn.3953535.
- Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
- Solimano, Andrés. 2021. ‘The Evolution of Contemporary Arts Markets’. https://doi.org/10.4324/9781003215127.
- Tonelli, Emily. 2022. ‘Internet Guru Tim O’Reilly: Crypto and NFTs Are “Pretty Serious Speculative Bubble”’. Decrypt. 10 February 2022. https://decrypt.co/92676/internet-guru-tim-oreilly-crypto-nfts-serious-speculative-bubble.
- Whitaker, Amy. 2021. Economics of Visual Art: Market Practice and Market Resistance. Cambridge University Press. https://doi.org/10.1017/9781108649919.