Non-Fungible Tokens in Business and Management -- A Review

Non-Fungible Tokens (NFTs) are a new development in blockchain technology. News around NFTs is surrounded by skepticism because unrealistically high prices are being paid online for these NFTs which are in the form of apparently simple digital arts and photographs. It is not clear if this is a trend, a hype, a bubble, or a legitimate novel way of holding and trading value. A literature review of peer-reviewed scholarly studies, performed in the context of business and management, is presented here. Moreover, we also discuss open issues, and challenges, and present future research directions. Analysis of these studies reveal that schools of thoughts are divided on the validity of this form of digital tokens. On one hand, there is a lot of criticism but on the other hand, we can find novel business models and applications of NFTs especially the feature of smart contracts. It can, therefore, be concluded that NFTs, even if not in their current form, are here to stay and may promise new ways of protecting digital assets in an immutable and easily traceable form.