Decentralized NFT Marketplaces: Opportunities and Challenges

Abstract

In This paper examines how blockchain technology and Non-Fungible Tokens (NFTs) can benefit the business landscape. NFTs are unique digital assets that represent real-world items and can be traded online using crypto currencies. Unlike fungible tokens, each NFT has a distinct digital signature, making them non- interchangeable. This system empowers artists and content creators to receive payment for their work without the need for traditional galleries. Moreover, NFTs can include a royalty feature, allowing creators to earn a percentage each time their NFT is sold again. Although still a relatively new concept, blockchain has the potential to transform the art and content creation industries by enabling the minting and trading of NFTs. The paper proposes that NFT marketplaces could serve as a central hub for various applications of NFTs.