If something is fungible, it means it is replaceable. A fungible item, therefore, can be substituted
or exchanged with another item that is identical or has the same value. For example, a £20 note is
the same as any other £20 note and can be exchanged for such a note or, for example, for four £5
notes or 20 one-pound coins. This is the same for cryptocurrency - one bitcoin can be exchanged
for another.
An NFT, being a non-fungible token, does not work in this way. Every NFT is a unique series of
numbers stored on the blockchain ledger and cannot be substituted for something else.
It is important to understand how a Non Fungible Token is actually created. An artist creates a
digital good - an image, video or anything that lives in the online world.
The artist would then create a token on a blockchain that supports smart contracts, such as
Ethereum, Cardano and Solana. This token would hold within it information about the digital
goods that are being sold. This information includes, for example, the token name, token symbol
and a unique hash that proves the authenticity of the NFT.
The digital goods are not stored inside the token itself. The token stores only attributes relating to
them. The NFT will point to where the file can be found. Once the token is created, the artist can
sell it to someone else and that person will be the new owner of it.
As such, the information held on the blockchain will include who owns the original asset, who it
was sold to and when it was sold.
It is, therefore, possible to prove who owns the NFT at any time and trace its prior-ownership
history. As this information is on the blockchain, it is encrypted, ensuring its authenticity and the
NFT’s scarcity. Hence, an NFT is a token that acts as a digital certificate of authenticity.
Analyses the main legal requirements in the California Consumer Protection Act (CCPA),
general data protection regulation (GDPR) and the intersections between privacy laws,
genomic data and smart contracts (such as fungible and non-fungible tokens (NFTs). The
CCPA and GDPR laws impose several restrictions on the storing, accessing, processing
and transferring of personal data. This has generated some challenges for lawyers, data
processors and business enterprises engaged in blockchain offerings, especially as they
pertain to high-risk data sets such as genomic data.
Analyses the main legal requirements in the California Consumer Protection Act (CCPA),
general data protection regulation (GDPR) and the intersections between privacy laws,
genomic data and smart contracts (such as fungible and non-fungible tokens (NFTs). The
CCPA and GDPR laws impose several restrictions on the storing, accessing, processing
and transferring of personal data. This has generated some challenges for lawyers, data
processors and business enterprises engaged in blockchain offerings, especially as they
pertain to high-risk data sets such as genomic data. The technical features of NFT, distributed storage and wallets to trace and govern genomic (DNA) data sets will allow data donors to establish digital ownership and control in line with privacy laws using
‘programmable privacy smart contracts’. To be legally compliant, the design of blockchain value propositions should include privacy-by-design capabilities in the smart contract coding language itself.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the consciousness to wonder if NFTs are a form of intellectual property, or whether NFT would shift the paradigm of copyright law as we know it.
Governments through her agencies are also caught in the Un restlessness
of deciphering what NFT means and whether it holds any value for
intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) catalyze the NADPH-dependent reduction of carbonyl groups to
alcohols for conjugation reactions to proceed. They are implicated in resistance to cancer
chemotherapeutic agents either because they are directly involved in their metabolism or help
eradicate the cellular stress created by these agents (e.g., reactive oxygen species and lipid
peroxides). Furthermore, this cellular stress activates the nuclear factor-erythroid 2 p45-related
factor 2 (NRF2)-Kelch-like ECH-associated protein 1 pathway. As many human AKR genes are
upregulated by the NRF2 transcription factor, this leads to a feed-forward mechanism to enhance
drug resistance. Resistance to major classes of chemotherapeutic agents (anthracyclines,
mitomycin, cis-platin, antitubulin agents, vinca alkaloids, and cyclophosphamide) occurs by this
mechanism. Human AKRs also catalyze the synthesis of androgens and estrogens and the
elimination of progestogens and are involved in hormonal-dependent malignancies. They are
upregulated by antihormonal therapy providing a second mechanism for cancer drug resistance.
Inhibitors of the NRF2 system or pan-AKR1C inhibitors offer promise to surmount cancer drug
resistance and/or synergize the effects of existing drugs.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption. Moreover, the paper presents a
systematic literature review (SLR) of 25 research articles published on the adoption of cryptocurrency from 2014 to 2017. The results demonstrate that cryptocurrency adoption research has grown significantly throughout this period, and remains a fertile area for academic research. The results show that the cryptocurrency adoption literature can be classified according
to three main classifications: qualitative research, quantitative research and others. The results of
the SLR reveal that there is a lack of study focusing on the factors that are significantly
influenced on the acceptance of cryptocurrency.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
Analyses the main legal requirements in the California Consumer Protection Act (CCPA),
general data protection regulation (GDPR) and the intersections between privacy laws,
genomic data and smart contracts (such as fungible and non-fungible tokens (NFTs). The
CCPA and GDPR laws impose several restrictions on the storing, accessing, processing
and transferring of personal data. This has generated some challenges for lawyers, data
processors and business enterprises engaged in blockchain offerings, especially as they
pertain to high-risk data sets such as genomic data.
Analyses the main legal requirements in the California Consumer Protection Act (CCPA),
general data protection regulation (GDPR) and the intersections between privacy laws,
genomic data and smart contracts (such as fungible and non-fungible tokens (NFTs). The
CCPA and GDPR laws impose several restrictions on the storing, accessing, processing
and transferring of personal data. This has generated some challenges for lawyers, data
processors and business enterprises engaged in blockchain offerings, especially as they
pertain to high-risk data sets such as genomic data. The technical features of NFT, distributed storage and wallets to trace and govern genomic (DNA) data sets will allow data donors to establish digital ownership and control in line with privacy laws using
‘programmable privacy smart contracts’. To be legally compliant, the design of blockchain value propositions should include privacy-by-design capabilities in the smart contract coding language itself.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the consciousness to wonder if NFTs are a form of intellectual property, or whether NFT would shift the paradigm of copyright law as we know it.
Governments through her agencies are also caught in the Un restlessness
of deciphering what NFT means and whether it holds any value for
intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) catalyze the NADPH-dependent reduction of carbonyl groups to
alcohols for conjugation reactions to proceed. They are implicated in resistance to cancer
chemotherapeutic agents either because they are directly involved in their metabolism or help
eradicate the cellular stress created by these agents (e.g., reactive oxygen species and lipid
peroxides). Furthermore, this cellular stress activates the nuclear factor-erythroid 2 p45-related
factor 2 (NRF2)-Kelch-like ECH-associated protein 1 pathway. As many human AKR genes are
upregulated by the NRF2 transcription factor, this leads to a feed-forward mechanism to enhance
drug resistance. Resistance to major classes of chemotherapeutic agents (anthracyclines,
mitomycin, cis-platin, antitubulin agents, vinca alkaloids, and cyclophosphamide) occurs by this
mechanism. Human AKRs also catalyze the synthesis of androgens and estrogens and the
elimination of progestogens and are involved in hormonal-dependent malignancies. They are
upregulated by antihormonal therapy providing a second mechanism for cancer drug resistance.
Inhibitors of the NRF2 system or pan-AKR1C inhibitors offer promise to surmount cancer drug
resistance and/or synergize the effects of existing drugs.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption. Moreover, the paper presents a
systematic literature review (SLR) of 25 research articles published on the adoption of cryptocurrency from 2014 to 2017. The results demonstrate that cryptocurrency adoption research has grown significantly throughout this period, and remains a fertile area for academic research. The results show that the cryptocurrency adoption literature can be classified according
to three main classifications: qualitative research, quantitative research and others. The results of
the SLR reveal that there is a lack of study focusing on the factors that are significantly
influenced on the acceptance of cryptocurrency.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the
consciousness to wonder if NFTs are a form of intellectual property, or whether NFT would shift the paradigm of copyright law as we know it.
Governments through her agencies are also caught in the Un restlessness
of deciphering what NFT means and whether it holds any value for
intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) are overexpressed in a large number of human tumors and mediate
resistance to cancer chemotherapeutics and antihormonal therapies. Existing drugs and new
agents in development may surmount this resistance by acting as specific AKR isoforms or AKR
pan-inhibitors to improve clinical outcome.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the
consciousness to wonder if NFTs are a form of intellectual property, or
whether NFT would shift the paradigm of copyright law as we know it. Governments through her agencies are also caught in the Un restlessness of deciphering what NFT means and whether it holds any value for intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) are overexpressed in a large number of human tumors and mediate
resistance to cancer chemotherapeutics and antihormonal therapies. Existing drugs and new agents in development may surmount this resistance by acting as specific AKR isoforms or AKR
pan-inhibitors to improve clinical outcome.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption.
Schemes are extensive in the cryptocurrency market. P&Ds lead to short-term bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak within minutes and quick reversals follow. The evidence we document, including
price run-ups before P&Ds start, implies significant wealth transfers between insiders and outsiders. Bittrex, a cryptocurrency exchange, banned P&Ds on November 24, 2017. Using a difference-in-differences approach, we provide
causal evidence that P&Ds are detrimental to the liquidity and price of cryptocurrencies. We discuss potential mechanisms why outsiders are willing to
participate and describe how our findings shed light on its theories.
Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto
technologies are being promoted as a replacement for banks; a new way to buy art; the next big
investment opportunity, and an essential part of the metaverse.
The crypto industry had a fantastic year in 2021. The industry experienced a surge in almost every aspect - from Bitcoin and Ethereum reaching new all-time highs to the mainstream
adoption of Non-Fungible Tokens (NFTs).
India recorded the second-highest number of cryptocurrencies users worldwide during the year,
and India-based crypto exchange platforms attracted millions of users, with Coin switch alone
amassing over 15+ million of them.
An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives. Explore the kinds of questions and insights enterprises should consider as they determine whether and how to use digital assets.
Blockchain came to mainstream attention in 2017, despite having existed for almost a decade prior. The author explains how this new technology, perhaps best known for its role in enabling cryptocurrencies, works. In his view, blockchain has the potential to change the way the world does business, and its impact is being vastly underestimated by the accounting profession and society at large.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption. Moreover, the paper presents a
systematic literature review (SLR) of 25 research articles published on the adoption of
cryptocurrency from 2014 to 2017. The results demonstrate that cryptocurrency adoption
research has grown significantly throughout this period, and remains a fertile area for academic
research. The results show that the cryptocurrency adoption literature can be classified according
to three main classifications: qualitative research, quantitative research and others. The results of
the SLR reveal that there is a lack of study focusing on the factors that are significantly
influenced on the acceptance of cryptocurrency.
Schemes are extensive in the cryptocurrency market. P&Ds lead to short-term
bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak
within minutes and quick reversals follow. The evidence we document, including price run-ups before P&Ds start, implies significant wealth transfers between insiders and outsiders. Bittrex, a cryptocurrency exchange, banned P&Ds on November 24, 2017. Using a difference-in-differences approach, we provide
causal evidence that P&Ds are detrimental to the liquidity and price of cryptocurrencies. We discuss potential mechanisms why outsiders are willing to
participate and describe how our findings shed light on its theories.
Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto
technologies are being promoted as a replacement for banks; a new way to buy art; the next big
investment opportunity, and an essential part of the metaverse.
To many, these technologies are confusing or risky. But enthusiasts ardently promote them.
As a cybersecurity and social media researcher, I’ve found that behind the hype is an ideology
about social change: Hardcore enthusiasts argue that crypto will get people to trust in technology
rather than government, which they see as inherently untrustworthy. This ideology leads people to encourage its use while downplaying its risks.
The crypto industry had a fantastic year in 2021. The industry experienced a surge in almost every aspect - from Bitcoin and Ethereum reaching new all-time highs to the mainstream
adoption of Non-Fungible Tokens (NFTs).
India recorded the second-highest number of cryptocurrencies users worldwide during the year,
and India-based crypto exchange platforms attracted millions of users, with Coin switch alone
amassing over 15+ million of them.
An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives. Explore the kinds of questions and insights enterprises should consider as they determine whether and how to use digital assets.
Blockchain came to mainstream attention in 2017, despite having existed for almost a
decade prior. The author explains how this new technology, perhaps best known for its
role in enabling cryptocurrencies, works. In his view, blockchain has the potential to
change the way the world does business, and its impact is being vastly underestimated by
the accounting profession and society at large.
Cryptocurrencies have become a prevailing topic of conversation, even among the most
novice investors. While Bitcoin and Ethereum are the most well-known, few people realize
that there are currently more than 1,600 different cryptocurrencies. Even fewer realize
that their underlying technology—blockchain—may be a far more meaningful disruptor in the
financial sector than cryptocurrencies themselves.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the
consciousness to wonder if NFTs are a form of intellectual property, or whether NFT would shift the paradigm of copyright law as we know it.
Governments through her agencies are also caught in the Un restlessness
of deciphering what NFT means and whether it holds any value for
intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) are overexpressed in a large number of human tumors and mediate
resistance to cancer chemotherapeutics and antihormonal therapies. Existing drugs and new
agents in development may surmount this resistance by acting as specific AKR isoforms or AKR
pan-inhibitors to improve clinical outcome.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the
consciousness to wonder if NFTs are a form of intellectual property, or
whether NFT would shift the paradigm of copyright law as we know it. Governments through her agencies are also caught in the Un restlessness of deciphering what NFT means and whether it holds any value for intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) are overexpressed in a large number of human tumors and mediate
resistance to cancer chemotherapeutics and antihormonal therapies. Existing drugs and new agents in development may surmount this resistance by acting as specific AKR isoforms or AKR
pan-inhibitors to improve clinical outcome.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption.
Schemes are extensive in the cryptocurrency market. P&Ds lead to short-term bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak within minutes and quick reversals follow. The evidence we document, including
price run-ups before P&Ds start, implies significant wealth transfers between insiders and outsiders. Bittrex, a cryptocurrency exchange, banned P&Ds on November 24, 2017. Using a difference-in-differences approach, we provide
causal evidence that P&Ds are detrimental to the liquidity and price of cryptocurrencies. We discuss potential mechanisms why outsiders are willing to
participate and describe how our findings shed light on its theories.
Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto
technologies are being promoted as a replacement for banks; a new way to buy art; the next big
investment opportunity, and an essential part of the metaverse.
The crypto industry had a fantastic year in 2021. The industry experienced a surge in almost every aspect - from Bitcoin and Ethereum reaching new all-time highs to the mainstream
adoption of Non-Fungible Tokens (NFTs).
India recorded the second-highest number of cryptocurrencies users worldwide during the year,
and India-based crypto exchange platforms attracted millions of users, with Coin switch alone
amassing over 15+ million of them.
An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives. Explore the kinds of questions and insights enterprises should consider as they determine whether and how to use digital assets.
Blockchain came to mainstream attention in 2017, despite having existed for almost a decade prior. The author explains how this new technology, perhaps best known for its role in enabling cryptocurrencies, works. In his view, blockchain has the potential to change the way the world does business, and its impact is being vastly underestimated by the accounting profession and society at large.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption. Moreover, the paper presents a
systematic literature review (SLR) of 25 research articles published on the adoption of
cryptocurrency from 2014 to 2017. The results demonstrate that cryptocurrency adoption
research has grown significantly throughout this period, and remains a fertile area for academic
research. The results show that the cryptocurrency adoption literature can be classified according
to three main classifications: qualitative research, quantitative research and others. The results of
the SLR reveal that there is a lack of study focusing on the factors that are significantly
influenced on the acceptance of cryptocurrency.
Schemes are extensive in the cryptocurrency market. P&Ds lead to short-term
bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak
within minutes and quick reversals follow. The evidence we document, including price run-ups before P&Ds start, implies significant wealth transfers between insiders and outsiders. Bittrex, a cryptocurrency exchange, banned P&Ds on November 24, 2017. Using a difference-in-differences approach, we provide
causal evidence that P&Ds are detrimental to the liquidity and price of cryptocurrencies. We discuss potential mechanisms why outsiders are willing to
participate and describe how our findings shed light on its theories.
Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto
technologies are being promoted as a replacement for banks; a new way to buy art; the next big
investment opportunity, and an essential part of the metaverse.
To many, these technologies are confusing or risky. But enthusiasts ardently promote them.
As a cybersecurity and social media researcher, I’ve found that behind the hype is an ideology
about social change: Hardcore enthusiasts argue that crypto will get people to trust in technology
rather than government, which they see as inherently untrustworthy. This ideology leads people to encourage its use while downplaying its risks.
The crypto industry had a fantastic year in 2021. The industry experienced a surge in almost every aspect - from Bitcoin and Ethereum reaching new all-time highs to the mainstream
adoption of Non-Fungible Tokens (NFTs).
India recorded the second-highest number of cryptocurrencies users worldwide during the year,
and India-based crypto exchange platforms attracted millions of users, with Coin switch alone
amassing over 15+ million of them.
An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives. Explore the kinds of questions and insights enterprises should consider as they determine whether and how to use digital assets.
Blockchain came to mainstream attention in 2017, despite having existed for almost a
decade prior. The author explains how this new technology, perhaps best known for its
role in enabling cryptocurrencies, works. In his view, blockchain has the potential to
change the way the world does business, and its impact is being vastly underestimated by
the accounting profession and society at large.
Cryptocurrencies have become a prevailing topic of conversation, even among the most
novice investors. While Bitcoin and Ethereum are the most well-known, few people realize
that there are currently more than 1,600 different cryptocurrencies. Even fewer realize
that their underlying technology—blockchain—may be a far more meaningful disruptor in the
financial sector than cryptocurrencies themselves.
1. Risk of non-fungible token
In brief:
We study one of the earliest and largest NFT collections and find that NFTs have higher returns
than traditional financial assets. However, investing in NFTs comes along with extremely high
volatility, leading to a comparable Sharpe ratio to the NASDAQ index. NFT prices surge when
there is a drastic increase in demand for alternative investments and a search for yield in a low
interest rate environment. The pricing of NFT also largely depends on a token’s scarceness and
investors’ aesthetic preference. Overall, we provide the first comprehensive analysis that NFTs
serve as a novel investment vessel in this Fintech era.
Introduction:
If something is fungible, it means it is replaceable. A fungible item, therefore, can be substituted
or exchanged with another item that is identical or has the same value. For example, a £20 note is
the same as any other £20 note and can be exchanged for such a note or, for example, for four £5
notes or 20 one-pound coins. This is the same for cryptocurrency - one bitcoin can be exchanged
for another.
An NFT, being a non-fungible token, does not work in this way. Every NFT is a unique series of
numbers stored on the blockchain ledger and cannot be substituted for something else.
It is important to understand how a Non Fungible Token is actually created. An artist creates a
digital good - an image, video or anything that lives in the online world.
The artist would then create a token on a blockchain that supports smart contracts, such as
Ethereum, Cardano and Solana. This token would hold within it information about the digital
2. goods that are being sold. This information includes, for example, the token name, token symbol
and a unique hash that proves the authenticity of the NFT.
The digital goods are not stored inside the token itself. The token stores only attributes relating to
them. The NFT will point to where the file can be found. Once the token is created, the artist can
sell it to someone else and that person will be the new owner of it.
As such, the information held on the blockchain will include who owns the original asset, who it
was sold to and when it was sold.
It is, therefore, possible to prove who owns the NFT at any time and trace its prior-ownership
history. As this information is on the blockchain, it is encrypted, ensuring its authenticity and the
NFT’s scarcity. Hence, an NFT is a token that acts as a digital certificate of authenticity.
NFT Collectability.
NFT’s have changed the digital asset market. Whereas physical collectable items, such as a
signed football shirt or trading card have value because they are rare and their authenticity can be
proven, this was not the case with digital assets – until now. Previously, digital assets could
easily be duplicated online, with there being no way of identifying who had the right to sell the
asset.
Anyone could download, for example, an image. That image could not be considered rare, and it
was impossible to identify clear property rights. But with ownership of the NFT able to be
proved and guaranteed by the blockchain, such transparency is an important part of the appeal of
NFT’s to investors.
A smart contract can be created to ensure that only one copy of a piece of digital art is made
available, ensuring its scarcity and keeping its value high. The smart contract can also be created
in a way that gives the artist royalties, securing the artist a cut of any future sale of the token.
Unlike how the blockchain operates with cryptocurrency, these terms that can be set for the sale
of an NFT mean that a particular piece of digital art can generate an income for the artist for
years to come.
Demand for NFT’s.
The process that we have just outlined regarding NFTs has prompted the recent increase in the
collecting and trading of digital assets. They can be listed for sale on one of a number of global
online NFT marketplaces. Such marketplaces can be easily accessed, and would-be buyers can
input various criteria to narrow down the search for what they want.
With bitcoin making gains of around 300% in 2020 a new group of crypto rich investors has
emerged, and these investors are looking to spend their cryptocurrency on the digital equivalent
of a supercar, Picasso or Patek Philippe watch.
For those not looking to invest in the long run, NFTs offer a way to make a quick return by
‘flipping’; making profit from the rapidly-increasing value of an NFT within days or even hours.
3. NFT Risks.
NFT’s have certainly given a major boost to trading in digital assets and have provided more
certainty and security than that which previously existed. However, despite their appeal and the
advantages associated with them, involvement in NFT’s will not always be risk free.
At present, NFT’s are not subject to regulation, which means there is little or no legal protection
for those who create, invest or trade in them. It should be remembered that not all platforms
selling NFT’s verify the identity of the seller. Platforms face difficulties when checking that the
seller is the original creator of the art, as anyone can access the digital marketplace and claim to
be the creator of the digital asset for sale.
Although some platforms have now started to employ AI software to scour public blockchains
and NFT platforms for identical examples of artwork - so that the artists can be alerted to any
suspicious matches - the risks still remain.
One high-profile example of this was when someone sold what was falsely claimed to be a
Banksy NFT for the cryptocurrency equivalent of £244,000 on the platform OpenSea. While this
case did see the purchaser have most of what they paid returned, it highlighted the dangers that
can be associated with NFT buying.
In addition to fake sellers, investors must also be aware of fake platforms claiming to sell
genuine NFT’s. These duplicitous platforms are set up to steal would-be NFT customers’ credit
card details and there is also the threat of phishing schemes and viruses draining digital wallets –
a practice dubbed as ‘sleep minting’. With NFT’s being unregulated, it can be difficult to track
funds. Scammers and hackers are increasingly exploiting security gaps in the rapidly-expanding
marketplace to make illegal gains.
Anyone wanting to purchase an NFT should also be aware of the possibility of being caught in a
sales frenzy bubble that sees prices rise rapidly before suddenly falling, leaving those who
bought at the top of the market-facing large losses. Additionally, there is the danger of “bit rot”
or “format rot”, where an image’s quality can deteriorate, file formats may no longer be opened
4. or websites fail; leaving an NFT owner with an asset that is decreasing in value or even
worthless.
Types of NFT Fraud.
Although NFT’s are a relatively new concept, they are already being used as a vessel for
carrying out a number of different types of fraud. Here, we detail some of the most notable
fraudulent practices that have involved NFT’s:
Tokenization:
This is the term used to describe the process of creating digital tokens that represent ownership
of a real-life asset. This occurs when someone takes an artist’s work without permission and
‘mints’ it, turning it into an NFT.
Wash trading:
Users manipulate transactions by trading with themselves or accomplices to create the illusion
of high demand for an NFT, to manipulate its value or raise its profile.
Insider trading: Where individuals use knowledge not available to the public for their own
financial gain.
Sleepminting: As mentioned earlier, while NFT’s are minted to a well-known artist, hackers
are sometimes able to have them transferred to their wallet. This is done in a sophisticated way
that does not trigger any security checks and convinces potential buyers that the hacker is
entitled to sell the NFT’s that they have obtained illegally.
Money laundering: Due to NFT’s being decentralized (involving peer-to-peer transactions
as opposed to using an intermediary such as banks or government institutions) and unregulated,
they provide a convenient way of laundering money. Unlike traditional art, NFT’s are not subject
to specific regulations that have been designed to prevent money laundering, including
providing.
ID documents to assist in validating ownership of property:
The prices of digital art are less influenced by factors that affect the price of a traditional piece of
art, such as age or condition. This means that pricing of NFT’s can be more subjective, giving
criminals the opportunity to launder their money through NFT trading without arousing as much
suspicion as they would if they bought more traditional assets.
Economic sanctions: The current unregulated status of NFT’s means that the buying and
selling of them is – to a degree – conducted with very little supervision from the authorities.
While states and individuals may have had sanctions imposed on them to prevent them trading
5. with others, the lack of legislation relating to NFT’s may enable those subject to sanctions to
trade without being detected by enforcement agencies. As with money laundering, NFT’s do
create an opportunity for those looking to act illegally without attracting official attention.
Smart Contract Risks and Maintenance of NFTs
The risk of smart contracts and NFT maintenance is a prominent one currently prevailing in the
NFT market. There are several scenarios where hackers attack a DeFi (Decentralized Finance)
network and steal a large amount of crypto. Recently, the most-renowned DeFi protocol named
Poly Network was attacked by hackers, and $600 million was stolen in this NFT theft. The
reason behind that theft was because smart contract security wasn’t adequate. The hackers
successfully exploited the flaws of smart contracts to perform such a large-scale attack on the
Poly Network. The Poly network is very useful for swapping tokens on different blockchain
networks. This tells us that if smart contracts have even a tiny flaw, you cannot expect
completeness.
Conclusion
Before you jump into anything just because of the hype, it is necessary to perform thorough
research. When it comes to non-fungible tokens, it is much better if you understand all the risks
and challenges first. This will even make it easy for you to buy and sell NFTs in the market by
eliminating the risks. When an individual invests in an NFT, they may be looking at a fake or a
copy of an artwork from a seller disguised as the legitimate owner or an artist. In reality, the
artwork could be from an unverified seller duping investors into paying for an NFT that they
might not have rights to access or sell.