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Non-fungible tokens (NFTs) represent unique and indivisible assets on a blockchain, fundamentally differentiating themselves from fungible cryptocurrencies. Each NFT, backed by a smart contract, ensures authenticity and traceability of ownership, allowing creators to earn royalties and fostering vibrant secondary markets through interoperability. Their popularity skyrocketed during the COVID-19 pandemic, becoming a global trend with notable interest in various regions. Although the NFT market exhibits unique volatility and inefficient pricing, it is evolving beyond speculative digital art. NFTs are increasingly finding tangible, real-world applications, such as selling event tickets or academic diplomas, transforming into exploitable opportunities. Analysis of key collections such as Milady Maker, Pudgy Penguins, Bored Ape Yacht Club, Mad Lads, NodeMonkes, and Froganas reveals a dynamic, multi-chain ecosystem. These cases illustrate both the high-risk, high-reward nature of the market, with rapid appreciations and significant controversies, and a crucial shift toward functional utility, exemplified by executable NFTs (xNFTs). This study contributes to the understanding of NFT pricing and its practical applications, laying the groundwork for future market research.

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Intangible Innovation: Non-Fungible Token (NFT) Price Evolution and Real-World Applications

  • 章节

  • 发表日期：

    2026年

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  • Aldo Alvarez-Risco,
  • Shyla Del-Aguila-Arcentales

摘要

Non-fungible tokens (NFTs) represent unique and indivisible assets on a blockchain, fundamentally differentiating themselves from fungible cryptocurrencies. Each NFT, backed by a smart contract, ensures authenticity and traceability of ownership, allowing creators to earn royalties and fostering vibrant secondary markets through interoperability. Their popularity skyrocketed during the COVID-19 pandemic, becoming a global trend with notable interest in various regions. Although the NFT market exhibits unique volatility and inefficient pricing, it is evolving beyond speculative digital art. NFTs are increasingly finding tangible, real-world applications, such as selling event tickets or academic diplomas, transforming into exploitable opportunities. Analysis of key collections such as Milady Maker, Pudgy Penguins, Bored Ape Yacht Club, Mad Lads, NodeMonkes, and Froganas reveals a dynamic, multi-chain ecosystem. These cases illustrate both the high-risk, high-reward nature of the market, with rapid appreciations and significant controversies, and a crucial shift toward functional utility, exemplified by executable NFTs (xNFTs). This study contributes to the understanding of NFT pricing and its practical applications, laying the groundwork for future market research.