Abstract
Non-fungible tokens (NFTs) are unique and indivisible blockchain-based tokens introduced in late 2017. While fungible tokens have enabled new use cases such as Initial Coin Offerings (ICOs), the potentials of NFTs as a valuable component have not been fully exploited yet. Our work addresses this gap in theoretical and practical knowledge and demonstrates the efficacy of NFTs in the domain of event ticketing. We follow a design science research approach of designing, building, and thoroughly evaluating a prototype of an event ticketing system based on NFTs. Thereby, we demonstrate the usefulness of NFTs to tokenize digital goods, prevent fraud, and improve control over secondary market transactions. Further, we contribute generalizable knowledge of the benefits and challenges of NFTs and derive implications for both researchers and practitioners. Finally, we propose managerial recommendations for building applications utilizing NFTs and enable other researchers to draw on our findings and design principles.
Published Version
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