University of Illinois Urbana-Champaign

FIND THE MISSING PIECE: Adding Digital Preservation to the NFT Trading Ecosystem

Shan, Pengyin

Content Files
iPRES2023_submission_1132.pdf

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https://hdl.handle.net/2142/121107

Description

Title
FIND THE MISSING PIECE: Adding Digital Preservation to the NFT Trading Ecosystem
Author(s)
Shan, Pengyin
Issue Date
2023
Keyword(s)
  • non-fungible tokens (NFTs)
  • digital preservation
  • metadata standard
  • NFT trading
  • NFT flaw
Date of Ingest
2023-11-02T08:39:46-05:00
Abstract
The NFT (Non-fungible token) market is experiencing explosive growth. While artists, collectors, and crypto enthusiasts are jumping into this ecosystem, traditional collectors have found it more challenging to evaluate asset value in this NFT market than in the established collectible market. This paper navigates the reason for this problem by examining the design of NFT using ERC-721 and ERC-1155 standards, then illustrates that NFT’s infrastructure makes its evaluation more challenging based on its unstable or lacking connection to the underlying digital assets, which makes the evaluation of NFT inconsistent. This paper will propose a revised business model with a workflow to add digital preservation to the NFT trading ecosystem. The paper suggests adding digital preservation clients to the Ethereum blockchain and building communication with the back-end digital preservation system to guarantee the stability of NFT’s digital assets. In the end, this paper will discuss the benefits of the new business model and workflow, with potential future challenges and opportunities to the revised NFT market.
Series/Report Name or Number
iPRES 2023
Type of Resource
text
Language
en
Copyright and License Information
Copyright held by the author(s). The text of this paper is published under a CC BY-SA license (https://creativecommons.org/licenses/by/4.0/).

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