New Research Launched – Assessing Non-Fungible Tokens (NFTs)
Perpetuity Research has been commissioned by The Association of Fraud Examiners (ACFE), UK Chapter to undertake research into non-fungible tokens (NFTs). NFTs are essentially digital collectibles – if something can be stored digitally then it can become a NFT, including pictures, tweets, videos, songs and video game items. Ownership is secured by placing a unique token on a blockchain which cannot be replicated.
Although their origins can be traced back to up to a decade ago, it is only in the last couple of years that NFTs have really taken off, fuelled mainly by the gaming and collectibles markets. But what we have seen to date is only the tip of the iceberg, and many believe the future use of NFTs and their applications goes far beyond collectibles and gaming. NFTs can represent proof of ownership, manage licencing, grant exclusive access, and certify authenticity, and as such are set to seriously disrupt how many industries conduct their business including the real estate, financial, healthcare and events management sectors.
The UK Government has also announced plans to launch a range of NFTs as part of wider plans to make Britain a global hub for crypto asset technology and investment. However, to date there is little knowledge and regulation relating to NFTs, therefore, leaving organisations and individuals vulnerable to any manner of scams. It is hoped that this research will address this knowledge gap and perhaps contribute to new regulations and laws in this area.
If you create, invest, or sell NFTs, we would be interested in hearing from you. Please email: email@example.com