(The) role of NFTs in the digital world: Catalyzing innovation in the creative industry through a patent-inspired approach

Abstract

Non-Fungible Tokens (NFTs), based on blockchain technology, have emerged as a game-changer for artists, musicians, and content creators, addressing ownership and monetization issues in the digital realm. This study investigates the role of NFTs in the creative industry by comparing them to patents, which drive innovation in technology in real-world industries. Using a systematic literature review based on the PRISMA 2020 with CIMO framework we analyzed the common properties associated with NFTs and patents. Our findings suggest that NFTs and patents share similar properties, such as unique identifier, ownership verification, intellectual property protection, monetization, and record disclosure. In conclusion, NFTs playing a role akin to patents in the realm of the creative industry's innovation. Examining NFTs properties through the three aspects of creation, protection, and utilization of patents, we can better understand the transformative potential of NFTs and their role in the creative industry.