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NFTs in Practice – Non-Fungible Tokens as Core Component of a Blockchain-based Event Ticketing Application Completed Research Paper Ferdinand Regner FIM Research Center University of Augsburg 86159 Augsburg, Germany ferdinand.regner@tum.de Project Group BISE of Fraunhofer FIT University of Bayreuth 95447 Bayreuth, Germany nils.urbach@fim-rc.de Abstract Non-fungible tokens (NFTs) are a new type of unique and indivisible blockchain-based tokens introduced in late 2017. While fungible tokens have enabled new use cases such as Initial Coin Offerings, the potential of NFTs as a valuable component remains unclear. This paper addresses this gap in theoretical and practical knowledge and demonstrates the efficacy of NFTs in the domain of event ticketing. We follow a rigorous 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, this paper proposes managerial recommendations for building applications utilizing NFTs and enables other researchers to draw on its findings and design principles. Keywords: Blockchain, Tokenization, Smart Contract, Non-Fungible Token, Ticketing Introduction Blockchain technology is a radical innovation with the potential to challenge or even replace existing business models relying on third parties for trust (Beck and Müller-Bloch, 2017). The concept of blockchain was introduced in 2008 through the release of the Bitcoin whitepaper (Nakamoto, 2008) and primarily used as the technology behind cryptocurrencies during its first years. In 2014, a second generation of blockchains (e.g. Ethereum) was introduced, which allows to program and execute software – so-called smart contracts – on all participating blockchain nodes. Consequently, any user is enabled to create and deploy programs on a shared global infrastructure (Buterin, 2014; Wood, 2014). This has led to the realization of new concepts designed to simplify human interaction and collaboration on a large scale across several industries (e.g. supply chain management, international payments, international trade finance, energy markets, and notary services) (Christidis and Devetsikiotis, 2016; Morabito, 2017; Wüst and Gervais, 2017). Particularly, the use cases of Initial Coin Offerings (ICOs) that re-invent crowdfunding through the use of blockchain and its ability to tokenize assets, is drawing public attention (Fridgen, Regner, Non-Fungible Tokens as Event Tickets André Schweizer FIM Research Center University of Bayreuth 95447 Bayreuth, Germany andre.schweizer@fim-rc.de Nils Urbach Fortieth International Conference on Information Systems, Munich 2019 1PDF Image | NFTs in Practice
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