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Schweizer and Urbach, 2018). The spectacular success of ICOs, where globally an estimated 12 billion USD has been collected, has been enabled by the ERC-20 standard (AutonomousNEXT, 2018). This standard, which specifies a common interface for fungible tokens that are divisible and not distinguishable, was mutually agreed on by the developer community to ensure interoperability (Vogelsteller, 2015). In contrast, non-fungible tokens (NFTs) differ from fungible tokens in two important aspects. Every NFT is unique and it cannot be divided or merged (Voshmgir, 2018). This new form of token was first introduced with the ERC-721 standard in late 2017 (Entriken, Shirley, Evans and Sachs, 2018). ERC-721 variates significantly from the ERC-20 standard as it extends the common interface for tokens by additional functions to ensure that tokens based on it are distinctly non-fungible and thus unique (Entriken et al., 2018). For practitioners, these distinct properties of NFTs enable a variety of new use cases. It particularly improves the tokenization of individual assets which is not feasible with fungible tokens, as they cannot digitally represent uniqueness. Thus, practitioners have conducted a multitude of experiments in the past months using NFTs to represent both digital goods such as virtual gaming assets, digital artwork and software licenses as well as physical assets such as luxury goods and cars (Butcher, 2018; Griffin, 2018). NFTs are seen as key to unlock the market for collectibles which has an estimated global market size of USD 200 billion (Fenech, 2018). However, aside from the existence of first experimental use cases, a deeper understanding of NFTs would be beneficial from the viewpoint of IS research in three main aspects. First, solidified descriptive knowledge about the general characteristics of NFTs and the differences from fungible tokens enables a better understanding of the benefits and resulting opportunities. Second, improved prescriptive knowledge about the process of designing and evaluating applications based on NFTs benefits both researchers and practitioners. Third, increased awareness of practical challenges enables future researchers to better focus on solving remaining challenges. Unfortunately, in-depth investigations of NFTs by academic researchers touching these aspects are still missing. Further, the current body of knowledge lacks best practices, development project experience, and insights to blockchain-based software development (Delmolino et al., 2016). Thus, we conclude that a clear research gap exists. We aim to bridge that gap by demonstrating the applicability of non-fungible tokens in a specific domain and answering the following research question: What are the benefits and challenges of practical use of NFTs? We answer the question by following a design science research (DSR) approach and developing the use case of an event ticketing system. Doing so we present a new way to create, manage, transfer, and track the ownership and usage rights involved. We have chosen tickets as persuasive example because 1) current solutions typically face problems such as fraud, counterfeiting and limited control over secondary transactions (Waterson, 2016), 2) due to heavy reliance on third parties for trust there is a potential for disruption through blockchain technology (Beck and Müller-Bloch, 2017), and 3) the use case is limited in scope and thus suited for DSR prototype building. Therefore, we design and implement a prototype based on NFTs for a decentralized, blockchain-based event ticketing system that aims to replace the existing centralized ticket applications. By evaluating the prototype and its use, we gain valuable insights, discover challenges and draw conclusions that enable both a technical-oriented and management-oriented audience to benefit from it. The creation and evaluation of a prototype are central activities of the DSR approach we follow, which has been taken several times by IS researchers when dealing with blockchain use cases (Beck et al., 2016; Notheisen et al., 2017; Schweizer et al., 2017). Further, building an instantiation in a specific domain is a well-recognized practice when confronted with new technology (Hevner et al., 2004). Lindman et al. (2017) specifically propose the development and analysis of blockchain-based prototypes using a DSR approach. As thorough evaluation is key to prove the correctness and applicability of the resulting prototype, we follow an iterative build and evaluate approach (Hevner, 2007; Gregor and Hevner, 2013). Further, we draw on extant literature and expert interviews to assess the suitability of the artifact to its intended purpose and to gain insights into the benefits and challenges of NFTs. This approach has proven its suitability and is in line with various recent publications in the blockchain and DSR domain. Our theoretical contributions and practical implications are threefold: First, through creating a working prototype as resulting artifact, we demonstrate the feasibility of a blockchain-based solution with NFTs as a core component for the domain of event ticketing systems. Thereby, we illustrate that many existing problems in the ticketing industry such as fraud, lack of trust and limited control over secondary grey markets can be overcome by switching to a blockchain-based solution that utilizes NFTs. Second, by exploring NFTs from a technological and economic perspective, we generate generalizable knowledge and Fortieth International Conference on Information Systems, Munich 2019 2 Non-Fungible Tokens as Event TicketsPDF Image | NFTs in Practice
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