Non-Fungible Tokens Value with Metaverse and Blockchain Gaming

Non-Fungible Tokens Value wi h Me a e se and Blockchain Gaming
A Disse a ion P esen ed in Pa ial Ful illmen o he
Requi emen s o he Deg ee o
Doc o o Compu e Science
by
William Mcilha gey J
Depa men o Doc o al S udies, Colo ado Technical Uni e si y
No embe 2021
Commi ee Membe s
Alexa Schmi , PhD, Chai
Je ey Bu le , PhD, Commi ee Membe
Cyn hia Calongne, DCS, Commi ee Membe
ii
Abs ac
Non-Fungible Tokens (NFTs) had shown signi ican hype since 2021 and had gained popula i y
as a way o ade alue as an asse . The s udy oppo uni y was o in es iga e NFTs wi hin he
blockchain pla o m o iden i y how adding u ili y and combining he u ili y inside a me a e se
would hold he alue o NFTs. This quali a i e explo a o y s udy in es iga ed how NFTs can be
mone ized and used by c ea ing a ma ke o p o ide he demand. This esea ch s udy examined
he NFTs and e iewed how hey could be de eloped in o some hing use ul. The mone iza ion
o new ma ke s was an unde lying ques ion ha was esea ched as pa o his s udy o
de e mine i hey could be c ea ed and i he e was an e ec i e way o in luence u ili y o
gene a e alue. An explo a o y esea ch design was used o su ey 50 esponden s o unco e
concep s om blockchain o me a e se esea ch. The esul s aligned wi h he pe spec i e ha
NFTs appea ed no o ollow wha a adi ional asse would s ick o. Based on he indings, NFTs
could c ea e new ma ke s and en ice demand by elying on unique and limi ed cha ac e is ics
de ined h oughou his esea ch.
Keywo ds: non- ungible oken, me a e se, blockchain, games, quali a i e s udy
iii
Acknowledgmen s
I wan o hank he ollowing people, wi hou whom I would no ha e been able o
comple e his esea ch and wi hou whom I would no ha e made i h ough my doc o a e!
My esea ch supe iso , D . Alexa Schmi , was essen ial o comple ing my disse a ion
and ensu ed my success by keeping me on ack o comple e my disse a ion and all he help
wi h he e isions o he disse a ion. Wi hou he con inued e o s, I would no ha e me my
equi emen s o comple e he p og am, and hank you again o all he ha d wo k and help o
push me o comple e he s udy!
Also, o Mic oso o p o iding he lexibili y and esou ces while I was on he jou ney
o wo king owa ds my deg ee and heads down ocused on he esea ch.
Also, he DEEPSPACE communi y o pa icipa ing in he s udy, p o iding insigh s o
d i e he esea ch discussed, and p o iding u u e esea ch.
And o my pa en s, Ka hy and Bill, o all he suppo and encou agemen d i ing me o
con inue my educa ion, suppo ing me in my ini ia i es, and encou aging me o ob ain my
deg ees. I ha e inally eached he e minal deg ee and can ake a b eak!
And inally, o my wi e, Linsey, hanks o all you suppo du ing he jou ney, wi hou
which I would ha e s opped hese s udies long ago. Thank you o unde s anding he amoun o
ime his would ake o comple e he p og am, and looking o wa d o sha ing he ex a ime
back wi h each o he !
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Table o Con en s
Chap e 1: In oduc ion .................................................................................................................. 1
S udy Oppo uni y .............................................................................................................. 2
S udy Pu pose ..................................................................................................................... 3
Resea ch Ques ion .............................................................................................................. 5
Concep ual F amewo k ....................................................................................................... 5
Signi icance o he S udy ..................................................................................................... 8
Resea che Posi ionali y and Re lexi i y ............................................................................. 9
Delimi a ions and Limi a ions ........................................................................................... 10
De ini ion o Te ms ........................................................................................................... 11
Chap e Summa y ............................................................................................................. 13
Chap e 2: Re iew o he Li e a u e ............................................................................................. 14
Li e a u e Sea ch S a egies.............................................................................................. 14
Me a e se and NFT Blockchain Concep s......................................................................... 16
T us ed Sys em Re iew ..................................................................................................... 17
Decen aliza ion Risks ....................................................................................................... 20
Sequencing and T ansac ional Conside a ions ................................................................. 21
Technological Ad ances on he Pla o m ......................................................................... 23
Implemen a ion o he Blockchain F amewo k ................................................................ 24
Au hen ica ion and Secu i y ............................................................................................. 25
NFT Cen aliza ion Risk & Mi iga ion S a egies ............................................................... 27
Me a e se Vision .............................................................................................................. 29

Da a In e connec ing ........................................................................................................ 31
Media A en ion ................................................................................................................ 33
ERC-721 ............................................................................................................................. 33
Gaps in he Li e a u e ....................................................................................................... 34
Conclusions ....................................................................................................................... 35
Chap e Summa y ............................................................................................................. 36
Chap e 3: Me hodology, Design, and Me hods .......................................................................... 38
Resea ch Me hodology and Design .................................................................................. 39
Popula ion, Sample, and Pa icipan Rec ui men ........................................................... 40
Da a Collec ion Ins umen a ion and P ocedu es ............................................................ 42
Da a Analysis and P ocedu es ........................................................................................... 44
T us wo hiness ................................................................................................................ 45
E hical Assu ances ............................................................................................................. 47
Chap e Summa y ............................................................................................................. 48
Chap e 4: Findings ....................................................................................................................... 50
Desc ip ion o he S udy Sample ...................................................................................... 50
Resul s ............................................................................................................................... 52
Discussion o S udy Findings ............................................................................................. 57
Chap e Summa y ............................................................................................................. 59
Chap e 5: Discussion and Conclusions ........................................................................................ 61
Limi a ions o S udy Findings ............................................................................................ 62
In e p e a ion o S udy Findings ....................................................................................... 63
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P ac ice Implica ions o S udy Findings ............................................................................ 66
Resea che Re lec ions ..................................................................................................... 67
Recommenda ions o Fu he Resea ch .......................................................................... 69
Recommenda ion 1 ........................................................................................................... 69
Recommenda ion 2 ........................................................................................................... 70
Recommenda ion 3 ........................................................................................................... 71
Conclusion ......................................................................................................................... 71
Re e ences .................................................................................................................................... 75
Appendix A: Su ey Ques ions ...................................................................................................... 95
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Lis o Figu es
Figu e 1 Concep ual F amewo k o NFT Ecosys em o C ea ing Value wi hin a Me a e se 8
Figu e 2 Compa ing Expe ience In e ac ing wi h NFTs and Pa icipan ’s Age 52
1
Chap e 1: In oduc ion
Non-Fungible Tokens (NFTs) had shown signi ican hype since 2021 and had been
a ound on he blockchain o s o e alue and ep esen a digi al asse ; (Pin o-Gu ié ez e al.,
2022). The hype had a way o build and demons a ed po en ial mone iza ion wi h he elease
o NFT ma ke places allowing he easy buying, selling, and ans e ing o NFT owne ship da a
by cap u ing NFT me ada a and hen p o ided a ic ionless yield o digi al asse s. As wi h e e y
way o s o ing alue, he me hod in he digi al wo ld was also ulne able o exploi a ion.
Blockchain echnology powe came om anspa ency and was empowe ed by he
imes amps and c yp og aphy i p o ides (Rajgu u, 2021). A oolp oo pee - o-pee ne wo k
ensu ed anspa ency wi hou a middle-man agency o e seeing he p ocess, which u he
empowe ed he p ocess. This u he accele a ed he use o gaming wi hin he blockchain,
whe e decen alized applica ions could be u he expanded and allowed o decen alized
o ing o ake e ec .
To p e en one en i y om unning an en i e pla o m, decen alized, au onomous
applica ions allowed a communi y o un an en i e pla o m which we e ee om he con ol
and in e e ence o a single au ho i y. These decen alized applica ions we e an eme ging
applica ion model ha would be u he expanded o e he nex 10 yea s and could p o ide a
b idge o b ing new ini ia i es, such as gaming models o he blockchain, on a decen alized
pa h (An al e al., 2021). A decen alized applica ion could ensu e anonymi y, communi y buy-
in, and ansac ing da a and s uc u e p i acy. One key a ea in business in hese decen alized
en i onmen s would be ge ing he business ules o wo k wi h he ansac ions and apply he
concep s as pa o he o e all p ocesses (Sub amanian e al., 2020). Blockchain could acili a e
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Figu e 1
Concep ual F amewo k o NFT Ecosys em o C ea ing Value wi hin a Me a e se.
No e. The concep ual amewo k ocused on a gaming blockchain ecosys em wi h a lens
on he me a e se and non- ungible okens dynamics.
Signi icance o he S udy
This s udy was signi ican as i was an o iginal con ibu ion o NFTs and blockchain
echnology, ocusing on u ili y. NFTs ha e become a popula commodi y; o example, om
2020 o 2021, he NFT ma ke wen om $181,121 o well o e $38 million in 2021 in o al daily
sales (Pin o-Gu ié ez e al., 2022). S ill, he u ili y NFTs we e he ones ha would u he see
he alue om now on in mone iza ion, and u he esea ch should addi ionally p o ide hese
o disp o e his. I was essen ial o unde s and as hese a eas we e esea ched and buil o

9
unde s and how NFTs could be u he impac ed by he esul o useless o aluable daily
p ojec s, a emp ing o gain use s’ a en ion on a massi e scale.
Resea che Posi ionali y and Re lexi i y
Since 2012, one o my in e es s and passions had been esea ching blockchain
echnologies. Blockchain echnology was a decen alized echnology based on compu ing
powe ha allowed e i ied ansac ions o occu based on un us ed e en s wi hin an e en
(Bha ga a, 2019a, 2019b). The idea was ha hese echnologies could be indus y-wide, u n
he cou se on wha would be possible, and e amp many indus ies wi h how ansac ions
occu . The p o ided amewo k had p o en o wo k in many si ua ions; i also co e ed o he
condi ions, such as en i onmen al impac , depending on he incen i es one ied o a ge as
pa o hese e en s. Finally, he ecen in oduc ion o expanding he amewo k o include
new s anda ds such as ERC-721, NFTs, had also caused a massi e explosion due o hese new
capabili ies. As he indus y con inued o adop hese new echnologies, all he applica ions
ha could be used also emain o be seen. One indus y, such as he gaming indus y, we e
jumping on boa d, and some pla o ms, such as Binance, a e in es ing o e $1 billion in g ow h
money in o he ecosys em. (Chain, 2022). The e was a massi e oppo uni y in his space, and
e e yone was ea ly who joined, as i was only jus beginning.
The esea ch opic aimed o esea ch how NFTs could be mone ized and used by
c ea ing a ma ke o p o ide he demand. NFTs ha e become a signi ican hi as o 2021, so
much so ha hey we e he yea 's wo d du ing 2021 ( oanews, 2021). The plan behind NFTs
was a piece o p ope y o a sma con ac on he blockchain ha , ideally, no one else has,
c ea ing a unique collec ion. I is one ype o e en ha has occu ed and had only e e been
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min ed once, and ha was all he e e e was. Recen ly, he e was a pic u e o a monkey (BAYC,
2022) o an access oken o an exclusi e e en . One unique a ea I was esea ching wi h a opic
o using NFTs wi hin he me a e se and using hem as a b illian , upg adeable asse wi hin his
ecosys em. NFTs, once min ed, could ne e be ouched. Thei a ibu es o p ope ies canno
be modi ied o connec ed; howe e , a new concep o sma o upg adeable NFTs was being
expe imen ed wi h, making he idea inaccu a e in he con ex (Huang, 2021).
My bigges s eng hs as a esea che we e expe ience and an ac i e p ojec ha I had
wo ked on wi h a eam o membe s o o e a yea in his ield. By le e aging indus y
expe ience and using li e da a, I could b ing his o he models and pape o u he add
c edibili y and eal-li e da a analysis o de ine u he and model expec a ions. O e all, he
space was s ill new and being de eloped, and he e was a lo o oppo uni y o esea ch and
de elopmen in he a eas due o his con inued esea ch. To mi iga e any po en ial bias I could
b ing o my s udy, and I would ollow app op ia e esea ch me hods o da a collec ion and
analysis o e eal he indings o pa icipan s. I would p ac ice e lexi i y and look o he
li e a u e o u he analyze he s udy indings.
Delimi a ions and Limi a ions
The esea ch wi hin his space co e s he blockchain and he me a e se ace s wi hin
cons ained limi a ions and, as a esul , we e cons ained o a pa icula ision. The scope
u he ocused on he u ili y in ashion and how i could in e ac wi h ma ke ing, gaming, and
he economic impac o he in e ope abili y o hese componen s.
The limi a ions in his s udy we e ocused on no going beyond he men ioned
bounda ies and, as such, would dis ega d o he ypes o NFTs ou side he ERC-721 s anda d
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and no on he s anda d OpenSea ading pla o m. By ensu ing a consis en and ading
pla o m ha would be analyzed and e iewed, hese bounda ies could be u he limi ed o a
ocused esea ch opic and he eby ob ain a mo e ocused add ess o he esea ch opic. Going
o non-s anda ds o new s anda ds and o -ma ke places could cu e he esul s and p o ide
oo many a iables ha would skew he esul s o he NFT alues, which would u he esul in
ine ec i e da a and inaccu a e esul s in he esea ch p ocess. In he blockchain, anyone could
c ea e a con ac , whe he i would ollow a s anda d o no , as long as i ollowed he co ec
code o he pa icula blockchain. As long as he ma ke place, o a cus om ma ke place, was
c ea ed o ead he blockchain and p esen he da a, hen he digi al asse s could be displayed
o he end-use s. Following he s anda ds made i easie o ans e abili y and in e ope abili y
ac oss digi al walle s and s anda dized ools and ma ke places as hose a e mo e likely o be
able o display and wo k wi h end-use s.
De ini ion o Te ms
The e ms wi hin he esea ch s udy we e included o de ine how hey a e used and
included and inco po a ed o help he eade s be e unde s and he co e concep s,
echnology, ocus, and scope o he esea ch s udy ela ing o he opics. The key e ms we e
u he de ined o align wi h he cu en indus y knowledge and aspec s o cu en ends and
ecen esea ch pe o med.
Blockchain
The blockchain was an i e u able ansac ion s o e ha holds he his o ical da a and
da a ac oss solu ions. This was a pa o an o e all connec ed in as uc u e ha could handle
he pa adigm be ween he answe s o his o wo k (Risius, 2017).
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Me a e se
The me a e se was an exci ing opic ha was s ill highly deba ed, and he cu en
de ini ions a e an immense h ee-dimensional wo ld whe e a a a s could in e ac (Da is e al.,
2009). This was also being discussed highly on wha his looks like and how i in e connec s
ac oss social media and social gameplay.
Non-Fungible Tokens
NFTs elied on he blockchain o ansac . S ill, hey we e he on in e ace o he
a a a s ha we e pa o he me a e se and wo k closely wi h hese oge he (Pin o-Gu ié ez
e al., 2022), using NFTs as a o m o p ope y o ansac be ween playe s and p esen in o
a a a s and p o iles.
Sma Con ac
Sma Con ac s we e au oma ed p ocesses ha occu on a blockchain ha could
acili a e a ans e o a digi al asse o good (F ancesca Dal e al., 2020).
Decen alized Finance
Decen alized Finance (DeFi) desc ibes inancial applica ions buil on blockchain
echnologies. The inhe en us was he unde lying capabili y whe e i was pu in o he hands
o he consume s and allowed hem o ansac be ween each o he and only wi h each o he
(Ojog, 2021).
U ili y
U ili y is he concep o in angible okens and could be ungible o non- ungible asse s
ep esen ing access o a p oduc o se ice and se ing as a paying unc ion (Paajala e al.,
2022).
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Chap e Summa y
Gaming in he me a e se o e ed a unique pe spec i e wi h NFTs. Th oughou he
chap e , he opics co e ed he unique oppo uni ies wi hin he space ha we e esea ched
h oughou he pape o be e unde s and how hey in e ac and depend upon each o he .
NFTs could p o ide mo e alue when u ili y was added, and as hey do, hey gi e a me hod o
s o ed alue. They ac as a digi al asse and po en ially cause ea o missing ou on an
oppo uni y o he cus ome . Wi hin he nex sec ion o he s udy, he li e a u e e iew del es
in o he bigge opics and e ms e iewed and discussed h oughou he s udy. The e idence
displayed as pa o he esea ch could help ein o ce he backg ound o wha has been
collec ed and would be p esen ed in la e sec ions.

14
Chap e 2: Re iew o he Li e a u e
The pu pose o his quali a i e explo a o y s udy was o in es iga e how NFTs could be
mone ized and used by c ea ing a ma ke o p o ide he demand. The esea ch s udy would
examine his new space and be e unde s and how his could be e iewed o be de eloped
in o some hing use ul. Fo example, NFTs could be used in a game wo ld o connec use s o in-
game expe iences, ep esen ing me a e se in e ac ions wi h NFTs o SFTs. The s udy
oppo uni y was o in es iga e NFTs wi hin he blockchain pla o m o iden i y how adding
u ili y and combining he u ili y inside a me a e se would hold he alue o NFTs (Da is e al.,
2009). The concep o loading NFTs inside he me a e se could a i e by big playe s allowing
mo e a o dable and accessible access op ions o e ime (Valeon i e al., 2021). The me a e se
in e connec s be ween he blockchain and NFTs, p o iding alue o he cus ome s using he
connec ed pla o ms o p o ide u ili y. By p o iding a u ili y o he NFTs, he e could be an
unde lying ma ke demand inc easing he buying p essu e and alue o he gene al concep o
he gaming pla o m.
Th oughou his esea ch, he ollowing opics would be co e ed, Li e a u e Sea ch
S a egies, Me a e se, and NFT Blockchain Concep s T us ed Sys em Re iew, Decen aliza ion
Risks, Sequencing, and T ansac ional Conside a ions, Technological Ad ances on he Pla o m,
Implemen a ion o he Blockchain F amewo k, Au hen ica ion and Secu i y, Quali a i e Re iew,
Me a e se Vision, Da a In e connec ing, and Media A en ion.
Li e a u e Sea ch S a egies
Blockchain amewo ks and me hodologies we e a ela i ely newe concep , and
esea ch was exploding in blockchain echnologies, NFTs, and, mo e ecen ly, Me a e se
15
echnology. These concep s ha e exploded in public in e ne sea ches, and esea che s ha e
begun o pick up upon hese o e he yea s o dig in o hem o see wha hey a e made up o .
Blockchain pla o ms we e one key e m used o help iden i y schola ly a icles. Ano he c i ical
e e ence was sea ching o c yp ocu ency NFT o sea ch o hi s on ela ed echnology and
discussions ha ha e been pee - e iewed. Ano he key oppo uni y o esea ch was
me a e se and looking h ough a icles ela ed o hese opics. Finding esou ces ela ed o
hese e ms was c i ical o inding ele an and imely esea ch o build a case o he analysis.
In addi ion, blockchain us and o acles we e used o iden i y a eas o in e es in c i ical
segmen s ela ing o comp omise and alignmen . One da abase sea ch ha was used was he
Compu e Science Da abase in P oQues , whe e signi ican sea ch e ms we e used when
digging h ough hese li e a u e cases we e, Blockchain pla o ms, Blockchain iden i y,
Blockchain applica ions, decen aliza ion pla o ms, bi coin blockchain, c yp ocu ency e ec s,
en e p ise pla o ms, blockchain, non- ungible okens, NFTs and blockchain, me a e se,
egula ions and blockchain, blockchain analysis, blockchain immu abili y, blockchain sma ci y.
The schola ship keywo ds and ph ases we e also used o iden i y he ACM Digi al Lib a y
o help e iew addi ional esou ces whe e blockchain iden i y and blockchain c yp ocu ency
e ms we e used. Re iewing o he wo ds such as mone iza ion c yp ocu ency and ma ke ing
NFTs helped ind c i ical a icles ela ing o open ma ke s on c yp ocu ency and esea ch
wi hin he blockchain space ele an o his esea ch.
Ha ing e iewed he sea ch e ms and c i ical c i e ia co e ing NFTs, blockchain
esou ces, and me a e se con e sa ions, one mus now in es iga e he li e a u e e iew o
16
unde s and he me a e se and NFT concep s and he ele an esea ch associa ed wi h hese
componen s.
Me a e se and NFT Blockchain Concep s
U ilizing he me a e se componen s wi hin he esea ch c i e ia was essen ial due o he
a eas ha unde s and hese componen s. Using he me a e se and ansmedia s o y elling was
becoming a popula way o expand upon engaging he audience o game s o engage in his
space (İldaş, 2022). By u ilizing digi al passpo s and a eling he wo ld, one could quickly
engage he audience o make he buye eel pa o he uni e se a he han jus seeing he
uni e se.
B inging he me a e se o he blockchain was an addi ional concep ha o e comes a
di e en challenge o ge ing a decen alized wo ld o game s o in e ac wi h while inside his
al e na e wo ld. By decen alizing he me a e se and pu ing i on op o a blockchain, a gaming
me a e se could u he impac he game s by p o iding an imme si e i ual space and
expe ience ha would allow o i ual comme ce, applica ion design, and in e ac i i y (Shen e
al., 2021). Vi ual exchanges could u he acili a e in-game pu chases such as NFTs o p oduce
u ili y o hese asse s on he blockchain o expand in-game ansac ions and use o in-game
help. The concep cha in Chap e 1 u he in o med he s udy o he key s akeholde s and
indus y e ms used o connec he componen s and b ing he s udy oge he . As demons a ed
in Figu e 1 o Chap e 1, i was essen ial o unde s and how he dimensions wo k oge he .
Blockchain echnology was an immu able ledge o eco ds ha could be sliced up in o po ions
and gi en as a alue, o example, Bi coin. I could be coded o execu e au oma ic ansac ions
on he ne wo k, such as E he eum, which would allow o ying asse s as a eco d o owne ship,
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o example, NFTs (Co nelius, 2021). The concep o u he es ablishing NFTs, making hem a
sou ce o u h, and hen ying hem o a me a e se would addi ionally allow hese pieces o be
linked oge he . The his o ical de ails o ansac ions on he ne wo k ha mine s main ain
allowed o a consensus o us o occu , allowing he con ac s o be u he execu ed and
e ol e (L. Wang e al., 2021).
An ERC-721 was a amewo k c ea ed o E he eum blockchain whe e a unique asse
could ha e a di e en alue om he same con ac (Palmisano e al., 2022). Implemen ing a
well-a chi ec ed ERC-721 s anda d o NFT okens could ensu e consis ency ac oss he pla o m
and da a in e ope abili y, allowing he digi al asse s o be aluable and ansac i e on he
pla o ms (Palmisano e al., 2022). The suppo could be used o icke s, gaming, o digi al a
o es ablish a ma ke place o ansac u he and communica e be ween a buye and a selle
o es ablish a ela ionship (Calda elli, 2022). The economy could be u he exploi ed depending
on he buye o selle , which could be le e aged depending on he asse 's alue in he u u e.
T us ed Sys em Re iew
As wi h any us ed sys em, us mus be ea ned, especially in a new gi en echnology
ha was mean o be o e idden. Blockchain and us could be had hand-in-hand, bu i had o
be explici ly g an ed due o di ec con ic ion (Liu, 2019). The unde lying belie o he model
mus be inhe en ly us wo hy and ep esen ed. As a esul , o he wise, he model b oke down
quickly, whe eas, in he adi ional model, banks and egula ed indus ies' us was elied upon
in hose models. In con as , i us b oke down in hose models, hen he same occu ence
would happen in hese models (Li e al., 2021). Use pe cep ion was also c ucial o he sys em's
us ; inhe en ly, a blockchain-based sys em would be accep ed i i was seen as us wo hy,
24
echnologies (Clohessy & Ac on, 2019). The e alua ion and decision o which echnologies and
amewo ks wo k wi h each o he depends on he echnical capabili ies and he modeling
(F eman le & Sco , 2017).
Implemen a ion o he Blockchain F amewo k
As an example o he wo king sys em, a Sma Ci y was simila ly de eloped as pa o a
quali a i e model. The sma ci y concep was o imp o e he li e quali y o a ci y by eusing
inac i e esou ces. The blockchain u he es ablished c edibili y and ampe esis ance by
p o iding in elligen con ac o ganiza ion o p e en and educe isks as pa o a Sma Ci y
me hodology (Huang, 2021).
When de eloping a sma ci y, o example, in elligen ci y applica ion componen s
could also decen alize da a h ough a blockchain o u he e i y and app o e changes and
allow hem o p opose changes and co ec ions acco dingly (Ro ună, 2019). These componen s
sugges ed change as pa o an adjus men o he p ocesses ha u he accele a ed an o e all
s a egy and p o ed a wo king model o he me hods. A sma ci y could adap and g ow o
enhance hese componen s u he and expand upon c i ical demons a ed sys ems by wo king
o he blockchain me hodology and p o ide inhe en alue h ough using p i a e con ac s,
basically NFTs. The p ac ical implica ions o a blockchain ne wo k inside a uni e se such as his
we e he lack o anspa ency and decen aliza ion (Clohessy & Ac on, 2019). The blockchain
amewo k u he expanded upon he opologies. I was ex ensible, such as o e ing he abili y
o build he In e ne o Medical Things as a gaming pla o m o build deep lea ning models (Wu
e al., 2020). Scalabili y issues occu ed as he numbe o nodes inc eases, ep esen ing a ade-
o o his sys em's pe o mance and subs ance (Khan e al., 2021). The pu pose o he mine s

25
was o ensu e a ai and us ed en i onmen in a decen alized a ea. Allowing hem o p ocess
ansac ions a a ee gi es incen i es o p ocess (Zamani & Giaglis, 2018). The a o dance o
a iables u he cons ains he blockchain due o he capabili ies o he amewo k p o ided by
he mine s (Rossi e al., 2019).
Au hen ica ion and Secu i y
Au hen ica ion and session managemen we e i al componen s when wo king ac oss
an NFT, me a e se, and blockchain sys em. Iden i ying and acking a use and hei session
ac oss he li ecycle was essen ial o he de ined o e all plan. As pa o c ea ing inhe en alue
and ha ing a pa icula ou come, iden i y could become los o s olen and easily misplaced,
especially in e ugee si ua ions, whe e digi al iden i y and acking could be accomplished o
ensu e g ea e aceabili y (Bu on, 2018).
Ha ing aceable iden i ies, o example, could u he p o e i someone is who hey say
hey a e and p o ide p o en abili y o owne ship o a pa icula walle con aining NFTs—
p o ing he concep s o a hie a chical iden i y laye and how hese iden i y laye s would
o e lap. Fo example, ensu ing a use 's p ope iden i y could hen in o m he p ocesses ac oss
a sys em o men ion wha he use owns and hen, as pa o hose owne ship, de ail how hey
would in e ac wi h wha he use could po en ially hold om wha he use acknowledges,
wha addi ional alue could be u he added as a esul .
Policy-based empla ing could help lockdown o s anda ds and be e ensu e negligence
does no occu on he ne wo k due o malicious ac o s (Fang e al., 2021). Reco d keeping as
pa o NFTs was no included as he con ac s a e adjus ed acco dingly, and he documen
s anda ds a e oo ague o add ess (Co nelius, 2021).
26
In addi ion o e iewing he au hen ici y o a connec ion, checks and balances mus be
inpu o ensu e u he es ablished p ocesses. When using a decen alized applica ion (dApp),
o acles could help p o ide a cen alized sou ce o u h om us ed hi d pa ies who hen
b ing da a o hese un e i ied channels o help ensu e he p ope us o he da a (Calda elli &
Ellul, 2021). O acles also ha e a signi ican esponsibili y in co ec ly execu ing con ac s,
gua an eeing he igh in o ma ion goes in o he igh places. O he wise, hey a e esponsible
o igge ing i a emp s o pu he w ong in o ma ion in o he w ong places esul om an
a emp ed a ack o miscon igu a ion (Calda elli & Ellul, 2021). This is whe e he O acles could
issue e unds and c edi s o o se hese mis akes u he . Wi hou hese checks, hough,
malicious use s could min and abuse he sys em o go a ound he p ocedu es o do wha was
no in ended.
O acles we e u he se up o ce i y and be he au hen ici y o he da a a a cos o he
end-use (Ga eschi, 2018). While cos ing a minimal amoun , hese checks could be he e o
he g ea e good o he whole wo king pa . Ensu ing he ansi ion o echnologies and
designing i p ope ly mus ensu e hey low p ope ly o p o e u he .
AI-based pe o mance was also a check o ensu e hese applica ions pos unique and
cons ained challenges. Re iewing he impac hese ha e on use s was essen ial, and e ing
h ough he blockchain, his impac could be u he in es iga ed (Badsha e al., 2021; Islam e
al., 2021). Digi al echnologies and imp o ed connec i i y a e c ucial o o e coming obs acles in
indus ies whe e cen aliza ion has become he no m (Tanaka & E ans, 2020). Blockchains we e
o en e e ed o as he p ima y inno a ion and po en ial o dis up many indus ies. This was
no di e en om he me aspace uni e se and gaming pla o ms (Clohessy & Ac on, 2019). The
27
li ecycle o he app oaches we e u he e alua ed by e iewing he p ope ies o a con ac
and hen decla ing wha we e needed o con i m hese con ac s on he chain (Go e na o i e
al., 2018).
An IPFS sys em could also be e iewed as pa o an in e connec ed sys em o u he
connec in a decen alized hos ing iewing o images and asse s ac oss a blockchain app oach
(Ka basi & Shahpasand, 2020). The g owing impac on he blockchain was u he p oo o he
sma con ac s and exploi ed capabili ies ha could be p o ided o p o ide algo i hmic
compu a ions o u he le e age and educa e as pa o ensu ing a us ed and ad anced
pla o m (Cia o e al., 2020)
NFT Cen aliza ion Risk & Mi iga ion S a egies
In a p e ious s udy by Kai Risius, in elligen con ac s we e pushed ou using he
Blockchain pla o m and p o ed he o ches a ion concep s o he sys ems wo king oge he
(Risius, 2017). Speci ically, blockchain-dis ibu ed ledge s we e esponsible o in elligen
con ac s and dynamic business unc ionali y used du ing business ansac ions and p ocessing
on publicly a ailable blockchains. In addi ion, making hese immu able con ac s u he p o ed
he complexi y and equi emen s showing how he code could no be changed once deployed.
Making a ious changes would equi e a e-deploymen o he in as uc u e esul ing in a
cen aliza ion isk due o he a emp ed a emp me hodologies (Konashe ych, 2020). This
u he p o ed o le e age hese o NFTs, and ensu ing he da a can no be changed o e ime
makes hem s and as a piece o A wo k o collec ible ha could no be eplica ed o s olen as a
esul o hese occu ences on he ledge unning a op a decen alized sys em. T ansac ional
pa e ns we e also demons a ed as a esul o he holdings and ci cums ances, which could be
28
u he e alua ed; as a esul o see wha may ha e happened in his (Liu Xiao e al., 2021). To
help p e en Denial o Se ice a acks on he in as uc u e, i is u he impac ul which had a
decen alized dis ibu ed sys em o handle he load (Xu e al., 2018). Fo ecas ing was essen ial
o he concep , bu i was also challenging, so as a esul , i would need o be e iewed. By
lea ing p ope o ecas ing models, in es men s a egies could be designed and e ised o ha e
a p edic ed Bi coin e u n and we e s a is ically mo e obus (Gue a e al., 2020).
In a pe missionless en i onmen , one mus conside how his would impac he oles
and igh s o in e ac ing be ween sys ems om on-chain and o -chain sys ems as a esul o
he hyb id app oach o he me a e se. Fo example, wi h e e y NFT owne and buye , how
would ha a ec wo king wi h he digi ized asse and in e ac ing wi h he ansac ion hash
ac oss p i a e and public chains (Co nelius, 2021). These pe missionless sys ems need o be
ca e ully planned and execu ed as e iewed, whe eby blockchain sys ems in pe missionless
sys ems pa icipa e in anonymous sys ems as hey de elop wi h a ious iden i ies and me hods
(Feng, 2018). The eason o his was ha i could be challenging o in e ac wi h anonymous
use s and ha e hose use s in e ac wi h a us ed sys em ac oss he iden i ies, ensu ing
pe missionless. S ill, a con olled sys em, ye de-cen alized, could p o ide a mo e accessible
en i onmen o secu e, con ol, main ain, and u he es ablish as an au ho i a i e sou ce o e
a 51% sou ce. The low a e o blockchain adop ion had been in ol ed because o i s lack o
unde s anding and inno a ion in o ganiza ional s udies (Roge s, 1995; Yu and Hang, 2010; Van
de Wee d e al., 2016). IT inno a ion could be de ined as applying a new IT by an o ganiza ion,
indi idual, o uni (Swanson, 2004). A solu ion ha esol ed he scalabili y and ne wo k s o e
pa o he blockchain pla o m u he enhances he elas ici y o se e less applica ions. I
29
could u he expand beyond he single ask app oaches (Palaiok assas e al., 2021).
P o o yping was a c i ical componen o e iewing blockchains and con ac s while ensu ing he
p ope sys ems we e se up and unc ional and mee ing he de ined equi emen s
(Weingä ne e al., 2021). A sma con ac could p o ide app op ia e mechanisms and
imes amp o de ing me hodologies, o example, when compa ing he con ibu ions o he
p o ocols. Sma con ac s allowed o he mos e o less con e sion while secu i y was lowe
and mo e unc ions a o ed i (Y. Wang e al., 2021).
A blockchain-based booking sys em was de eloped o model a ious p ocesses and hen
o e ed hose ou o e he EVM nodes o ensu e be e au oma ic model checking (Dong e al.,
2020). Being a pa o a c yp ocu ency s udy ha e alua ed he sou ces and online
communi ies behind he scenes helped es ablish u he c edibili y and ma ke ing due o hese
ac o s. One hund ed wen y-eigh pa icipan s ha e a ge ed a esul o one s udy o e iew
he impac o c yp ocu ency on hei daily en i onmen (Dospinescu & Ca amangiu, 2018).
Me a e se Vision
The me a e se b ough hei in e connec ions and dependencies as an o e all
in e wined sys em. This b ough hei challenges which had a public chain and in elligen
con ac s ying o be in e connec ed amongs each o he o p o e u he wha was possible
and p e en use s om execu ing calls om ou side a pa icula pa h, o example, making API
calls and looking o weaknesses wi hin a speci ic di ec ion (P asad & Ramachand am, 2021).
The sys em should in o m he wo ke nodes o wha p i a e con ac s he e we e and ha e
been deployed due o hese new ins ances and hen u he de ine hem in a p o ec ed and
execu ed way. The se lemen should only occu once he inalized calls ha e been

30
implemen ed due o he con i ma ions (Yuan e al., 2018). Wi hin a me a e se concep , he e
would be a se ies o public connec ed blockchains, known as a go e nance oken, helping
manage he paymen me hods, along wi h a se ies o p i a e in e connec ed sys ems
con olling non- ungible passes esul ing om he possible in e ac ions wi hin a gaming
en i onmen o e en an NFT uni e se. Ensu ing he NFTs could in e ac wi h one ano he and
we e sel -awa e ensu es he con ac s hemsel es could in e wine and con inue o expand due
o hese addi ional lexibili ies.
Ha ing p i a e a angemen s ha could u he call each o he and in e ac wi h each
o he would allow he me a e se componen s o in e wine and ealize due o he connec ed
sys ems. Ensu ing hese p i a e and public app oaches we e ealized, es ed, and secu ed is
c i ical o ensu ing he success and ou come o he me a e se subsys ems. Sol ing double-
spend was c ucial as his esol ed issues wi h asse s, money, and any co esponding da a on
he chain, which was a i al issue wi h pas sys ems (Moiling e al., 2020). Blockchain
echnologies we e u he es ablished o a speci ic pu pose by ensu ing hey had machine
lea ning mechanisms and we e ocused on he goal (Kamišalić e al., 2021). As one builds a
me a e se, one mus accoun o he economy, whe e he blockchain i s pe ec ly. Mo e
speci ically, se e al ini ia i es had been ad anced due o he popula i y and ise o blockchain
echnology, allowing hese applica ions o mo e eal money ac oss bo de s using blockchain
echnology, making i mo e accessible o he masses (Cocco e al., 2017). The ision o he
me a e se also en ailed implemen ing a eal economy and basing i on a eal-wo ld sys em. In
con as , as a esul , i could u he expand ac oss p ojec s and ie mul iple sys ems oge he
31
(Menghui e al., 2021). B inging p ojec s and plans oge he would u he ensu e a o i ude o
op ions due o he pa ne ships and in e connec i i y hese a eas could p o ide.
Ano he essen ial concep had a adable economy as pa o he uni e se. E alua ing
ading whe e he ma ke s a e open 24x7, and i was necessa y o no e he di e ences and
pa allels esul ing in c yp ocu ency (Hudson & U quha , 2019). The o e all p ocessing powe ,
especially wi h specialized equipmen , could p o ide an ex a hash a e o help powe he
unde lying in as uc u e needed o un he pla o m (Kim e al., 2020).
Da a In e connec ing
When linking da a on a blockchain o o -chain da a, ensu ed unlinkabili y while
main aining linkabili y mus be conside ed. Fo example, in a hospi al and pa ien ’s p i acy,
how could medical da a be s o ed on a blockchain bu in a ashion o no link di ec ly o an end-
use . By igu ing his concep ou , one could u he elabo a e on expanding he a o he
possible while ensu ing he Heal h Insu ance Po abili y and Accoun abili y Ac o 1996 and
Gene al Da a P o ec ion Regula ion wi h a pa ien (Zhang e al., 2020). Bu i he da a could be
linked easily and iden i ied, how does i ge e ased o a blockchain, o wha would i look like
(Zhang & Lin, 2018)? The blockchain sys em could be ad an ageous as i allows a dis ibu ed
app oach o s o ing heal h eco ds and sha ing hem ac oss s akeholde s.
This opened up se e al ques ions abou how his sys em could be es ic ed o speci ic
en i ies and ensu e only he p ope pa ien access o he co ec da a a he igh ime.
Enc yp ing his da a and o e coming ce ain limi a ions would be he igh way o p o ec and
ensu e p o ec ed da a s ays p o ec ed a he co ec imes du ing sui able e en s. Medical da a
32
s o age was p oposed o claim p i acy awa eness wi h he exac loca ion enc yp ion o ack
he da a ac oss he pla o m (Yang, 2019).
Jung (2021) ensu ed his EMR da a could be p o ec ed and accessed while s aying
enc yp ed, so b inging hese concep s u he in o he me a e se space when esul ing in
playe s, cha ac e s, NFTs, and key da a all enc yp ed as a esul o c i ical con ibu ions could
u he ensu e non-immu abili y, educed anspa ency, and necessa y p o ec ions ac oss he
pla o m. In e ope abili y issues could occu due o wo pla o ms, bu open s anda ds made
connec ing he wo nodes easie ia he Mul iple CBDC b idge p ojec (Jung, 2021). By
in e connec ing da a, i was essen ial o ensu e p i acy as a esul . P o iding use da a collec ed
om a legal g oup was c i ical and happened wi h any o hese sys ems and mus s and up o
compliance ac oss he egions (Beche e al., 2020). Ensu ing a pe missionless s uc u e is
c i ical o he e ol ing needs o he applica ion and amewo k. This builds o he decen alized
app oach, which allowed us and e i ica ion o occu (Heo & Shin, 2021). Based ime is
essen ial due o immu abili y and au hen ici y (Ma e al., 2020). Reducing coun e ei ing o
digi al i ems opens up possibili ies wi h blockchain o w i e immu able ansac ions (Yiu, 2021).
In addi ion, o ensu e da a is on and o -chain, hese p ocesses mus be in eg a ed by
enabling key c yp ocu ency- ela ed au hen ica ed sou ces and u he gua an eeing he
compu ing esou ces we e delega ed (Kampik & Najja , 2020). By in eg a ing in e connec ed
sys ems such as hose ha ely on c yp og aphic echniques, one could ake ad an age o a
lowe cos and o e lay ne wo k o u he expand he possibili ies (Pa k e al., 2018). The
blockchain o ing sys em e icien ly ep esen s misma ches and de e mines which one would
33
win ou (Xiaoyu Ma, 2020). Ha ing adi ional paymen sys ems eplaced by digi al ansac ions
made i easie o allow his o come o ui ion due o he e i ica ions (Hosseinian e al., 2020).
Media A en ion
Inc eased c yp ocu ency and global media a en ion could impac pla o m ecosys ems
due o inc eased o dec eased c yp ocu ency asse sys ems. The asse s can be unde lined and
p essu ed due o ou side in luences, and hese need o be conside ed o wha he ue
capabili ies could be handled in he u u e (Sa kin udu, 2019). Wi h spli e enue ac oss
ma ke s, his opened he doo o alue inc ease and slippage ac oss he ecosys em, allowing
a bi age and addi ional ad an ages ha sui well in a me a e se and blockchain en i onmen
when dealing wi h in-game and ou -o -game economies. Fo ming a mone a y-based policy on a
decen alized us ed pla o m could help accele a e and mo e o wa d he expe iences whe e
new s anda ds could u he be pu in o place o c i ical mass adop ion.
Fake da a could be u he bols e ed, and ensu ing he p ope le e age a he igh ime
was essen ial (Reyes-Menendez e al., 2019). P o iding a con inuous play- o-ea n concep can
b ing in iguing esul s o he economy as use s we e incen i ized o gami y he sys em and
u he expand upon he elemen s and addic i e na u e. Then by winning NFTs and SFTs due o
he pe o mance, he in luence shown in quali a i e models would h ow he addic i e na u e
acco dingly. The media spillo e esul ing om wha was occu ing was essen ial o unde s and
he impac o he high- ank social media use s and he o e a ching impac on he en i onmen
(Xie, 2019).
ERC-721
40
al., 2021). A ew case s udies had been used o explo e his a ea (Tomi a e al., 2021). S ill, an
explo a o y, disse a ion-le el, in-dep h analysis had ye o be ully published in his space.
Se e al esea che s we e in es iga ing he blockchain concep s wi hin he
c yp ocu ency sec o ; o example, wo a icles in his space, such as Blockchain and sma
con ac s o insu ance ec o s, e iewed he ulne abili ies o Sma Con ac s as a whole
(Ga eschi, 2018; P asad & Ramachand am, 2021). This would u he help align he esea ch in
hese e icals and align wi h he co e concep s o hese ields o s udy.
The a ge popula ion would ocus on c yp o en husias s along wi h game s. Some use s
could classi y hemsel es as c yp o games, bu o he s could e lec as all-a ound indi iduals.
This quali a i e explo a o y s udy aimed o de e mine how NFTs could be mone ized and used
by c ea ing a ma ke o p o ide he demand. Wi h he c i e ia in mind, he goal o ec ui ing
was o iden i y pa icipan s in he c yp ocu ency space amilia wi h in e ac ing wi h he
blockchain, gaming, and NFT space o be able o in e ac wi h he pla o ms and no skew
esul s acco dingly (Zhang & Xiao, 2019). The s udy’s sample size was a ound 50 use s o ge
adequa e quali a i e su ey da a. The sample would be ec ui ed om exis ing c yp o and
gaming communi ies. These communi ies had o e 10k use s, so inding 50 use s willing o ake
a su ey should no be a p oblem o his p ojec . I would use Google Fo ms o collec he
anonymous da a. F om he e, da a would be analyzed and coded o see he esponse ends
using Google Fo ms and Google Shee s.
Popula ion, Sample, and Pa icipan Rec ui men
As pa o he s udy, he a ge popula ion would be c yp ocu ency pla o m use s.
Ensu ing a amilia audience wi h blockchain echnologies could impac how he echnology is

41
adop ed. The popula ion was u he ocused on gaming en husias s who would know he
pla o ms a ge ed as pa o he me a e se. The o e all c i e ia would ma ch he pu pose o
de e mining how NFTs can be mone ized and used by c ea ing a ma ke o p o ide he demand.
In addi ion o hese equi emen s, he pa icipan s mus unde s and how o in e ac wi h he
blockchain. They would be amilia wi h he social communi y so hey can see he su ey o
pa icipa e. These we e some o he basic equi emen s o join in and expe ience as pa o he
s udy. The es ima ed size o he a ge popula ion was well o e 10,000 communi y membe s.
The minimum s udy size would be 50 esponden s o he su ey. In a quali a i e design
p ocess, inc easing su ey esponden s we e no necessa ily be e o da a accu acy (Skinne
e al., 2022). Simila s udies using quali a i e su eys ha e used esponses o 100 o ewe (Han
e al., 2022). A pu posi e sampling p ocedu e o c i e ion sampling would be used. S udy
pa icipan s mus mee he s udy c i e ia. The ec ui men pos would be pos ed on he
communi y si e. A collec ion o 50 su eys would ga he ed om he ecei ed esponses as pa
o he da a collec ion. As demons a ed by he esea che Ma shall, ha ing oo many answe s
was no necessa ily be e because i could skew he esul s. Re iewing he da a ga he ed and
ensu ing spam esul s. Accu a e da a esul s would be essen ial o ensu e bo esponses we e
weeded ou due o he in elligence ga he ed. A se o c i e ia o ensu e a compe en , ocused
se o use s as he pa icipan s needed a baseline se o knowledge o in e ac wi h he
blockchain and connec wi h he game.
The su ey pa icipan s would be ec ui ed h ough c yp o g oups and gaming g oups,
p o iding enough ocus o ga he he esul s needed o ob ain he necessa y da a o analyze
he da a. The c yp ocu ency g oups we e ocused on me a e se games and he a eas wi h
42
p e ious expe ience in e ac ing wi h he blockchain and his behind he scenes expe ience. The
expe ience ha had been ob ained by he pa icipan s, emo ed he ba ie o en e ing,
he eby, c ea ed be e esea ch da a han jus by ha ing esea ch da a ha consis s o
unknowns. The expec a ion would be ha mos o he esponden s would no espond bu
e ain a big enough g oup ha could heo ize enough esponden s o ul ill he equi emen s.
Pe mission was al eady allowed because, in he c yp ocu ency wo ld, e e y hing was
anonymous anyways. I am al eady one o he ounde s and had ecei ed pe mission om he
eam. In addi ion, when use s sign up, hey p o ide hei app o al h ough he e ms o use.
Also, when he ec ui men pos and Google Fo m we e pos ed, hey would ag ee o he e ms
o use on he Fo m when illing ou he o m, which would be pos ed on he communi y Disco d
si e.
Da a Collec ion Ins umen a ion and P ocedu es
The da a collec ion ool used o his s udy was a su ey. Speci ically, a Google Fo m
wi h de ailed ques ions ega ding he concep s o he me a e se ac i i ies ele an o he s udy
pu pose would be used. P o iding de ailed ques ions would ensu e a comple e esponse on he
co e concep s o wha o look o and how o e alua e hem. The su ey ques ions we e
p esen ed in Appendix A. Ques ions would ocus on c i ical echnical insigh s wi h c i ical opics
o blockchain, c yp ocu ency, me a e se, and NFTs. The key eason o use su eys was o help
ga he pa icipan s eeling, expe iences, and us wi hin a decen alized pla o m and
unde s anding o b inging he o um in o gaming (Tahe doos , 2022). I also helped he
indi iduals eel like hei oices we e hea d, and con inuous imp o emen s we e made due o
he changes and po en ial concep s being add essed going o wa d.
43
To s a wi h he da a collec ion echnique, a Google Fo m would be issued o he
communi y and o e ed o anyone willing o pa icipa e. A sampling o 50 pa icipan s would be
ga he ed and used h ough he p ocess o alid da a o ake he esponses and analyze hem
o u he sc u iny. As pa o he da a collec ion, ensu ing accu a e da a such as comple e and
accu a e esponses, in o med consen , and e lec i e esponses would be gua an eed o
cap u e he in en o he ou comes as opposed o blindness inpu . Rec ui men was in e ed o
use s as he communi y ha was b ough in has been p e-sc eened as ha ing c yp o accoun s,
social media wi h egis e ed access o NFTs, and expe ience u ilizing NFTs wi h a gaming
app oach.
Finally, da a would be s o ed wi h Google Cloud as pa o he Google Shee s, whe e
Google Fo ms s o es he da a and would be e ained o up o se en yea s as pa o he
ag eemen wi h Google. Po en ial pa icipan s in e es ed in he s udy would ollow he link o
he su ey p o ided in he ec ui men pos . Be o e answe ing any su ey ques ions,
pa icipan s mus olun a ily ag ee o he in o med consen s a emen supplied as he i s
ques ion on he Google Fo m. As pa o he su ey collec ions, age ange and walle add ess
would be collec ed, which was anonymous and ha de o ack. As he pa icipan s wo ked
h ough he su ey, hey would be equi ed o p o ide sho answe s o each su ey ques ion.
O he wise, he su ey would be e mina ed due o a imeou unc ion. Each ques ion was
ma ked as equi ed wi hin he su ey so a pa icipan could no con inue on o he nex
ques ion un il he p e ious one had been answe ed. Once he su ey had been comple ed, he
pa icipan would be inished pa icipa ing in he s udy. The su ey was es ima ed o ake a
maximum o 10 minu es o comple e. No pe sonal iden i ica ion in o ma ion would be
44
collec ed in his p ocess. Su ey esponses would be downloaded and ans e ed o Google
Fo ms o analysis. Sa e s o age would help ensu e da a in eg i y wi hin Google Cloud.
Be o e beginning he s udy, a pilo s udy would be conduc ed. The pilo s udy's pu pose
was o de e mine and unde s and he op imal numbe o pa icipan s ha would be used in he
pilo s udy. The pilo s udy would u he help o ensu e he andomiza ion echniques. These
pilo s udy pa icipan s would mee he s udy c i e ia, bu he da a ob ained om hei
esponses would no be included in he s udy indings. Selec ing he p ope s anda ds and
de e mining he co ec ocus audience would help ensu e he p ope ou come and esul s
wi hin he inal s udy.
Pe mission o use would be asked o du ing he Google Fo m and was also g an ed as
pa o being on he p ojec and in e ms o use. The c yp ocu ency communi y was en i ely
anonymous, so use s we e always mo e open o p esen ing in o ma ion because no hing easily
co ela ed back o an indi idual pa icipan .
Da a Analysis and P ocedu es
When collec ing and looking h ough he da a associa ed wi h he su eys, hemes
would be conside ed, such as consis en messaging a ound NFTs as a u ili y o messages hey
go agains his s a emen and acking he esponden s o whe e hey a e leaning owa ds one
o he o he indecisi e. As pa o he codebooks de eloped and hemes, hese would be used
o p o ide ele an da a and esul s o unde s and be e he esul s' accu acy and he answe
o he o e all esea ch ques ion (Con ad & Tucke , 2019). Ca d so ing could be u he used o
help iden i y his da a, dis ill he esul s, and look in o he o e a ching answe o he ques ion
o unde s and i he esponden s p o ided enough insigh s o b ing ele an da a o wa d.
45
U ilizing Google Shee s would allow o scaling h ough he da a looking o ends in he
c i e ia o he collec ed da a. Examples o he collec ed da a would be looking a he
demog aphics, so ing h ough he demog aphic anges, and co ela ing ha wi h he
expe ienced use s in NFT holde s. Iden i ying any ends o compa isons wi h he da a would
ind compelling esul s o de e mine answe s o he ques ions asked a ound wha he
pa icipan s conside a alue NFT and poin o he o iginal hough o he s udy.
The e we e many app oaches o collec ing da a o analyze he da a u he o
de e mine he inal esul s and impac o he esea ch. Google Fo ms, wi h he use o Google
Shee s, would be he ool o help deciphe he da a. As pa o e iewing he da a, some o he
hemes would be e iewed o using an NFT wi h u ili y o e a meme NFT. Ano he
conside a ion would be he quali y o he NFT, such as capabili ies p o ided by an NFT, o
example, an upg ade NFT e sus a s a ic one. Ano he capabili y o an NFT ha would be
e alua ed as pa o he da a collec ion would be o see he u ili y o an NFT, such as he pe ks,
e sus one ha did no ha e access o such pe ks o esou ces. While he e a e many op ions o
digi al asse s o choose om, ha ing a u ili y NFT would i make a di e ence in in e ac ing wi h
a me a e se o would no adjus he alue, and he da a collec ed h ough he su ey would
highligh he app op ia e da a o help ci cle back o he ini ial ques ion highligh ed in he s udy.
T us wo hiness
T us in ol es expec a ions and mo i es o he willingness o ac . The main ocus was
us ing he esul s as a eade and ensu ing one could au ho ize he s udy esul s and indings.
By building he e idence and p o iding he accu acy o he esea ch, one could gua an ee he
conclusions we e ele an , accu a e, and o e all us wo hy (Zhou & Miguel Bap is a, 2013).

46
T us wo hiness was ul ima ely a single poin o ailu e, and wi hou i could lead o insu icien
da a and a collapse in he case. Wo king h ough i and p o iding sa egua ds o isk mi iga ion
s a egies o le ing he pa icipan s us he esea che as much as possible is he bes way o
ensu e us . Building us wo hiness as pa o he su ey app oach was c i ical o ge ing
pa icipan s o unde s and and p o ide essen ial da a as pa o he s udy. I he pa icipan
does no us he su ey, he da a would be inaccu a e (Salminen e al., 2022). I was also
essen ial he s udy would consis o c edibili y, ans e abili y, dependabili y, and
con i mabili y. All o which he examina ion mus demons a e, o i could unde mine he
undamen al esea ch.
C edibili y was he ocus on whe e he esea ch builds he belie abili y and con incing
o backg ound us wo hiness o he epu a ion o he esea che and pa icipan s (Jeng & He,
2022). Fo example, p o iding a dep h o esea ch and esou ces in he disse a ion
demons a es he knowledge he esea che had acqui ed, pu ing he in o ma ion oge he o
unde s and whe e hey we e a . Addi ional c edibili y was in e ed as pa o he s udy wi h he
non- andom pu posi e sampling app oach. When one akes a pu posi e sample, he bias was
educed h ough he c i e ia me by he esea ch pa icipan s, which could build he e i iabili y
and c edibili y wi hin he indings and build he ou comes as a mo e c i ical use case and
addi ional indings. The da a collec ed would be o aled oge he o each ou come and
b ough oge he in di e en pe spec i es o de e mine he ou comes and p edic ions.
Th oughou he p ojec , c edibili y would be p ese ed by e e encing and using quali y
sou ces and c i ical ocus poin s when b inging in esea ch a eas. The ans e abili y was
achie ed by p o iding he mechanisms and eplica ing how his da a was ga he ed h oughou
47
he esea ch s udy o allow o he s o mimic he esul s. Building a sha ed unde s anding o he
knowledge, us , epu a ion, and su ounding concep s wi hin he belie s and assump ions
de ined could u he build mu ual g ound on he social oles and ideas used h oughou he
esea ch (Xie e al., 2022). Finally, con i mabili y was u he eng ained by demons a ing he
esul s e ec i ely h oughou he in es iga ion. Replica ing he esul s wi hin o he s’ esea ch
could u he build upon he esea ch o iden i y he knowledge sha e be ween esea che s as
pa o he s udies (Unde hill, 1995). To es ablish dependabili y, Google Fo ms was p o ided in
Appendix A o highligh o he su ey ques ions. T us also ela ed closely o he idea o
eliabili y in he esea ch iew. Ha ing dependable esea ch was also eliable, ensu ing i could
consis en ly be accu a e, p ecise, and us wo hy (Bashi e al., 2008). P ope ly p o iding
p ope analysis was c i ical o ha e he igh esul s a he igh ime.
Con i mabili y was also es ablished by es ing he ques ions, ensu ing he esul s and
da a we e connec ed co ec ly and showing pe sonal da a s aying ou o he sys em. The
me hods we e linked and u he in luenced as a esul . P o iding ce ain y and esul s was
essen ial o he alidi y o he esul s as a way o iple-check he ou come o a oid mis akes,
bias, and misin e p e a ions o he da a and indings. De e mining an expec ed ou come, hen
p o iding a speci ic me ic o he de elopmen could ensu e a epea able p ocess o e-
a i ming and p o iding p ocess igo o he unc ions and p o iding dependable esul s o he
con inui y o he esea ch p o ided by he s udy.
E hical Assu ances
S udy p ocesses would be pu in o place o be e ensu e he e hical s anda ds we e
abided by and he pa icipan s' iden i ies we e p o ec ed by agg ega ing he da a and ensu ing
48
he anonymized da a could no be acked back o he pa icipan s. This would also ensu e he
da a was be e us ed and he pa icipan s p o ided be e in o ma ion because hey
unde s ood i was anonymized. As pa o he Belmon p ocess, ha would be ollowed was
espec o each su ey ake by ensu ing hei p i acy, in o med consen o hei p i acy, and
s o age o hei da a o he se en yea s ia Google. The da a would be anonymized by no
asking o hei email and no eques ing any Google email (Du ka & As o h, 2022). The e we e
no po en ial isks o he candida es aking he su eys as no pe sonal in o ma ion o h ea o
sec e s a e being asked due o his su ey. In addi ion, he e we e no di ec bene i s o ca ying
ou his su ey ei he . The ec ui men would be a s aigh o wa d p ocess whe e use s in he
online communi y would be messaged a Google Fo m o pa icipa ion.
The bene i s o socie y we e o p o ide u he awa eness o he alue o NFTs and
unde s anding o wha an NFT was, i s po en ial o pe cei ed alue, and how one could u he
alue i in a di e en ligh , mo e han jus an image. S ill, unde lying s a s o behind- he-scenes
echnicali ies as opposed o jus e iewing i s ace alue. Unde s anding all aspec s o an NFT
and he bene i s om all sides, one could make a be e -in o med decision be o e ge ing an
NFT om a ma ke place. The mo e conside able bene i o socie y was by u he expanding on
he esea ch in he ield and ocusing on he new NFT a ea ha had been picking up a en ion.
Chap e Summa y
The esea ch p o ided demons a ed he o e all ec ui men o s udy pa icipan s, da a
ga he ed, and he da a collec ion p ocessed and p ocu ed. The comp ehensi e da a collec ion
and ins umen a ion p ocess we e u he discussed wi hin he a eas. The hemes and insigh s
co e ed he expec a ions and da a ocal poin s as pa o asking he su ey esponde s o
49
p o ide de ailed answe s o quick summa ies o he ques ions and addi ional in o ma ion o
p o ec he aspec s o he esea ch ques ion om analyzing u he wha was co e ed and wha
was no . These aspec s helped o build c edibili y o he gene al esea ch opic. In addi ion, he
us wo hiness and e hical assu ance we e u he e alua ed as pa o he esea ch s udy o
demons a e he esul s om he indings o he ocus a ea in he p ojec . As pa o Chap e 4,
he su ey p ocess would be e iewed o highligh he esul s and conclusions. Resul s would
e eal mo e insigh s in o he esea ch p ocess o see he na a i es and su ey esponses o
hose a eas.
56
The addi ional ques ion was, “Wha sou ces do you conside eliable when acqui ing an
NFT?”. The esponses mainly anged owa d “F iends.” Howe e , he e we e also a ew o he
su p ise esponses oo, such as “Celeb i y Endo semen s” o “In luence s” and hen also
“Media Publica ions." One addi ional esponse ha seemed o pop-up as a commonali y o he
e e enced ques ion was also a secu i y audi and whi epape which is also enjoyable. In
c yp ocu ency, a secu i y audi by a known and epu able i m is becoming inc easingly
ecommended o ha e ha s amp o app o al o once e iew on you asse o ge a u he nod
o us in he c yp ocu ency space.
When e iewing NFT p ojec s jus s a ing up, one ques ion posed o he pa icipan s
was, “Hypo he ically, i you a e he p ojec c ea o o an NFT, wha a e some asks you would
do o c ea e demand?” I was no su p ising ha mos o he esponden s did no exp essly
s a e he same esponse; hey basically said he same idea o concep . They all hin ed a
ma ke ing. Some pa icipan s di ec ly s a ed ma ke ing, while o he s no ed a “s ong
communi y.” In he c yp ocu ency space ha ing a communi y is he same e ec as ad e ising
o ma ke ing. This is key o a li ing and b ea hing p ojec is he way ha ma ke ing occu s.
The e we e also a on o a iable esponses ha would also be use ul o u he esea ch in he
u u e ha some o hem ied in o he me a e se p ope ies such as VR o o he a eas such as
“P oo o Insu ance,” which could be an in e es ing u u e p ojec o a whole di e en
esea ch sec o . S ill, o e all he e was a majo i y di e ence in esponses, wi h many o he
concep s b ough up in his sec ion o discussion.
A c i ical ques ion ha was also asked and is essen ial om he s a o NFT o e en
oken asse s was conside ing he blockchain on which a p ojec will un. Pa icipan s esponded

57
ha E he eum was he o e all chain used, wi h many s a ing Polygon and Binance as o he
chains. The da a was no su p ising as E he eum, as o 2022, is he hea y NFT chain used o
mos p ojec s le e aging he mos common pla o m OpenSea. In addi ion, as pa o he su ey
esul s, OpenSea was he mos esponsi e o he medium used o NFT ading ac oss all he
pa icipan s. The le e aged blockchain can make o b eak a p ojec , as his is whe e he
in es o s a e, and no ha ing an accessible pla o m o chain would esul in li le o no
ac ion.
Discussion o S udy Findings
Unde s anding he cu en esul s as pa o he quali a i e esul s demons a ed ha
he da a p o ided, while subjec i e, is also elling as pa o building c edibili y, conside ing he
sampling and he sample size aken as a esul o he da a. One speaking a ea o he da a was
he majo i y o he esponses con ained he eques o ocusing on U ili y NFTs as a c i ical
cha ac e is ic o ob aining an NFT (31 o 44). As an example o a commen on a u ili y NFT
collec ion, one o he pa icipan s commen ed, “The NFT ma ke was looking o u ili y in he
c yp o wo ld and he no mal wo ld, in he case o games a use ul, iendly way o use he NFTs
example DEEPSPACE game. Anyone could use an NFT in DEEPSPACE and gi e i u ili y in he
game.” The DEEPSPACE (DPS) collec ion was known o i s unique u ili y a ibu es and dynamic
con ac capabili ies o allow NFTs o e ol e and expand o e ime.
Th oughou he s udy, addi ional insigh s we e de e mined; o example, he
ma ke place op ions p o ed ha ega dless o whe e he NFTs a e acqui ed om o wha chain
is used, as long as he consume knew abou he NFT and i i s hei in e es s, he consume
would ecei e i . One pa icipan p o ided g ea insigh , “I he ma ke is ola ile, su e, I'll sell
58
o p o i o s ake i , bu o he wise, I belie e in he long- e m u ili y and holding i can be a eal
game-change .” This also ied o ano he concep when he ma ke s ge ough; he common
pe cep ion was o hold he NFTs a he han ying o sell hem a a loss o minimal p o i .
The e ha e been s udies pe o med on ma ke analysis. Fo example, in he Chinese s ock
ma ke , i has been shown low o no in o ma ion eleased and bea ish ma ke s being o med
can a ec s ock ma ke c ashes in China (Chu e al., 2021). E alua ing and e lec ing on hese
c yp ocu ency ma ke s ha ie close o he s ock ma ke s ha e many o he same
pe spec i es. The in o ma ion ga he ed om he su ey demons a ed in es o s a emp o
hold as a esul as long as he e is “ anspa ency and legi imacy.” Simila o public s ock
ma ke s, i was e en mo e expec ed in c yp ocu ency o ha e in o ma ion disclosed as pa o
he p ojec s. I was an exci ing ind ha con i ms his hough as pa o e iewing he o e all
da a as pa o his s udy.
The de ailed su ey esul s ha e been included in Appendix B, whe e addi ional da a has
been so ed and included u he o unde s and he esponden s’ iewpoin s on
c yp ocu ency. Including he da a helps p esen a anspa en and c edible pe spec i e,
whe eas in many s udies, his was no included; i lea es he audience wi h a lack o
unde s anding o he conclusions eached (Tomi a e al., 2021). As pa o o e coming hese
challenges in iden i ying he da a s uc u e, as p o ided ea lie , he da a esul s could help build
he in eg i y o he s udy and allow o u u e esea ch o be conduc ed on he included da a.
The esea ch ques ion add essed om he su ey ques ions was, how can NFTs be
mone ized and used by c ea ing a ma ke o p o ide he demand? This esea ch ques ion was
di ided in o wo sub-ques ions o help classi y and ca ego ize he concep s. The i s sub-
59
ques ion was, as ma ke s ma u e, could compa able NFTs be e alua ed o de e mine he
e ec i eness o u ili y NFTs? The su eys highligh ed ha he “long- e m u ili y” o he p ojec
was mos impo an . A he same ime, he “po en ial o p o i ” a i ed second o he
selec ion and compa ison o NFTs ac oss he ma ke . The su ey da a demons a ed ha NFTs
could be mone ized and used o c ea e a need and p o ide he demand. As shown by he
de ailed esea ch esul s in Appendix B, making NFTs wi h cha ac e iza ions, whe he exis ing
o new, could inhe en ly c ea e o add on o an exis ing ma ke and he eby c ea e he demand
o d i e in es o s o he NFTs.
The second sub-ques ion ha was also e iewed was wha unique cha ac e iza ions and
ma ke condi ions a e equi ed. Based on he esul s, he su ey pa icipan s highligh ed ha as
ma ke condi ions ma u ed, hei opinions would mos ly no change in he epo s o he NFTs
ha would be in es ed in (17 o 44). Speci ically, as one indi idual called ou , “NFTs and good
p ojec show alue in ime, ega dless o ma ke condi ions, bu o cou se, when he ma ke
ma u es, i can only bene i and no make i less aluable.” The esul s we e he same when he
ma ke de e io a ed, and he o e whelming esponse was ha no design would change (26 o
44). The esul s aligned wi h he pe spec i e ha NFTs appea no o ollow wha a adi ional
asse would ollow. Ins ead, he consume in e es in acqui ing and holding on o hem would
all back o he o e a ching idea ha he cha ac e iza ions and p ojec i sel we e mo e
impo an han he ma ke condi ions. Based on he indings, NFTs could c ea e new ma ke s
and en ice demand by elying on unique and limi ed cha ac e is ics de ined h oughou his
esea ch.
Chap e Summa y
60
The indings demons a ed a sampling o he c yp ocu ency ma ke specula ion abou
NFTs. Re iewing he da a om he su ey shows how NFTs and he me a e se a e iewed
oday. As a esul , hese pe cep ions could in luence he global ma ke s when applied
holis ically, a scale. The indings u he demons a ed he conclusion o he esea ch
ques ions, iden i ying how he needs o he ma ke a e no only independen o he
cha ac e is ics o an NFT bu , u he mo e, he mo e in luence a p ojec had on, and he g ea e
he u ili y an NFT has was one o he bigges d i e s o in es ing in an NFT. In Chap e 5, he
discussion o he concluding esul s will be analyzed as he inal pa o he s udy.
61
Chap e 5: Discussion and Conclusions
The pu pose o his quali a i e explo a o y s udy was o in es iga e how NFTs can be
mone ized and used by c ea ing a ma ke o p o ide he demand. This esea ch s udy examined
his new space and saw how his could be e iewed o be de eloped in o some hing use ul. Fo
example, NFTs can be used in a game wo ld o connec use s o in-game expe iences, which
ep esses a me a e se in e ac ion wi h NFTs o SFTs. A quali a i e esea ch app oach was used
o unde s and he cha ac e is ics o he social phenomena on why NFTs may o may no be
mo e aluable as a u ili y in a me a e se en i onmen as a u ili y (Liu e al., 2020). The s udy
oppo uni y is o in es iga e NFTs wi hin he blockchain pla o m u he o iden i y how adding
u ili y and combining he u ili y inside a me a e se would hold he alue o NFTs (Da is e al.,
2009). E en he concep o loading NFTs inside he me a e se could a i e by big playe s
allowing a mo e a o dable and accessible access op ion o e ime (Valeon i e al., 2021). Fou
hund ed and nine y million dolla s is he la es alue he NFTs ha e gene a ed in 2021 alone
(Muddasa & Bagui, 2021). A is s wan o use digi al asse s o sell a , bu how is he alue
de i ed om he seemingly housands o NFTs being min ed a scale. The esea ch will u he
be e iewed o iden i y ones wi h u ili y o p o ide ex a weigh on op o he a o see i hose
hold alue o e a mo e ex ended pe iod.
An ERC-721 is a amewo k c ea ed by E he eum ha says his ype o oken, he NFT, is
Unique and can ha e a di e en alue om he same con ac (Palmisano e al., 2022).
Implemen ing a well-a chi ec ed ERC-721 s anda d o NFT okens can ensu e consis ency
ac oss he pla o m and da a in e ope abili y, allowing he digi al asse s o be aluable and
ansac i e on he pla o ms (Palmisano e al., 2022). The asse s can be used o icke s,

62
gaming, o digi al a o es ablish a ma ke place o u he ansac upon and communica e
be ween a buye and a selle o es ablish a ela ionship (Calda elli, 2022). The economy
in ol ed can be u he exploi ed depending on he buye o selle , which can be le e aged
depending on he asse 's alue going o wa d.
Limi a ions o S udy Findings
The a ge elemen s wi hin his esea ch space co e ed NFTs and he me a e se as a
u ili y on he blockchain. The scope u he ocused on he u ili y in his ashion and how i
could in e ac wi h ma ke ing, gaming, and he economic impac o he in e ope abili y o hese
componen s.
The limi a ions o his s udy we e ocused on no going beyond he men ioned
bounda ies and, as such, would dis ega d o he ypes o NFTs ou side he ERC-721 s anda d
and no on he s anda d OpenSea ading pla o m. By ensu ing a consis en ading pla o m
ha is analyzed and e iewed, hese bounda ies could be u he limi ed o a ocused esea ch
opic. Going o non-s anda ds o new s anda ds and o -ma ke places can skew he esul s and
p o ide oo many a iables ha would skew he esul s o he NFT alues, which would u he
esul in ine ec i e da a and inaccu a e esul s in he esea ch p ocess. In he blockchain,
anyone can c ea e a con ac , whe he i ollows a s anda d o no , as long as i ollows he
co ec code o he pa icula blockchain. As long as he ma ke place, o a cus om
ma ke place, is c ea ed o ead he blockchain and p esen he da a, he digi al asse s could be
displayed o he end-use s. Following he s anda ds makes i easie o ans e abili y and
in e ope abili y ac oss digi al walle s and s anda dized ools and ma ke places, as hose a e
mo e likely o be able o display and wo k wi h end-use s.
63
The e we e a ew sampling challenges wi h his s udy in e ms o ec ui men . Fo
example, he sampling was done in c yp ocu ency eccen ic g oups p e-exposed o NFTs,
c yp ocu ency, and gaming backg ounds, which may ha e some in luence o p edisposi ion
o e bias. The jus i ica ion o his a ea is ha he pa icipan s would also ha e he educa ion
needed o unde s and he ma ke and he impac ed scope o unde s and he asked su ey
ques ions. A gene al audience would no be able o espond wi hou ha ing a backg ound in
his a ea.
The limi a ions p o ided u he ein o ce he s udy, which helps p o ide addi ional
pe spec i e and alue due o he da a collec ed om he audience. The pa icipan s esponded
wi h hei iews based on he c i e ia and hei unde s andings o he ma ke alue, which
u he ein o ced he ma ke concep s o wha was necessa y a he ime o impac and
cu en ends, adding mo e weigh and c edibili y o cu en condi ions, which u he
emo ed bias in he da a om any o he po en ial esea che ’s in luence.
In e p e a ion o S udy Findings
NFT ma ke s ha e been inhe en ly ipe o new ma ke s due o he abili y o iden i y
needed cha ac e is ics, u ili y, and di e en pe spec i es o wha in es o s a e looking o o
de e mine demand. Mone izing he ma ke s could occu as a esul o aligning o ma ke
pe spec i es. In he upcoming sec ion, he ma ke c ea ion and mone iza ion a eas ha e been
u he e iewed o unde s and how hese ha e occu ed. The indings om he s udy impac
hese da a poin s.
Mone iza ion and Ma ke C ea ion
64
The esea ch indings u he e iewed he o e a ching esea ch ques ions o he
s udy. The i s main ques ion was, how could NFTs be mone ized and used by c ea ing a
ma ke o p o ide he demand? The esea ch indings de e mined ha NFTs can be mone ized
and used o c ea e a ma ke and p o ide he demand. As demons a ed by he de ailed
esea ch esul s in Appendix B, c ea ing NFTs wi h cha ac e iza ions, whe he exis ing o new,
can inhe en ly c ea e o add on o an exis ing ma ke and he eby c ea e he demand o d i e
in es o s o he NFTs. In addi ion, he esul s aligned om his pe spec i e as his is elling o
whe e NFTs, as o his s udy, appea no o ollow wha a adi ional asse would ollow bu
ins ead, he consume in e es in acqui ing and holding on o hem would pu ely all back o he
o e a ching idea ha he cha ac e iza ions and p ojec i sel is mo e impo an han he ma ke
condi ions.
The de e mina ion and e ec i eness o a u ili y o an NFT was ano he key inding ha
de e mined he e ec a pa icula asse could ha e on a ma ke when eleased. As pa o he
nex indings, he scope o he impo ance o u ili y was e iewed o be e unde s and he
ela ionship and impo ance o he balance o he a ibu e o he elease o he NFT collec ion
o he ma ke .
U ili y E ec i eness
The i s sub-ques ion e iewed in he s udy was, as ma ke s ma u e, could compa able
NFTs be e alua ed o de e mine he e ec i eness o u ili y NFTs? Based on he indings, NFTs
can be used o c ea e new ma ke s and en ice demand by elying on unique and limi ed
cha ac e is ics de ined h oughou his esea ch. E en as ma ke s pull back due o a ma ke
down u n, ma ke s a e s ill being c ea ed and be on in iskie asse s, such as NFTs, able o
65
c ea e olume and demand due o he pe cei ed alue o newe collec ions. The idea o holding
an NFT o i s long- e m alue o lipping an NFT in a ading ma ke can a y depending on he
in es o ’s goals. Howe e , o e all, he ma ke p essu es o buying and selling a e s ill pe cei ed
when he p ope ad e ising, in luencing, and uniqueness is b ough in o pe spec i e. In
addi ion, he s udy demons a es an NFT anywhe e canno jus occu bu a he a ocused
blockchain wi h ac i e in es o s and an ac i e ma ke . E he eum is he bigges ma ke as o
2022, whe e mos o he ading olume appea s on OpenSea on ha pa icula chain. While
suppo ed, o he chains, such as BNB Sma Chain, ha e signi ican ly less book due o adop ion
and in es o suppo .
The inal se o ou comes as pa o he indings was iden i ying he unique
cha ac e iza ions and speci ic ma ke condi ions he NFT collec ions would ha e on a ma ke .
The mo e unique and limi ed an NFT collec ion was, he be e i pe o med ega dless o
condi ions, and wha would be e iewed in he nex sec ion would e eal he de ailed da a
poin s o he cha ac e is ics o hese a eas.
Unique Cha ac e iza ions and Ma ke Condi ions
The second sub-ques ion ha was e iewed was wha unique cha ac e iza ions and
ma ke condi ions would be equi ed? As demons a ed by he Twi e example, whe e o me
CEO Jack Do sey sold he i s Twi e message as an NFT o $2.9 Million (Pin o-Gu ié ez e al.,
2022), an NFT o pe cei e alue o a can in luence he ma ke o c ea e demand because o
i s pe cei ed alue which as a esul which hen had he d aw. This alue u he de e io a ed
as o Ap il 2022, whe e he highes bid o e ed was $280, o e a 99% decline (Kau lin, 2022).
This coincided wi h wha pa icipan s s a ed ega ding usage and a o his o ical e en s ha
72
me a e se in e ac ion wi h NFTs o SFTs. A quali a i e esea ch app oach is used o unde s and
he cha ac e is ics o he social phenomena on why NFTs may o may no be mo e aluable as a
u ili y in a me a e se en i onmen as a u ili y (Liu e al., 2020). The s udy esea ch ques ions
would help u he answe a ques ion ela ed o a p ac ice-o ien ed p oblem in he ield o
compu e science by di ing in o he mo e p o ound ques ions o he newly c ea ed a ea in he
ield o he blockchain and, mo e speci ically, NFTs ha si on op o he blockchain. To add ess
he s udy pu pose, p ima y and sub- esea ch ques ions ha e been de eloped. By e iewing
hese ques ions p esen ed h oughou he s udy, hey p o ided conclusions as pa o he da a
collec ed. When analyzed, hey made speci ic in e ences and compa isons ha we e impo an
as pa o he o e all esea ch, demons a ing c edible esul s.
To summa ize, he s udy’s conclusions ocused on how NFTs could be mone ized and
used by c ea ing a ma ke o p o ide he demand. F om he e, he sub-ques ion o , as ma ke s
ma u e, compa able NFTs could be e alua ed o de e mine he e ec i eness o u ili y NFTs?
Then also, wha unique cha ac e iza ions and ma ke condi ions a e equi ed? The speci ic
quali a i e esea ch me hodology selec ed o his s udy is pa o wha unde pins his opic.
The ocus on quali a i e me hods will p o ide and gene a e new ideas o esea ch and
concep s while deli e ing c i ical de e mina ions o p o iding de ini i e conclusions o
answe ing he ques ion by gi ing an ou come.
Looking o wa d o u u e esea ch shows ha a iable iden i ica ion e i ica ion is one
way o u he he esea ch p o ided as pa o he blockchain da a and ex end he da a
p o ided. In addi ion, ano he a enue o enhance he da a p o ided is o e alua e he esea ch

73
om a icke dis ibu ion mindse , such as a conce enue, and p o ide consume s a way o
handle acqui ing NFTs and SFTs, and dis ibu e icke s acco dingly.
The esea ch ques ion ha was answe ed om he su ey ques ions was, how could
NFTs be mone ized and used by c ea ing a ma ke o p o ide he demand? This esea ch
ques ion was di ided in o wo sub-ques ions o help classi y and ca ego ize he concep s. The
i s sub-ques ion is, as ma ke s ma u e, could compa able NFTs be e alua ed o de e mine he
e ec i eness o u ili y NFTs? The su eys highligh ed ha he long- e m u ili y o he p ojec is
mos impo an . A he same ime, he p o i po en ial came in second o he selec ion and
compa ison o NFTs ac oss he ma ke . The su ey da a demons a ed ha NFTs could be
mone ized and used o c ea e a need and p o ide he demand. As shown by he de ailed
esea ch esul s in Appendix B, making NFTs wi h cha ac e iza ions, whe he exis ing o new,
can inhe en ly c ea e o add on o an exis ing ma ke and he eby c ea e he demand o d i e
in es o s o he NFTs.
The second sub-ques ion ha was also e iewed was wha unique cha ac e iza ions and
ma ke condi ions a e equi ed. Based on he esul s, he su ey pa icipan s highligh ed ha as
ma ke condi ions ma u ed, hei opinions would mos ly no change in he epo s o he NFTs
ha would be in es ed in (17 o 44). Speci ically, as one indi idual called ou , “NFTs and good
p ojec show alue in ime, ega dless o ma ke condi ions, bu o cou se, when he ma ke
ma u es, i can only bene i and no make i less aluable.” The esul s we e he same when he
ma ke de e io a ed, and he o e whelming esponse was ha no design would change (26 o
44). The esul s aligned om his pe spec i e as his is elling o whe e NFTs, as o his s udy,
appea no o ollow wha a adi ional asse would ollow bu ins ead, he consume in e es in
74
acqui ing and holding on o hem would pu ely all back o he o e a ching idea ha he
cha ac e iza ions and p ojec i sel is mo e impo an han he ma ke condi ions. Based on he
indings, NFTs can be used o c ea e new ma ke s and en ice demand by elying on unique and
limi ed cha ac e is ics de ined h oughou his esea ch.
The p oblem ha was add essed is how he gaming and me a e se can ie in a playe 's
oppo uni y and keep someone engaged in his space. Ge ing a playe ’s a en ion and
encou aging a playe o pa icipa e as pa o he communi y by p o iding a sense o pu pose o
belonging is c i ical o he success o a game and will help gi e mo e alue o he o e all
p ojec . As demons a ed by he su ey indings, pa icipan s esponded ha a subs an ial
unde aking, and a sense o inclusion, would mo e likely en ice he longe hold imes o wan ing
o pa icipa e and encou age he pa icipa ion o a p ojec due o inclusion. This no only sol es
he p oblem o c ea ing demand o a pa icula NFT p ojec bu also c ea es an en i ely new
ma ke which allows o a longe - e m mindse and con en c ea ion due o he la es en ies
wi hin his ma ke . Due o he da a p oduced, almos any cha ac e is ic an NFT demons a es
can gene a e alue and o de ; inding a ele an ac o , whe he his o ically ela ed, music-
ela ed, meme- ela ed, u ili y- ela ed, gaming ela ed, e c., can impac weigh and build a
ma ke and demand. O e all, he blockchain and c yp ocu ency, conce ning asse handling, a e
endless, and he s udy was sc a ching he su ace o he possibili ies o wha could be done
based on he echnology e alua ed as o 2022.
75
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Appendix A: Su ey Ques ions
NFT Collec ion Ques ions
IRB Consen Sample Fo m
(No e: will p ocess / cleanup in o Google Fo m as pa o a disclosu e)
I am asking you o pa icipa e in a esea ch s udy i led “Non-Fungible Tokens Value wi h
Me a e se and Blockchain Gaming”.
Wha he s udy is abou
The pu pose o his quali a i e explo a o y s udy is o de e mine how NFTs can be
mone ized and used by c ea ing a ma ke o p o ide he demand. This esea ch s udy will
examine his new space and see how his could be e iewed o be de eloped in o some hing
use ul.
Wha we will ask you o do
I will ask you o ill ou he Google Su ey o he bes o you abili y as accu a ely as possible.
The su ey should ake abou 10-15 minu es maximum o you ime.
Risks and discom o s
I he e a e no known isks, s a e: I do no an icipa e any isks om pa icipa ing in his
esea ch.
96
Bene i s
I hope o lea n om his esea ch addi ional knowledge o he esea ch communi y o s udy
how indi iduals hink when selec ing NFTs and conside deciding o hold an NFT o alue. When
de e mining a pa icula NFT o alue, whe he i is o speci ic in e es , such as a music NFT, a
piece o a wo k, gaming, in insic alue, o jus a andom sho in he da k, o has some
pa icula u ili y a ached o i .
Compensa ion o pa icipa ion
As pa o pa icipa ing and aking he ime o comple e he su ey, pa icipan s will ecei e an
NFT oken.
P i acy/Con iden iali y/Da a Secu i y
Pa icipan 's da a and p i acy a e c i ical and essen ial, and he ollowing i ems a e going o be
aken in o e ec as pa o he su ey:
- No collec ion o pe sonal da a (anonymous su ey)
- De-iden i ica ion o da a
- Physical secu i y o da a is behind MFA and in secu ed cloud s o age
- The esea che and he o ganizing uni e si y will ha e access o he anonymous
in o ma ion
97
- The da a will be s o ed in he cloud s o age o up o 7 yea s and hen des oyed
acco dingly
- No e: Da a may exis on backups and se e logs beyond he ime ame o his esea ch
p ojec .
Taking pa is olun a y
This esea ch s udy is en i ely olun a y, and he pa icipan may e use o pa icipa e be o e
he su ey begins o discon inue a any ime.
Da a collec ed wi hin his o m is anonymized, and no pe sonal in o ma ion is collec ed
o sha ed as pa o his esea ch. In addi ion, da a is kep and s o ed o up o 7 yea s o
u he esea ch. By con inuing you ag ee o hese s a emen s and ag ee you will p o ide
accu a e esponses o ensu e ai esea ch assessmen s.
Click I App o e i you ag ee o he abo e
[Consen Included]
[No e he below ques ions will be ansla ed o a Google Fo m]
Candida e Numbe (Randomly Assigned on Google Shee )
1. Wha is you age?