Deciphering the world of NFTs: a scholarly review of trends, challenges, and opportunities

This study presents a hybrid review of Non-Fungible Tokens (NFTs) utilizing a hybrid approach based on bibliometric and content analyses. Employing the Scopus database, we conducted a bibliometric analysis of 210 articles. Additionally, a thorough content analysis of the 43 most influential papers, filtered based on their publication in highly-ranked journals, is included to highlight key research themes and sub-themes. Most of the surveyed papers were qualitative and offered conceptual frameworks for NFT-based solutions to validate NFTs' applicability and propagation of NFTs in various fields. The content analysis identifies six key streams: the common characteristics of NFTs, their expansion into creative industries, applications in both physical and digital realms, NFT-related hype on social media platforms, environmental impacts, market biases, legal and privacy issues, NFTs pricing strategies, diversification potential and connectedness, and the evolving role of NFTs in virtual and augmented reality landscapes. This study holds significant implications for managers, portfolio managers, investors, policymakers, and regulators.