Nonfungible Tokens (NFTs): Transformative Potential and Risk Management
Dr. Andrew Park, University of Victoria, Victoria, BC, Canada.
ABSTRACT: Nonfungible tokens (NFTs) have recently drawn considerable attention. The foundations of NFT technology date back to advances in computer science in the late 1970s. In this talk, we examine the emergence of NFTs, from their technical origins, the introduction of blockchain technologies and the first token-based collectibles that led to modern day NFT products. We categorize the current use cases for NFTs, introduce their potential future applications, and highlight the challenges managers face in incorporating them into their existing workflows. By presenting our NFT adoption framework, we offer managers strategies for evaluating the risks and benefits of NFTs.
SPEAKER BIO
Dr. Andrew Park is Assistant Professor of Management Information Systems, University of Victoria, Victoria, BC, Canada. His research interests include information systems, and innovation and technology management. He has founded and sold a successful health technology venture based in Seattle, Washington. In academia, he is currently investigating how Open Innovation mechanisms impact value creation of firms within the emerging Personalized Medicine innovation ecosystem. His work has been published in interdisciplinary publications, including IEEE MICRO, spanning the diverse fields of medicine, biotechnology and digital innovation. Andrew is part of a national network of innovation scholars evaluating ecosystem models that accelerate the trajectory of Science & Technology innovations to foster strong economic development in North America.
https://www.uvic.ca/gustavson/faculty...
https://www.meetup.com/sf-bay-acm/eve...
https://r6.ieee.org/scv-blockchain/
0:00 SFBayACM Chapter Intro
0:55 IEEE SCV Blockchain Chapter Intro
2:17 Upcoming ACM Events
4:27 Speaker & Presentation Intro
5:30 Presentation
5:57 Agenda
8:18 About Me
11:43 How Does Blockchain Work?
18:19 Pros and Cons of Blockchain
26:20 NFTs
29:02 Case 1: CryptoKitties
37:35 Case 2: Bored Ape Yacht Club
41:46 Evolution of Managerial Recommendations
47:46 Why Is There No NFT Killer App?
50:52 Looking Toward the Future
1:02:43 Q: What is your opinion on privacy when it comes to public ledgers?
1:04:30 Q: Opinion on Zero Knowledge Proofs?
1:06:05 Short Term Managerial Recommendations
1:08:37 Questions?
1:08:53 Q: What NFT regulations and risks would I encounter?
1:13:10 Q: What critical lessons to be learned from early NFT outcomes?
1:14:07 Q: What is being done about compute energy usage of blockchains?
1:17:28 Q: Which blockchains do NFTs use?
1:18:30 Q: What interoperability between blockchains?
1:21:06 Q: How high are the transaction costs?
1:21:48 Close