Journal Press India®

Enactment of Blockchain in NFT

Vol 3 , Issue 2 , July - December 2023 | Pages: 114-132 | Research Paper

Author Details ( * ) denotes Corresponding author

1. * Sudeep Varshney, Associate Professor, Department of Computer Science & Engineering, Sharda School of Engineering and Technology, Sharda University, Greater Noida, Uttar Pradesh, India (
2. Amrit Suman, Assistant Professor, Department of Computer Science & Engineering, Sharda School of Engineering and Technology, Sharda University, Greater Noida, Uttar Pradesh, India (
3. Gunajn Varshney, Assistant Professor, Department of Electrical Engineering, JSS Academy of Technical Education, Noida, Uttar Pradesh, India (

Non-Fungible Tokens (NFTs) have arisen as a major term in the twenty-first century, signifying unique digital assets such as photographs, music, and movies. These tokens receive their value and legitimacy from blockchain technology, which is mostly used on the Ethereum platform. NFTs, which use smart contracts, enable the production, ownership, and trading of one-of-a-kind digital assets, revolutionizing sectors including as art, music, and gaming. While blockchain’s uses are broad, there are worries about the environmental effect of blockchain, notably Ethereum’s energy-intensive proof-of-work consensus. Despite their revolutionary potential, NFTs pose dangers connected to market instability, legal concerns, and technological weaknesses. NFT trading is enabled by a variety of third-party programmers and markets, with notable participants being OpenSea and MetaMask. Looking ahead, the future of NFTs in India is dependent on legislative changes, as the country sees an increase in interest in these digital assets among artists and producers, necessitating a balanced approach to encourage innovation while resolving possible difficulties. NFTs are a game changer in the digital economy, opening up new opportunities for producers and investors. However, environmental problems and regulatory uncertainties must be resolved in order for the NFT ecosystem to expand sustainably. Technological improvements, legislative reforms, and the continuous growth of blockchain technology will most likely influence the future of NFTs in India and throughout the world.


Blockchain; NFT; Ethereum; Cryptocurrency; Digital Asset; Non-fungible Token

  1. Research, G. V. (2022). Used car market size & share report, 2022–2030. Retrieved from
  2. Duboka, Č., Filipović, Ž., Gordić, M. & Došlić, M. (2009). Second hand vehicle maintenance frauds. In Proceedings of the Paper NMV0912 presented at the XXII JUMV International Automotive Conference, Belgrade, Serbia, 14–16 April 2009; pp. 31–42.
  3. Shin, D. D. (2019). Blockchain: The emerging technology of digital trust. Telematics and Informatics, 45, 101278.
  4. Chanson, M., Bogner, A., Wortmann, F. & Fleisch, E. (2017). Blockchain as a privacy enabler: An odometer fraud prevention system. In Proceedings of the 2017 ACM International Joint Conference on Pervasive and Ubiquitous Computing and Proceedings of the 2017 ACM International Symposium on Wearable Computers, Maui, HI, USA, 11–15 September 2017; pp. 13–16.
  5. Abbade, L. R., Ribeiro, F. M., Silva, M. H. D., Morais, A. F. P., Morais, E. S. D., Lopes, E. M., Alberti, A. M. & Rodrigues, J. J. P. C. (2020). Blockchain applied to vehicular odometers. IEEE Network, 34(1), 62–68.
  6. Samue, C. N., Severine, G., David, B., Verdier, F. & Patricia, G.O. (2020). Automotive data certification problem: A view on effective blockchain architectural solutions. In Proceedings of the 2020 11th IEEE Annual Information Technology, Electronics and Mobile Communication Conference (IEMCON), Virtual, 4–7 November 2020; pp. 0167–0173.
  7. Brousmiche, K. L., Heno, T., Poulain, C., Dalmieres, A. & Ben Hamida, E. (2018). Digitizing, securing and sharing vehicles life-cycle over a consortium blockchain: Lessons learned. In Proceedings of the 2018 9th IFIP International Conference on New Technologies, Mobility and Security (NTMS), Paris, France, 26–28 February 2018; pp. 1–5.
  8. Leo Brousmiche, K., Durand, A., Heno, T., Poulain, C., Dalmieres, A., & Ben Hamida, E. (2018). Hybrid cryptographic protocol for secure vehicle data sharing over a consortium blockchain. In Proceedings of the 2018 IEEE International Conference on Internet of Things (iThings) and IEEE Green Computing and Communications (GreenCom) and IEEE Cyber, Physical and Social Computing (CPSCom) and IEEE Smart Data (SmartData), Halifax, NS, Canada, 30 July–3 August 2018; pp. 1281–1286.
  9. Demir, M., Turetken, O. & Ferworn, A. (2019). Blockchain based transparent vehicle insurance management. In Proceedings of the 2019 Sixth International Conference on Software Defined Systems (SDS), Rome, Italy, 10–13 June 2019; pp. 213–220.
  10. Sharma, P. K., Kumar, N. & Park, J. H. (2019). Blockchain-based distributed framework for automotive industry in a smart city. IEEE Transactions on Industrial Informatics, 15, 4197–4205.
  11. Wang, X., Wang, Y. & Liu, A. (2020). Trust-driven vehicle product-service system: A blockchain approach. Procedia CIRP 2020, 93, 593–598.
  12. Syed, T. A., Siddique, M. S., Nadeem, A., Alzahrani, A., Jan, S. & Khattak, M. A. K. (2020). A novel blockchain-based framework for vehicle life cycle tracking: an end-to-end solution. IEEE Access, 8, 111042–111063.
  13. You-Ting, H.M.S. (2021). A blockchain-based vehicle condition recording system for second-hand vehicle market. Wireless Communications and Mobile Computing, 1-10. Doi: 10.1155/2021/6623251
  14. Pirker, D., Fischer, T., Witschnig, H. & Steger, C. (2021). Velink-a blockchain-based shared mobility platform for private and commercial vehicles utilizing erc-721 tokens. In Proceedings of the 2021 IEEE 5th International Conference on Cryptography, Security and Privacy (CSP), Zhuhai, China, 8–10 January 2021; pp. 62–67.
  15. Vitelaru, E. & Persia, L. (2023). Fractional vehicle ownership and revenue generation through blockchain asset tokenization. Transport and Telecommunication Journal, 24(2), 120–127.
  16. Kudyba, S. (2020). COVID-19 and the acceleration of digital transformation and the future of work. Information Systems Management, 37, 284–287.
  17. Nakamoto, S. (2019). Bitcoin: A peer-to-peer electronic cash system. Manubot. Retrieved from
  18. Mitrofanova, I. V., Larina, O. I., Dubovik, M. V. & Moryzhenkova, N. V. (2020). Evolution of money systems or cashless economy? Institute of Scientific Communications Conference; Springer: Cham, Switzerland; pp. 1021–1032.
  19. Di Pierro, M. (2017). What is the blockchain? Computing in Science & Engineering, 19, 92–95.
  20. Xinyi, Y., Yi, Z. & He, Y. (2018). Technical characteristics and model of blockchain. In Proceedings of the 2018 10th International Conference on Communication Software and Networks (ICCSN), Chengdu, China, 6–9 July 2018; pp. 562–566.
  21. Chowdhury, M. J. M., Ferdous, M. S., Biswas, K., Chowdhury, N., Kayes, A., Alazab, M. & Watters, P. (2019). A comparative analysis of distributed ledger technology platforms. IEEE Access, 7, 167930–167943.
  22. Wood, G. (2014). Ethereum: A secure decentralised generalised transaction ledger. Ethereum Project Yellow Papage, 151, 1–32.
  23. Mohanta, B. K., Panda, S. S., & Jena, D. (2018). An overview of smart contract and use cases in blockchain technology. In Proceedings of the 2018 9th International Conference on Computing, Communication and Networking Technologies (ICCCNT), Bengaluru, India, 10–12 July 2018; pp. 1–4.
  24. Macrinici, D., Cartofeanu, C. & Gao, S. (2018). Smart contract applications within blockchain technology: A systematic mapping study. Telematics and Informatics, 35, 2337–2354.
  25. Negara, E. S., Hidayanto, A. N., Andryani, R. & Syaputra, R. (2021). Survey of smart contract framework and its application. Information, 12, 257.
  26. Merriam-Webster (2023). Transaction Definition & Meaning. Retrieved from
  27. Szabo, N. (1997). Formalizing and securing relationships on public networks. First Monday, 2(9). Retrieved from
  28. Rouhani, S. & Deters, R. (2019). Security, performance, and applications of smart contracts: A systematic survey. IEEE Access, 7, 50759–50779.
  29. Valeonti, F., Bikakis, A., Terras, M., Speed, C., Hudson-Smith, A. & Chalkias, K. (2021). Crypto collectibles, museum funding and OpenGLAM: Challenges, opportunities and the potential of non-fungible tokens (NFTs). Applied Science, 11(21), 9931.
  30. Dowling, M. (2022). Fertile LAND: Pricing non-fungible tokens. Finance Research Letters, 44, 102096.
  31. Dowling, M. (2022). Is non-fungible token pricing driven by cryptocurrencies? Finance Research Letters, 44, 102097.
  32. Park, A., Kietzmann, J., Pitt, L. & Dabirian, A. (2022). The evolution of nonfungible tokens: Complexity and novelty of NFT use-cases. IT Professional, 24, 9–14.
  33. Wang, Q., Li, R., Wang, Q. & Chen, S. (2021). Non-fungible token (NFT): Overview, evaluation, opportunities and challenges. Retrieved from _NFT_Overview_Evaluation_Opportunities_and_Challenges
  34. Karandikar, N., Chakravorty, A. & Rong, C. (2021). Blockchain based transaction system with fungible and non-fungible tokens for a community-based energy infrastructure. Sensors, 2(11), 3822.
  35. Osivand, S. & Abolhasani, H. (2021). Effffect of bitcoin and Etherium on non-fungible token (NFT). IOSR Journal of Business and Management, 23(9), 49-51.


Abstract Views: 1
PDF Views: 4664

Advanced Search


Indira School of Bus...

Indira School of Mangement Studies PGDM, Pune Organizing Internatio...

Indira Institute of ...

Indira Institute of Management, Pune Organizing International Confe...

D. Y. Patil Internat...

D. Y. Patil International University, Akurdi-Pune Organizing Nation...

ISBM College of Engi...

ISBM College of Engineering, Pune Organizing International Conferen...

Periyar Maniammai In...

Department of Commerce Periyar Maniammai Institute of Science &...

Institute of Managem...

Vivekanand Education Society's Institute of Management Studies ...

Institute of Managem...

Deccan Education Society Institute of Management Development and Re...

S.B. Patil Institute...

Pimpri Chinchwad Education Trust's S.B. Patil Institute of Mana...

D. Y. Patil IMCAM, A...

D. Y. Patil Institute of Master of Computer Applications & Managem...

Vignana Jyothi Insti...

Vignana Jyothi Institute of Management International Conference on ...

By continuing to use this website, you consent to the use of cookies in accordance with our Cookie Policy.