Minting the future of art: a comprehensive overview of non-fungible tokens in the art metaverse

Purpose: Non-fungible tokens (NFTs) are reshaping art markets and gaining strong stakeholder interest. While research has examined their applications in art ecosystems, their role in advancing Web3D markets remains unclear. Design/methodology/approach: A systematic literature review was conducted to investigate the impact of NFTs on the Web3D market and its impact on stakeholders, analysing 89 systematically selected articles. Findings: The results of the study show that NFTs in the Web3D context can enhance privacy and trust through blockchain technology and protect intellectual property and ownership rights while influencing market dynamics, behaviour and investment strategies. Originality/value: As the Web3D ecosystem grows, ongoing research and collaboration are critical to developing strategies that ensure sustainability, transparency and innovation in digital arts. This study is the first step in exploring these dynamics. Highlights: (1) NFTs utilise robust blockchain technology, enhancing privacy and trust by safeguarding intellectual property within digital art ecosystems in Web3D spaces.(2) Tokenised art significantly impacts market dynamics, behaviours of market actors and investment strategies in Web3D spaces.(3) Exclusive NFT communities offer significant social returns.(4) Continuous research is vital to developing robust policy frameworks and standards, ensuring environmental and social sustainability, transparency and innovation in digital art ecosystems.