Non-fungible tokens (NFTs) for digital twins in the industrial metaverse: Overview, use cases, and open challenges

    Research output: Contribution to journalArticlepeer-review

    Abstract

    Recent years have witnessed the emergence of digital twins in the industrial metaverse, significantly transforming sectors such as manufacturing, automotive, oil and gas, and gaming. As a result, these sectors have experienced increased efficiency, innovation, and revolutionary solutions. Non-fungible tokens (NFTs) have the potential to enhance digital twins in the industrial metaverse by offering opportunities for monetization, traceability, and tracking. Moreover, NFTs can reshape the way industries operate by providing superior transparency, asset management, and intellectual property protection. This paper explores the potential of different types of NFTs, including dynamic and composable NFTs, in various applications within the industrial metaverse that heavily relies on digital twins. We present various industrial use cases where NFTs play a major role. Specifically, we design, implement, and test two use cases involving dynamic and composable NFTs. The data processing methods include algorithm development, simulation, and empirical testing within the industrial metaverse framework. Finally, we identify open research areas and future directions for the industrial metaverse.

    Original languageBritish English
    Article number110315
    JournalComputers and Industrial Engineering
    Volume193
    DOIs
    StatePublished - Jul 2024

    Keywords

    • Blockchain
    • Digital twins
    • Industry
    • Metaverse
    • NFTs
    • Smart contracts

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