The potential use of non-fungible tokens (NFTs) in healthcare and medical research

Periodicity, Elliott waves, and fractals in the NFT market

Non-fungible tokens (NFTs) are unique digital assets that exist on a blockchain and have provided new revenue streams for creators. This research investigates NFT market inefficiencies to identify claimed cyclic behavior and cryptocurrency influences on NFT prices. The research found that while linear models are not useful in modeling NFT price series, models that extract periodic behavior can provide explanations and predictions of price behavior. The investigation of autocycles in cryptocurrency and NFT markets did not support the existence of Elliott Wave behavior in any of these blockchain enabled assets. Rather NFT price behavior is strongly tied to the underlying asset and its community of fans. These fans commit to periodic bouts of idiosyncratic trading which cools for a while, and then restarts. The research found no evidence supporting whole market effects across the full price series of individual NFTs. The research strongly supports prior findings that the offsetting movements significantly influence NFT prices and trading volume in Bitcoin and Ether. The research found NFT markets exhibit characteristics resembling a social media platform rather than more traditional asset markets like stock exchanges. It found that traditional linear econometric models cannot predict or explain NFT price series, only that NFT price and volume were weakly correlated. Fractal models consistent with Elliott wave theory do explain some of NFT price behavior, but are not consistent or stable over time. This research confirmed prior research findings that Bitcoin and Ether price movements are correlated with general NFT price and volume series in periods of between 24 and 48 h, with significant numbers of trades into and out of cryptocurrencies at 2 and 8 h.

Non-fungible tokens in healthcare: a scoping review

Introduction

Non-Fungible Tokens (NFTs) are digital assets that are verified using blockchain technology to ensure authenticity and ownership. NFTs have the potential to revolutionize healthcare by addressing various issues in the industry.

Method

The goal of this study was to identify the applications of NFTs in healthcare. Our scoping review was conducted in 2023. We searched the Scopus, IEEE, PubMed, Web of Science, Science Direct, and Cochrane scientific databases using related keywords. The article selection process was based on Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA).

Results

After applying inclusion and exclusion criteria, a total of 13 articles were chosen. Then extracted data was summarized and reported. The most common application of NFTs in healthcare was found to be in health data management with 46% frequency, followed by supply chain management with 31% frequency. Furthermore, Ethereum is the main blockchain platform that is applied in NFTs in healthcare with 70%.

Discussion

The findings from this review indicate that the NFTs that are currently used in healthcare could transform it. Also, it appears that researchers have not yet investigated the numerous potentials uses of NFTs in the healthcare field, which could be utilized in the future.