NFTs in Education

Annals of “Dunarea de Jos” University of Galati Fascicle I. Economics and Applied Informatics Years XXIX – no3/2023 ISSN-L 1584-0409 ISSN-Online 2344-441X www.eia.feaa.ugal.ro DOI https://doi.org/10.35219/eai15840409378 NFTs in Education Maria Cristina ENACHE A R T I C L E I N F O Article history: Accepted December 2023 Available online December 2023 JEL Classification K22, M21 Keywords: e-learning, NFT, cryptocurrency A B S T RA C T NFT could be used in the field of education, to transform the way of learning and teaching. This article presents some ways in which non-fungible tokens can be used in education and the benefits they offer to those involved in the e-learning process. Unique digital assets, abbreviated as NFT, as well as educational products used in the education sector could have a major impact, because in the field of education there is always a need for new approaches to cover the needs of new learners. The advent of non-fungible tokens (NFTs) has changed the way we look at how we educate and educate ourselves. NFTs are unique digital assets that cannot be replicated, making them perfect for the education sector. © 2023 EAI. All rights reserved. 1. Introduction In this article, he proposes an exploration of e-learning, through non-fungible tokens, opportunities and threats, mode of use but also the benefits they offer to those involved in e-learning systems. NTF or NonFungible Token is a digital asset that has unique and indivisible properties, different from a cryptocurrency. What sets them apart from cryptocurrencies like Bitcoin is their non-fungibility, meaning the ability to exchange one asset for another of the same value without affecting its value. One Bitcoin is exchanged for another Bitcoin. An NFT is, however, a unique asset that cannot be directly exchanged for something else, as it has specific and unique characteristics from one NFT to another. Although an NFT is different from a cryptocurrency, it is still based on blockchain technology, which will ensure the security and transparency of the transaction, being used to represent the digital property. Due to their non-fungible nature they have gathered many followers as they allow tracking of their digital property in a transparent manner. We could compare an NFT to a painting, inherited from grandparents. When you inherit, for example, a painting, the question arises as to the value of the inherited asset. Normally, you query a search engine and find an appraiser to help you value the heirloom, based on painter, age and other parameters. But the valuation is only the beginning, as the sentimental part adds value to it. No appraisal will be able to tell you how much it is worth to you because it is unique. It cannot really be compared in terms of the importance you place on it. In simpler terms, if a painting doesn't hold any sentimental or distinctive value, it is considered fungible. The term "fungible" is a legal term that essentially means generic or interchangeable with identical items. On the other hand, a legacy painting is a non-fungible asset, meaning it's unique due to its historical significance. Most cryptocurrencies consist of fungible tokens, where each token is essentially the same as the others. However, some tokens are linked to real-world unique assets because when you purchase these tokens, you're acquiring partial or complete ownership of a real-world item. This characteristic is represented by an NFT, which stands for "non-fungible token." Fungible tokens have the exact same value, while non-fungible tokens can possess a distinct set of values based on their relationship to an underlying asset. This means that NFTs are bought and sold based on market factors, including rarity, inherent value, investment potential and the importance of the associated asset. An NFT is not a cryptocurrency, and even if it is bought and sold online, in most cases with cryptocurrencies, it is coded with the same underlying software as many cryptocurrencies. Figure 1 shows tangible and intangible assets according to their fungibility. Thus, we included cars, houses, works of art in the tangible but non-fungible category. We included money and gold bars in the tangible and fungible category. Cryptocurrencies and virtual currencies are classified as fungible and intangible assets.  Dunarea de Jos University of Galati, Romania. Email address: Figure 1. Types of assets 2. NFTs in Education According to pedagogical research, increased interactions between trainers and learners, facilitated by the use of teleworking environments and information technology, have enhanced teaching and learning outcomes. Innovative teaching methods involving NFTs and combining the interests of the learners and the personalities of the trainers prove more useful for the learners of the 21st century. According to Edgar Dale's theory of learning, most learners retain more information by "doing" than by "listening" or "reading." Although currently, NFTs are preferred by art collectors, they can be used in several contexts including for e-learning or micro-learningMany applications of NFTs used in education involve certain aspects that will be elaborated upon in this article. Educational NFTs, or non-fungible educational tokens, are a type of digital asset that utilizes blockchain technology, similar to how NFTs are employed in commerce. Blockchain technology verifies their uniqueness and ownership. In essence, an NFT serves as a digital certificate of ownership, affirming the authenticity and origin of a digital asset, given that each NFT is distinct and cannot be duplicated or substituted, rendering them valuable to their owners, and also in the context of education. NFTs can manifest in various forms, encompassing digital art, music, videos, and other types of digital content. [3]. NFTs are currently used on a small scale in different private education systems, but it is expected that they will have a much greater impact on education, with the communities of trainers and learners already raising a number of issues related to their use. In the following I will detail some of them: • The collaboration and exhibition of the works made by the students is an aspect that arouses interest and attracts many questions. Educational content creators and learners now have the ability to sell their content as NFTs to a global audience that is eager to support new content creators by helping them develop entrepreneurial or marketing skills in public relations or cryptocurrencies. Because an NFT can take many forms, it won't just be a space exclusive to one domain. • Another issue that arises is related to how a learner's file is shared-Because they are based on blockchain technology, documents are stored and changes can be easily tracked. Therefore, the activity of a learner is permanently recorded and ends up in the chain as a form of NFT that can be easily transferred depending on the location where the learner wants (...truncated)