Abstract:
This study investigates the evolutionary trajectory of the NFT (Non-Fungible Token) technology domain using Korean
patent data from KIPRIS covering 2016–2025. The analysis divides the dataset into three periods (2016–2018, 2019–2021,
and 2022–2025) and, after preprocessing patent texts, applies frequency analysis, TF–IDF, and networks with centrality.
The results show that an infrastructure core—centered on blockchain, users, transactions, services, and servers—persists
across all periods; platform- and operations-related elements become more salient in the middle period; and explicit
references to “NFT” alongside issuance and value-related elements rise in the late period. From a network perspective,
the domain shifts from dense early-stage coupling toward more selective recombination, while the late period exhibits
modularization characterized by stronger within-cluster cohesion and the growing importance of inter-cluster mediating
elements. Interpreted through a strategic management perspective, the infrastructure core tends to converge into a red
ocean of intensified competition, whereas white spaces are more likely to emerge in novel technology combinations and
mediating elements that connect sub-technology clusters; accordingly, this study provides empirical evidence to inform
R&D prioritization and business model innovation.
