Evaluating the Adoption of Non-Fungible Tokens (NFTs) in Museums: A Comprehensive Framework

Abstract

This study delves into the burgeoning intersection of NFTs and the museum sector. It examines the transformative potential of NFTs in redefining art curation, ownership, and accessibility. The paper presents a comprehensive background on the rise of NFTs, their technological underpinnings, and their cultural and economic impact on museums. A Decision Matrix Mechanism is proposed to assist museums in evaluating the strategic fit of NFT initiatives. The paper discusses the multifaceted factors influencing NFT adoption, including technological readiness, legal frameworks, ethical considerations, and market dynamics. It underscores the importance of a nuanced approach that aligns with each museum's mission and the evolving digital landscape.