Contextualizing the Potential of NFTs in Financial Governance of Art Museums

Abstract

A non-fungible token (NFT) refers to a unique unit of data registered on a blockchain. As a form of digital ledger, it is proof of ownership of collective digital property. In the past two years, many leading art institutions worldwide have engaged with NFTs in various ways. This chapter attempts to review and discuss the burgeoning conversations of the new trend of NFT, focusing on its implications on the financial governance of museum management. By examining scholarly studies and gray literature, this chapter situates the emerging dialogs on NFTs at the intersection of existing research on funding strategies, digital transformation, technology adoption, and financial governance of art museums.