New Artistic Value In The NFT Market Analyzed Through First-Person Research

Abstract

In the NFT (non-fungible token) market, collectors are trading works of art with the same awareness as investing in cryptocurrency. In the closed and centralized art scene of the past, it was difficult for artists to make a profit, but the introduction of NFTs has dramatically evolved the art scene. In order to observe such dynamic changes and compare them with the past art scene, the author believed that a first-person research approach was essential. Through creative activities, the author conducted participant observation to identify issues. While marketing activities by artists were not necessary in the existing art market, it became clear that marketing activities by artists on social media are essential in the NFT art market. In communication capitalism, a hierarchy is formed by an economic logic that prioritizes quantity over quality, and this theory also applies to the NFT art market. However, not only selfish investment activities aimed at profit, but also altruistic support activities for artists exist, which stimulate their motivation for creation. Although the value of works changes in the unstable virtual economy, the transparency and high degree of freedom of the NFT market, where artists can directly connect with art fans, contain new possibilities despite some problems.