Digital art and value creation

Abstract

This chapter was conceived in the wake of the non-fungible token (NFT) market boom and bust and growing recognition of digital art as a medium in museums raising the question whether cultural value conveyed to digital art shown in an institutional context and preserved for future generations could translate into more sustainable market development and growth. To offer an answer to this question, the chapter examines the market for digital art through the lens of value creation. The chapter traces the evolution of digital art as a medium and the reasons for its limited recognition by the market and museums, seeks to elucidate adaptative strategies by which digital art producers and promoters have sought to gain recognition in the contemporary art world, examines reasons for the collapse of the market for NFTs, and discusses the future of the market for digital art.