Adoption of Digital Art NFTs in Hong Kong

Abstract

The most popular uses of blockchain technology in the art market are related to non-fungible tokens (NFTs). This chapter explores the adoption of NFT in the digital art market and its future development. The authors explore NFT adoption in the digital art market with the five pillars of the digital entrepreneurship model, including knowledge base, business environment, finance, technology, and culture. Their scarcity and utilities determine the value of NFTs. Collectors and artists should also be aware of the benefits and drawbacks of blockchain technology and take appropriate steps to guarantee their rights are protected. This chapter provides a fundamental review of the current development and outlook of NFT and opens new opportunities for future study. Scant research focuses on the present condition and adoption of NFTs within the Hong Kong digital art market. This review offers a much-needed exploration and understanding, particularly beneficial for potential investors and participants seeking a comprehensive insight into NFT adoption.