Blockchain Papers

Mehmet Nuri KIVRAK, Mehmet Özkartal

Güncel bir konu olan Non-Fungible Token NFT (Nitelikli Fikri Tapu) kavramı çevresinde birçok tartışma, üretim ve kazanç oluşmaktadır. Bu oluşumun birçok ürünü ve alanı olsada asıl konu şüphesiz dijital sanat çalışmaları ve bu çalışmalar çevresinde gelişmektedir. Sanatın tanımındaki kural ve ön gerekliliklerin bu çalışmalarda bulunup bulunmadığı, sanatın dijital medyada ne kadar nitelikli uygulandığı gibi sorulardan ziyade bu organizasyonun ve yapının sanatçılar için neler getireceği, maddi kazanç, yazılım ve sanatın hibrit yapısı, bu medyanın nereye gideceği gibi konular kullanıcı ve izleyiciler tarafından daha çok merak edilmektedir. Bu çalışmada NTF nedir, sanat ve dijital sanat nedir ve NFT’nin sanat ile olan ilişkisinin nereye ulaşabileceği irdelenmeye çalışılmıştır.

Raj Kesarwani, Rajnish Kumar, Rahul Singh, Raj Kumar Maurya

This article presents the potential value of that NFT (Non-Fungible Tokens) which uses the technology called blockchain. In this we have shown how NFT tokens can be used to identify the digitals assets (like artist works music, games, pdf etc). This will ensure the security and privacy of digitalized assets. It takes the records of the proof of ownership form the very beginning of the digital assets. Blockchain technology has emerged as one of the major disruptive innovations in last decade. Beginning from Bitcoin mainly popular in recently.

Delphine Vincent

Ever since the premiere of Einstein on the Beach at the Avignon Festival in 1976, Philip Glass has been hailed for his audacity, and considered among the most prolific and successful contemporary opera composers. Among his works, the Cocteau trilogy challenges the traditional definition of opera as a genre in that his Orphée (1993), La Belle et la Bête (1994), and Les Enfants terribles (1996) are based on films. This unusual—and at the time very new1—choice of sources for opera was linked by Glass to the fascinating concept of “rethink[ing] the relationship of opera to film.”2 What is at stake when adapting a film into opera? What are the possibilities for adaptation and how do film-based operas differ from conventional operatic production? In order to answer these questions, I will focus on the adaptation process and identify the filmic components that remain in Glass’s operas. Given that film is formed of several medial elements (visual, sonic, literary), the result of the adaptation can vary significantly, depending on which aspects of the film are retained and which are edited out. Despite his operatic successes, Glass’s operas, like (post-)minimalist opera in general, have not been much researched. Robert F. Waters published in 2022 the first book dealing exclusively with Glass’s stage works from 1976 to the present day.3 His analysis, however, is based on different criteria from those presented here. This is also the case for the few existent articles on the operas of the Cocteau trilogy, which in general address only one work. As of today, the disembodiment of voice in La Belle et la Bête and the resulting issues of synchronization are the topics most discussed by musicologists.4 In this context, my focus on adaptation processes in film-based opera is new, even if I already addressed aspects of the topic in my previous work on Glass’s Orphée.5 Jean Cocteau (1889–1963), the French poet, playwright, novelist, designer, filmmaker, visual artist, and critic, is for Glass “one of the great writers of France.”6 Glass has known Cocteau’s cinema since his youth, although his published recollections vary. Sometimes he claims to have first seen Cocteau’s films in Paris in 1954 when studying French,7 at other times in the 1960s when working with Nadia Boulanger.8 In his recent memoir, Glass situates this discovery in Chicago, probably between 1953 and 1956, when studying at the University of Chicago.9 Whatever the date, it was a revelation: Of all these films, the ones dearest to my heart were those of Jean Cocteau–in particular, Orphée, La Belle et la Bête, and Les Enfants Terribles … . They must have become lodged in my mind, safe and whole, because in the 1990s, when I undertook a five-year experiment to reinvent the synchronicity of image and music in film, I chose these three films of Cocteau that I knew so well.10 What initially drew Glass’s attention to these three films as sources for operas was their themes: When I began work on the Cocteau trilogy, the first idea that governed my work was to bring out the underlying themes of the three films. They are best described as a pair of dualities–life/death and creativity being the first; and the ordinary world and the world of transformation and magic being the second. These topics are at the core of all three works and are explicitly put forward in the films. Whereas the first trilogy of operas (Einstein, Satyagraha, Akhnaten) was about the transformation of society through the power of ideas and not through the force of arms, this second trilogy from the 1990s revolves around the transformation of the individual—the moral and personal dilemmas of a person as opposed to a whole people or society. A corollary to this is the way in which magic and the arts are used to transform the ordinary world into a world of transcendence. These three films of Cocteau are meant as a discussion, description, and instruction on creativity and the creative process.11 Cocteau’s themes attracted Glass but were far from new in the world of opera: “The story of Orphée may be the most famous and widely set story in the history of opera. Monteverdi, Gluck, and Offenbach are the first few that come to mind. There are plenty of modern ones besides … . The themes of love, life, death, and immortality are, for theatre composers and authors, just about irresistible.”12 Although less known, there are also several operatic adaptations of the fairy tale Beauty and the Beast, mostly based on Jean-François Marmontel’s libretto Zémire et Azor (I am unaware of any opera based on Les Enfants terribles). It seems, therefore, that Glass’s interest was not sparked by the novelty or the contemporaneity of these topics but by the very personal way in which Cocteau approached them. One reason for his choice lay in Cocteau’s writing, as Glass explained: One of the things that drew me to these films of Cocteau is the pacing of his writing. If you look at it, it is truly Shakespearean. He knows when to introduce a character, he knows how to develop him, and he knows how many characters are needed. The real secret of writing operas is having a good libretto … . I chose the films of Cocteau because his sense of dramatic development was impeccable.13 Noteworthy here is the fact that Glass was attracted by the quality of the storytelling, understood in terms both of structure and of writing, in Cocteau’s films. It means that the literary aspect of Cocteau’s films was just as appealing as its visual or is for the in French in all three This to the very different in which film can opera. because Glass that of my to the three films was the Cocteau trilogy to be a case to the of the between film and opera in film-based The first of the Cocteau trilogy is based on Cocteau’s film Orphée and was in on Cocteau the by Jean to the not only to his but also to the is in with and out of the way with a his and the in Orphée in the as he is not to look at for the second is by of a poet, because published his by from the has been with the to Glass chose this film for all the out but he because it a personal his in I began writing Orphée … . for me to but at the time I was working on Orphée I idea I was my it has to do with I when I was about it on it, how it have been In the the the to he and he for I was in and it much on that I The of the Orphée film that attracted Glass was Cocteau’s Orphée, I the film and it like a The is not the of the is used to stage with the and The stage the film at Glass not the visual of Cocteau’s film and stage to The is different for because it is to the stage is at to to Cocteau’s visual or Glass’s not to the visual of Cocteau’s film not only the but also the of the As Glass he have to about the libretto to the It meant that he was in his writing, as he was not to to a This is aspect because time In the the is about that the Glass retained the visual the components of the film for Orphée was not for Glass’s The film music have been in one Glass the famous of Orphée et is a not to of the of the and the opera is a few times in the Glass have been the although it to from the of the Glass with the of the just as in his the fact that the visual and components of Cocteau’s film are from Glass’s opera that Glass have the opera even having seen the film, working only from its because Glass attention to the to of the “The only which from the film was the sense of the the I to the film in the opera. The from to very I between the In the the music but on is because of its but mostly because of the of which the Cocteau’s is for but his music not the of the The of Cocteau’s film is by the of a which not a In other aspects of the film which the work of the do not into the operatic In this Cocteau’s Glass’s creativity but the result is very the of the opera is that of the film is It in be to this of the film on the opera if unaware of Glass’s The film-based opera Orphée all on the literary of Cocteau’s Glass even that from the is in the from the is in the so in a real the libretto for the opera was by This the of a to opera on a literary In the not work with a a which its literary far less its to the of a Glass the I have to this of adaptation as opera by with the as the literary of a film, and for a adaptation Glass to a traditional to opera This idea is when at the to he Glass a great of is also in He is here by the to the of the opera. As the process of is it is to is edited out. As I have the process several One is to that the stage to Orphée … in … by this which is so for you to out These are not to not Cocteau’s visual The of the and the which from to a of not the stage It was a for I first the film I my do I with the how can I bring this and this What is at stake here is creative it is the or of filmic the As the and the are to Cocteau’s film, Glass not them. He has to for the in the In this way he power to the and is when be in the film for the second time when in the In the there is is about to when he around and at and second between is in cinema and on the operatic stage result in being or to It is not to that Glass that is to in the characters can into and to this as the … et … I and like Glass is also to the that of and The is of a to and to the of the Glass in the stage of Cocteau’s between the and the of the and the As a the opera the the film which a in the the for of means that Glass has to the film Orphée the the a at the Glass the and the of at the the Orphée the the film, Glass’s opera all the which in the in a so Glass conventional and operatic Glass is also with of to the In Cocteau of to the to the of the If this is not by as it has to be in order to the The in Cocteau’s film and a its to the In this Glass has to the writing and Orphée the of the et are a and a will on Glass also has to with used by Cocteau in his if the be in a operatic Glass to or when the Orphée Glass it out of the of la … this first into his to The is any of the time Glass the but when it is to the he it to a This only at the of the opera. The of the film of a must to and in the opera this is by the Glass also in He to the of which is not as opera characters In his is to for the three become a a which also that of the to his Glass not Cocteau’s but it out. of the that most of the or to in the in order to a libretto to operatic The result is opera that the like any other Glass’s to to a operatic Cocteau’s Orphée was for Glass a good and he not Cocteau’s film in order to develop a In this one Glass has not that he adaptation of Cocteau’s work. on his to Cocteau’s film, he was to the novelty of his The second of Glass’s Cocteau trilogy is based on Cocteau’s film La Belle et la Bête and was in on Cocteau fairy Belle by is a good not to and like and When that is Belle only for a he it in the and is to by the Belle to his The but is by Belle even if of When is the to and to into the to it and its is the process and the Beast, Belle at the with and from his into a he with his into his Glass’s opera for and film a different from In La Belle et la Bête, Cocteau’s film is as a the the film and the are in of the Glass’s music In La Belle et la Bête, Glass the visual and literary components of Cocteau’s film but retained of the this work challenges the very of and the great between and He explained: to … but I I can to bring film from the world to the world of and at the time to the traditional of opera and cinema was not Glass’s only He also to opera: to to bring a very traditional to in times … . just are, to opera of the opera composers were for contemporary composers were as in The of based on the of the by the in of attracted is in (1993), and in to the and in of of in Glass’s to opera is Beauty and the is a fairy but the is In Glass’s La Belle et la Bête, it is the operatic that is As Glass this way of opera and cinema the This and that the for the first was They the film and the but it that for to that the of the become the of the on the There was a and it at at into the film, the There be a of when that that the and the into a and that way through to the of the and the image of the As of between the operatic voice and the between the and between stage and this of traditional between the voice and the as the and in and from traditional of and working on Glass’s La Belle et la Bête on this disembodiment of the Among it to a of Cocteau’s film in this … to the that the is by the characters of a of this Glass’s opera to of and which is through the of the that to music a that Cocteau has with his of In even if Cocteau and that music was to not only Cocteau’s general but to with dramatic and of They a of themes and in the development of the … . His are not used to but to that and of the that Belle for the Glass of the but linked it to traditional opera I to of the in traditional operas a is linked to a when a their music is This is the traditional operatic of There was a for Belle and a for La There was a for when are and for when As the opera those themes was the of the The of his it that Glass is that used the in his film Glass has much with the film not to that are very in films as music have been as much a for this aspect of Glass’s as operatic In to this one of the is as When Glass to the of the the however, the of the from the film was in Glass’s and it a between and The is here from film to from to and the voice is as a of the the Glass’s on his of traditional operatic his to to bring film from the world to the world of the of have this The result is that Glass seems, to with those of film music as even the a of a film and its with is As I have already time and so must be to the to when the filmic in a film a so is however, because it will result in which is as a in As Cocteau’s Belle was good choice for operatic adaptation because it has Cocteau’s is much by one This is for operatic adaptation in terms of the of the Cocteau’s film is already with music by used mostly for and much for operatic “The time of the between the in their to the time of to that of the to the between the and In the of depending on which is The of from is and The Beast, by Glass is not with the of for if Glass was with he was also that a film is dealing with It my time working on in Paris in the 1960s … been I I knew from those that the synchronization of image and not have to be In all that was was a good of synchronization to the This a of in the on the I also knew that with as or in and with the being were the best for those Despite this Glass was to there is a with Glass’s memoir, he claims that he the of the Cocteau the of in Orphée and of in Les Enfants that it be to from the was were Glass’s and the fact that the film is in to that all the are A look at the however, that this is not the The are in Orphée but Glass’s on his to Cocteau’s film is a way of the novelty of his and his in the of so many Glass however, to the of to the is not the the He out by a in the et you and I will and this Glass but it is to this the as is when He the result when a is by is not seen when are on have been because a is in of Glass to that the is when from as Belle when me (I my I you to to this Glass’s of me is A case is La Bête only his are being et A … A … … The you to remain have my and you will … … one of … . many do you Glass the of aspect of also Glass to out in the the of the characters be It is not to the on their Belle and La Bête are in the and seen in a Belle la Bête, et me (I am not Beast, and I a with In Glass’s me if Glass was not to out by characters in for when into the previous the he when one has to that Glass not of the possibilities by or characters only to He also used to that are by different characters in the and are at the of the that and la do In Glass’s Glass not only a few but also all the to This time to develop his This process a few for the are in Cocteau’s out is a means of synchronization it also for the visual of Cocteau’s La Belle et la Bête is the literary even with the film being Glass’s La Belle et la Bête a new way of opera by it to the of film and it The of the trilogy, Les Enfants was in on It is a opera based on Cocteau’s which was into film by the and by in Cocteau was to film his to a film of the Les Enfants terribles The book its and his … . I my when to it He was new, not with … . He to to not the Les Enfants terribles the story of the by and are to as their is and their is with a by a with a is to to and the he with his the of their They the in which the is the one has the and are is by the and a of time with them. their the to the with and his When a as a and is the image of a their The into by that he is in with but to his As is also in with to and to for the he with This many but its is a of by the to into and In Les Enfants Glass’s is different from the previous operas of the Cocteau my of this film as I to introduce into the was the only of that not been addressed in the trilogy and was the one with which I the most working Glass to develop a new adaptation for opera of the trilogy and this one was very as the film not It meant that the visual be and one the literary to be because the way the story is to the on the other Les terribles I was If you the was the for by I to do a and I three In the film, is of by as it was the in The film music the to the are by only three Glass’s music is different from It however, with writing, mostly the which forward This is not as used to in Cocteau’s forward with its and different Glass’s music a of if Glass’s from the work of Jean the previous that Glass with the film the as the film music is the on his writing and was from the It is not that the music of the film on In film, the is mostly in or with Cocteau’s is it is very and When to a Glass to and to the His in with the and is the of characters being to and The the the the the the of the and even are edited out. This of the of characters means that to be those by in the opera by Glass only the both the and In Glass film and not Cocteau’s on the on his and to the is a … that to it He that have to and to of the of as the film, Glass is to for and is a a a and a Glass and also the to the and the the in and which is already in Cocteau’s and described as with the of the of this of the in the the quality of Cocteau’s There are also many in the of the but there is Cocteau’s as in Orphée, In the to be the in the opera with the first of the film la you to the are from the of the he a to to with this this Glass and to the to a The with the as the film to I is This of was by a in the as to a on the is a and is by and for his In the of characters means that are not only a but also from one to In Cocteau’s film, of the and the with As the not in the Glass and have to A la et … was between and in the is to the very of the Despite the Glass and most of the by Cocteau in the film, the and of the characters or even is to It means that Glass not the as in Orphée, which out most of the This is probably linked to the to of the film is first by a by three which for one the the work is on different from the It is like film, like being a and a answer even you have or three in Les Enfants terribles to that in time just you one answer from so many that come to mind. It is a of the there are possibilities when the characters this the presented as and a of voice of of The and of the like the of characters and is to Glass’s in Orphée and a Les Enfants terribles however, different in the because of the to Glass and of the characters and their In into the opera a of In the film, remain on the a it to the of the other mostly and do not the of the is this and the of the is to and The the of of the and in the opera the do the When with his French his idea of operas on Cocteau’s films, Glass to Cocteau from the of being a and a because he he and he His answer he was was at one different This also to Glass’s film-based opera: his Cocteau trilogy the many possibilities for adapting a film into opera. The of film components to composers. on which elements are and which are edited the for the are the film as in La Belle et la Bête a for the which is not the case when the visual is as in Orphée and Les Enfants The way the adaptation is is also as the are not Glass’s adaptation of Cocteau’s Orphée that can be used to all the elements that are in conventional operatic Glass’s different to the in Orphée and Les Enfants terribles that different adaptation for film It is not to will be from the film in a film-based opera and in the film will be present in the opera. This to a for the The terms and based on very different a of operas this the that can be the very different in which Glass the three films the of them. What is at stake for the is not the depending on the adaptation and the of is It is for this reason that I the of in film-based and for the of the The is even in that film-based operas in different As Glass La Belle et la Bête the film … or it can be with the film in which I the of the with the of the of the people on the When Glass’s La Belle et la Bête is the film it a opera. It is however, with Orphée, which was if the visual of Cocteau’s film is not present in this new of Glass’s La Belle et la Bête, it the way Glass the A of the for in the operas into the Glass was can also of a film-based opera: stage of Orphée to Cocteau’s film, for at the in or even from the film, as at the in These the that Glass’s was to visual to Cocteau’s This is not the as very when at the of the that were As for Les Enfants it is not as a as in in in The of or of these three operas is on the of Orphée that Glass’s opera is it is because it the fact that the film is in a way as to a traditional operatic This aspect is also the and Glass’s to opera. The of his La Belle et la Bête challenges the very idea of opera The the film a conventional of opera and in the way to the Glass presented his Cocteau trilogy as of of the between cinema and This and the for film to opera and many for its many composers have this in the of the Cocteau trilogy of the 1990s a fascinating new of opera is et in at with a and a film contemporary opera and French music and opera is the of into to la la and et has edited et la on and Les la I am to for of my

Étienne de l’Estoile, Théo Régniez

Annoncés comme une révolution pour le monde de la culture et son financement, les Non Fungible Tokens (NFT) sont encore au stade de promesse propice aux spéculations. La régulation du secteur se fait par l’intégration de ce nouvel actif dans l’ordre réglementaire et sa réappropriation partielle par les acteurs traditionnels du monde de l’art.

He Dan-Dan, Zheng Liu, Yang Qingqing, Lei Ma

The combination of non-fungible token (NFT) with paintings, music, games, videos and other forms of creative content is an innovation to protect the copyright of authors. It digitizes physical works with unique labels. At present, the NFT industry is blooming in the area of digital collections in China, attracting increasingly more artists, art collectors and platform enterprises to interact. However, the NFT digital collection platform is facing challenges and growth limitations. This study adopts the theory framework of responsible innovation. Through semi-structured interview and secondary document review, it analyzes the positive and negative effects of China’s NFT digital collections alongside technological, economical, ethical and social dimensions. The paper proposes four development paths to achieve responsible innovation of this emerging new business. Further discussion links NFT with open innovation dynamics, alongside areas for future research.

Olayinka Iyinolakan

The efforts and talents of Nigerian creative artists have not turned into proportionate economic benefits. However, Non-Fungible Tokens (NFT) and their marketplaces are causing a revolution in the gaming, literature, art and music industries. Despite these opportunities, NFTs hold, of concern is the effectiveness, awareness and risks it poses to Nigerian visual art stakeholders. Through a triangular method, data was collected, analysed and discussed utilising media economics and the diffusion of innovation theories. A total of 28 stakeholders, predominantly artists, including art collectors and copyright regulators, showed that early adopters in Nigeria consider NFT marketplaces for showcasing and selling digital artworks. Notwithstanding, this trust is not seen when it comes to copyright-ability. The study also showcases various policy, structural and economic issues limiting Nigerian art space besides technology adoption. Nigerian creatives must keep an eye on the evolution of NFTs to aid their sustainable growth. Although pirated creative works have been sold on the streets of Nigeria over the years, NFTs can help Nigerian creatives earn on the streets of the metaverse.

Kafteranis, Dimitrios; id_orcid 0000-0001-9895-6112, Turksen, Umut

As the rules for countering money laundering constantly change, criminals find new methods and platforms to launder their “dirty” money. Recently, such new platforms have included the art market and the use of crypto currencies. Subsequently, both of these sectors were added to the list of sectors susceptible to facilitate money laundering. Apart from the traditional art market, criminals may use digital art in order to facilitate their activities. The rise of the digital art market with the expansion of Non-Fungible Tokens (NFTs) is a new area of concern for law enforcement agencies. Anonymity and price volatility of NFTs create a unique and exploitable environment for criminals. The complex nature and uncertain legal status of NFTs further complicate the counter measures one can take. This paper explains what NFTs are, analyses their relation to money laundering risks and scrutinises their legal status in the EU. In doing so, it identifies gaps in the law and training needs of law enforcement agencies. Finally, the paper provides potential solutions and recommendations in relation to these gaps. The paper offers a novel study on NFTs and aims to pave the way for further comparative studies related to NFTs.

Muhammed HOCAOĞLU, Adib Habbal

Blockchain has become a trend in the last few years due to its financial impact correlated to Cryptocurrency. Blockchain is a distributed, immutable, and decentralized database to store transactions which are done by users without the need for a trusted Third-party. Similar to cryptocurrency, tokens are objects that Represent digital or physical assets over a Blockchain network. Token market value has been dramatically increasing in the last few years due to The breakthrough that was made in preserving intellectual property And the usage in many other fields like tourism, education, and Art. Non- Fungible tokens (NFT) Are unique and exchangeable tokens because they are different in type and value due to their scarcity. Using NFT to manage the educational assets will be an effective way to protect the intellectual property and the educational assets from fraud. In this paper, we propose a NFT-based framework to manage the educational assets on the Metaverse that authenticate the ownership of the assets using Blockchain technology. We also explain the minting process we used to convert the assets into NFT in the framework.

Lanqing Du, Michelle Kim, Jin-wook Lee

Non-Fungible Tokens (NFTs) are crypto assets with a unique digital identifier for ownership, powered by blockchain technology. Technically speaking, anything digital could be minted and sold as an NFT, which provides proof of ownership and authenticity of a digital file. For this reason, it helps us distinguish between the originals and their copies, making it possible to trade them. This paper focuses on art NFTs that change how artists can sell their products. It also changes how the art trade market works since NFT technology cuts out the middleman. Recently, the utility of NFTs has become an essential issue in the NFT ecosystem, which refers to the owners' usefulness, profitability, and benefits. Using recent major art NFT marketplace datasets, we summarize and interpret the current market trends and patterns in a way that brings insight into the future art market. Numerical examples are presented.

Zihui Chen, Yuanyuan Guo, Zihui Wang

Non-Fungible Token (NFT) is a relatively new concept that has been a hot topic in the development of the field. The artwork generated in the form of NFT has made it an increasingly lucrative market, while there is also a lot of interest in the application of NFT to games, the metaverse and the financial economy. Therefore, this research paper will investigate the market development trend of NFT in the context of metaverse and the future outlook, especially to make a more detailed analysis of several important fields, taking art and branding industry as examples. Based on case studies and data analysis, NFT’s high pricing is attributed to a variety of factors, where the company's marketing approach is mostly creative and cross-pollinated to appeal to a wide audience. NFT has the ability to grow in the cultural sector as a whole, but it is challenging to sustain long-term prosperity due to the lack of NFT artworks and the likelihood of excessive speculation. Overall, this paper explores the value and potential of NFT using current research and accurate statistics, particularly in the areas of branding and the arts. These results shed light on guiding further exploration of NFT's market prospect and its own value realization.

Wesley Joon-Wie Tann, Akhil Vuputuri, Ee‐Chien Chang

Non-fungible tokens (NFTs) are digital assets stored on a blockchain representing real-world objects such as art or collectibles. An NFT collection comprises numerous tokens; each token can be transacted multiple times. It is a multibillion-dollar market where the number of collections has more than doubled in 2022. In this paper, we want to obtain a generative model that, given the early transactions history (first quarter Q1) of a newly minted collection, generates subsequent transactions (quarters Q2, Q3, Q4), where the generative model is trained using the transaction history of a few mature collections. The goal is to use the generated transactions to project the potential market value of this newly minted collection over the next few quarters. A technical challenge exists in that different collections have diverse characteristics, and the generative model should generate based on the appropriate "contexts" of the collection. Our method takes a two-step approach. First, it employs unsupervised learning on the early transactions to extract characteristics (which we call contexts) of NFT collections. Next, it generates future transactions of each token based on these contexts and the early transactions, projecting the target collection's potential market value. Comprehensive experiments demonstrate our contextual generative approach's NFT projection capabilities.

Giovanni Colavizza

Non-Fungible Tokens (NFTs) have recently surged to mainstream attention by allowing the exchange of digital assets via blockchains. NFTs have also been adopted by artists to sell digital art. One of the promises of NFTs is broadening participation to the art market, a traditionally closed and opaque system, to sustain a wider and more diverse set of artists and collectors. A key sign of this effect would be the disappearance or at least reduction in importance of seller-buyer preferential ties, whereby the success of an artist is strongly dependent on the patronage of a single collector. We investigate NFT art seller-buyer networks considering several galleries and a large set of nearly 40,000 sales for over 230 M USD in total volume. We find that NFT art is a highly concentrated market driven by few successful sellers and even fewer systematic buyers. High concentration is present in both the number of sales and, even more strongly, in their priced volume. Furthermore, we show that, while a broader-participation market was present in the early phase of NFT art adoption, preferential ties have dominated during market growth, peak and recent decline. We consistently find that the top buyer accounts on average for over 80% of buys for a given seller. Similar trends apply to buyers and their top seller. We conclude that NFT art constitutes, at the present, a highly concentrated market driven by preferential seller-buyer ties.

Sarah Barrington, Nick Merrill

Non-Fungible Tokens (NFTs), digital certificates of ownership for virtual art, have until recently been traded on a highly lucrative and speculative market. Yet, an emergence of misconceptions, along with a sustained market downtime, are calling the value of NFTs into question. This project (1) describes three properties that any valuable NFT should possess (permanence, immutability and uniqueness), (2) creates a quantitative summary of permanence as an initial criteria, and (3) tests our measures on 6 months of NFTs on the Ethereum blockchain, finding 45% of ERC721 tokens in our corpus do not satisfy this initial criteria. Our work could help buyers and marketplaces identify and warn users against purchasing NFTs that may be overvalued.

Sarah Barrington

An explosion of interest in Non-Fungible Tokens (NFTs) has led to the emergence of vibrant online marketplaces that enable users to buy, sell and create digital assets. Largely considered contractual representations of digital artworks, NFTs allow ownership and authenticity to be proven through storing an asset and its associated metadata on a Blockchain. Yet, variation exists between chains, token protocols (such as the ERC-721 NFT standard) and marketplaces, leading to inconsistencies in the definitions and roles of token metadata. This research thus aims to define metadata in the context of NFTs, explore the boundary of metadata and asset data within tokens, and understand the variances and impacts these structures have on the curation of NFTs within online marketplaces and collections.

Claudio Boido, Mauro Aliano

No abstract is available for this record.

Simona Andreea Apostu, Mirela Panait, László Vasa, Constanţa Mihăescu · 5 authors

Although NFTs (non-fungible tokens) and cryptocurrencies are active on the same market, their prices are not so closely related over time. The objective of this paper is to identify the relationship between the two types of assets (NFTs and the cryptocurrencies Ethereum, Crypto Coin, and Bitcoin), using data for the period between September 2020 until February 2022. The conclusions of the study are useful for cryptocurrency and NFT issuers, but also for investors on the financial market who are reconfiguring their portfolios with increasing frequency, and use these new assets for speculative or hedging purposes based on blockchain technology. The results highlighted relationships between NFTs and Ethereum, between Ethereum and Crypto Coin, and between Bitcoin and Ethereum, Ethereum being a bridge between all four. Therefore, NFTs present a relationship with Ethereum, the NFTs price had a causal effect on the price of Ethereum.

Eduard Hartwich, Philipp Ollig, Gilbert Fridgen, Alexander Rieger

Purpose This paper aims to establish a fundamental and comprehensive understanding of non-fungible tokens (NFTs) by identifying and structuring common characteristics within a taxonomy. NFTs are hyped and increasingly marketed as essential building blocks of the Metaverse. However, the dynamic evolution of the NFT space has posed challenges for those seeking to develop a deep and comprehensive understanding of NFTs, their features and their capabilities. Design/methodology/approach Utilizing common guidelines for the creation of taxonomies, the authors developed (over 3 iterations), a multi-layer taxonomy based on workshops and interviews with 11 academic and 15 industry experts. Through an evaluation of 25 NFTs, the authors demonstrate the usefulness of the taxonomy. Findings The taxonomy has 4 layers, 14 dimensions and 42 characteristics, which describe NFTs in terms of reference object, token properties, token distribution and realizable value. Originality/value The authors' framework is the first to systematically cover the emerging NFT phenomenon. This framework is concise yet extendible and presents many avenues for future research in a plethora of disciplines. The characteristics identified in the authors' taxonomy are useful for NFT- and Metaverse-related research in finance, marketing, law and information systems. Additionally, the taxonomy can serve as an information source for policymakers as they consider NFT regulation.

Brian L. Frye

Copyright is a means to an end, not an end in itself. We created copyright because we wanted to encourage the creation and distribution of works of authorship, not because we wanted to enable copyright owners to control the use of the works they own. We stuck with copyright because it was the best tool we had, despite its flaws. Was copyright ever efficient? No. But marginal improvements matter. Technology has changed the copyright calculus. Distribution of works of authorship gradually got cheaper and cheaper. And then the Internet made it free. But creation remained costly, even though technology helped make it easier. For better or worse, copyright was still our best way of encouraging authors to create new works, by enabling them to claim some of the economic value of those works. Of course, copyright was always a compromise, with many flaws. First, it’s overbroad. While many authors rely on copyright, many others don’t—but copyright protects their works anyway, even if they don’t want it. Second, it’s overlong. Copyright protects works far longer than necessary to encourage their production, and keeps forgotten works out of print. Third, it’s inequitable. By design, copyright only benefits commercially successful authors. And finally, it’s inefficient. Most of the benefits of copyright go to publishers rather than to authors. There’s gotta be a better way. And maybe there is. The market for non-fungible tokens, or “NFTs,” enables authors to sell their works without relying on copyright at all. An NFT is a transferable cryptographic token. Authors can create NFTs that represent “ownership” of their works and sell those NFTs to collectors. The NFT market recognizes the owner of a “legitimate” NFT of a work as the “owner” of the work, even though NFTs typically don’t convey copyright ownership of the work. I call this “pwnership,” because it consists of “clout,” rather than control. NFT owners don’t need copyright, because pwnership depends on the endorsement of the author, rather than control of the use of the work. In fact, NFT owners encourage others to use the work, because popularity increases the value of pwnership. Essentially, NFTs allow authors to profit from creating works of authorship without having to control their use. If the potential profit from selling NFTs alone is large enough to encourage authors to create works, then authors don’t need copyright anymore. And if authors don’t need copyright, no one does. In theory, NFTs could finally make copyright obsolete. Works of authorship are inherently public goods. As Stewart Brand famously observed, “Information wants to be free.” And for most of human history, information was at least nominally free, albeit profoundly costly to obtain. While mechanical reproduction made information far less expensive, it also made the cost of creating and distributing information far more salient. Copyright was the kludge we invented to solve that welcome new problem. We had to destroy free culture in order to save it. Maybe NFTs will enable us to finally dispense with copyright and make information free again.

Abhijeet Laxman Thorat, Mr. Manish Dube

Blockchain is a progressive innovation and will have extraordinary constructive outcomes in our business climate sooner rather than later. NFT represents Non- Fungible Token. An NFT can be viewed as only a computerized type of genuine world objects like workmanship, music, in-game things and recordings. They are exchanged on the web, by and large with various kinds of digital money. Non-fungible tokens exchanged on a NFT commercial center are not quite the same as fungible tokens that are traded on different incorporated or decentralized trades. NFTs are unique. Each NFT has a computerized signature that makes it inconceivable for them to be traded for another NFT. Each has its not entirely settled by different variables like metadata, maker, highlights, and so forth. The larger part of NFTs in the current times are computerized, and makers could make do here from now on and clear a path for additional inventive things for the clients.. It is extremely evident that blockchain innovation and NFTs can offer the ideal a chance for specialists and content makers to get monetary compensation for their works. Along these lines, craftsmen try not to need to rely upon exhibitions to sell their work of art. All things being equal, a craftsman could simply offer their work to a purchaser in the type of a NFT. This likewise brings about better benefit for the specialists. Curiously, Non Fungible Tokens likewise have the component of eminences where a specific sum is credited to the first maker of a specific NFT each time the said NFT is sold. Since Blockchain is a generally more up to date innovation, assets are less and very hard to track down the wonderful one which makes it considerably more challenging to fabricate a complex NFT Marketplace. NFTs have different use-cases and the NFT commercial center should be at the center of all those extraordinary use cases by giving the clients a stage to mint and exchange the Non-Fungible tokens.

ManMohan Singh Rauthan, Parikshit Rana

The NFT marketplace is only three years old, yet it was already reshaping the worldwide market in 2021-2022. The Non-fungible tokens (NFTs) are a new and rapidly growing trend changing how digital assets are exchanged. NFTs are digital tokens representing unchangeable ownership of digital goods such as artwork and collectibles and are traded on blockchain-based marketplaces. NFTs generate unique ways to manage, utilize, transfer, design, and save digital data and have undergone a quick surge in numerous applications spanning artwork, entertainment, media, content sharing, and digital crypto commerce. This study aims to look into non-fungible tokens for marketplaces and how they affect global markets. Our main contribution is to prospecting NFTs for Marketplaces. In doing so, we highlight essential questions of NFTs for marketplaces and examine what the taxes and intellectual rights of properties of NFTs are. Further, the paper provides trending information such as total bitcoin price and the mean price per transaction transmitted to NFTs Networks, Most Popular NFT collections transaction volume, the proportion of web traffic to NFTs markets by area, number of active NFT collections on OpenSea.

Merve Kadriye Yurdabak

NFT piyasası son yıllarda hızla gelişmektedir. NFT kavramı, aslen bir blokzincir altyapısına ait olan Ethereum standardından gelmektedir. Oluşturulan benzersiz kimlikler, dijital varlıklarla ilgilidir. NFT, özelleştirilmiş değerlerle şeffaf bir ticaret sağlamaktadır. Dijital sanat kavramı benimsenirken, yeni bir pazar da oluşmaktadır. Günümüzde, NFT satışları milyonlarca USD'ye ulaşmıştır. Gelişen NFT pazarı dikkat çekmektedir. NFT'nin arkasındaki teknolojiler olgunlaşmadığından, NFT keşfedilmeyi ve anlaşılmayı bekleyen bir ekosistem haline gelmektedir. Bu çalışmada, dijital sanat ve NFT'nin avantajları ve fırsatları tartışılırken, NFT ekosistemi önemli örneklerle gözden geçirilmektedir.

Yufan Zhang, Zichao Chen, Luyao Zhang, Xin Tong

As a blockchain-based application, Non-Fungible Token (NFT) has received worldwide attention over the past few years. Digital artwork is the main form of NFT that can be stored on different blockchains. Although the NFT market is rapidly developing, we observed potential ethical and racial fairness issues in the design of NFT artworks due to a lack of ethical guidelines or censorship. Therefore, we investigated CryptoPunks, the most famous collection in the NFT market, to explore and visualize its potential ethical issues. We explored the ethical issues from three aspects: design, trading transactions, and related topics on Twitter. We scraped data from Twitter and Dune Analytics using python libraries, Twitter crawler, and sentiment analysis tools. Our five visualizations implied that 1.6 times more male punks were created in the initial design process than the female ones. And the male ones have a higher average selling price than females; lighter-skinned punks tend to sell for higher prices. The results of our study and visualizations provide a preliminary exploration of CryptoPunks and further inspire future ethical-related investigation and research in the NFT domain.

Irina Lyubchenko

This paper investigates non-fungible tokens, or NFTs, and examines their place within art historical canon. Crypto-art and crypto-collectibles have flooded digital markets, offering unique art. Recently, Beeple’s Everydays—The First 5000 Days, the first digital artwork fitted with a non-fungible token offered by the major auction house Christie’s, sold for $69,346,250 on March 11, 2021. It is the third most expensive artwork sold by a living artist, following Jeff Koon’s sculpture Rabbit (1986) and David Hockney’s painting Portrait of an Artist (Pool with Two Figures) (1972). While Jeff Koons and David Hockney are the artists, whose theoretical perspectives are well known and have a secured place in an art historical canon, Beeple’s work and works of other digital NFT artists have not been fully investigated to be positioned in relation to art history, seemingly existing in a theoretical vacuum. The absence of artistic statements that usually accompany artworks contributes to this effect. Is it possible to think of the 21st century NFT-backed digital artists as the avant-gardes, who, like their 20th -century predecessors, confronted and condemned the art historical tradition? Using the case study of Beeple’s Everydays, this paper proposes an answer to the puzzling question of how a mosaic of everyday sketches produced by “pooping something out in 45 minutes,” using Beeple’s own words, was claimed to be “the next chapter in art history.” Using historical and textual analyses, this essay provides a critical response to the recent digital artworld trends driven by the decentralized networks and currencies existing in fully digital ecosystems.

Anthony Obiajulu Osagwu, Ekwunife Gabriel Okafor

This paper examines the respondent's purchase intentions appropriate to the advertising variables. It therefore sum ups the consequences and impacts related to respondent's choice of advertising variables and purchase intentions of cryptocurrency. The unexplored market potential of cryptocurrency might be due to ineffective use of advertising to facilitate purchase intention. Interestingly, scanty empirical investigation could be found on the topic of advertising and purchasing intentions of cryptocurrency among developing economies of the world. Accordingly, the need for the research presented here is evident. The main purpose of the study is investigating the effects of advertising on purchase intention of cryptocurrency among young adult in Awka, Nigeria. This necessitated conducting a research for the evaluation of current advertising practices to check their effect on consumer purchase intentions. Data were collected from the sample of 138 individuals selected randomly. Presented questionnaire was used to collect data. Data analysis and interpretations was done through regression model and descriptive statistics. To check the impact of advertising, the advertising related variables were used which includes awareness, interest, desire, action of advertising on the dependent variable of consumer’s purchase intentions of crypto currency. The results declared most advertising related variables have significant impact on purchase intentions.