This dissertation examines the evolving landscape of non-fungible token (NFT) markets, primarily in the arts, focusing on the experiences of artists and the role of intermediaries in shaping market dynamics. Through three interconnected research papers, it challenges the techno-utopian narratives of decentralization and democratization associated with blockchain technology. The first paper presents an analysis of how NFT marketplaces have become decisive arbiters of value, particularly in royalty enforcement, which reveals the paradoxical coexistence of technological decentralization and organizational recentralization. The second paper presents a novel typology that demonstrates how NFT marketplaces actively construct value and shape participant behaviour through governance mechanisms and curatorial strategies. The third paper foregrounds artists’ lived experiences and unveils how the digital nature of NFT markets intensifies competitive pressure and necessitates constant “visibility labour” on social media platforms. Collectively, the findings unveil how NFT markets, despite the decentralization rhetoric, often reproduce and amplify traditional art market hierarchies while introducing the challenges of cryptocurrency volatility, algorithmic visibility, limited legal and social protections and other forms of digital vulnerability. This dissertation highlights the complexities of an evolving ecosystem in which technological innovation intersects with established power structures and market practices and thereby contributes to the Information Systems literature. It also offers critical insights into the intricate interplay between technological innovation, market configurations, and creative labour in the digital age, which not only advance our understanding of NFT markets but also provide a framework for analysing future developments in digital creative economies.
Companies continue to explore the marketing potential of non-fungible tokens (NFTs). To succeed, they must understand the core motivations of NFT buyers. This explanatory study provides descriptive insights about NFT buyers and identifies key operational principles within the NFT market. It addresses the critical questions: What NFT buyer segments exist? Which segments should companies target, and how? Surveying 703 NFT buyers, the study identifies five distinct NFT buyer segments: curious speculators (18%), cautious investors (5%), utility-driven buyers (35%), tech-savvy investors (29%), and status-seeking socializers (13%). The first two segments are primarily motivated by investment, purchasing NFTs mainly for resale. In contrast, the remaining segments are driven by ownership motives, purchasing NFTs not only for financial potential but also for personal use, technological interest, and their social values. Drawing on customer engagement theory, the study highlights these three ownership-oriented segments as particularly attractive for companies. Beyond a high willingness to buy branded NFTs, these segments actively recommend NFTs to new buyers and show substantial engagement in NFT communities, a critical success factor for NFT markets. The study further shows that companies can enhance NFT buyer engagement through incentivized referrals and provide marketers with a strategic guide for effectively targeting these segments.
Digital art has been increasingly popular with the development of blockchain technology. Blockchain technology provides a form of protection for digital art sellers and buyers as it enables verifiable and tamper-proof records of ownership of digital artworks. In addition, it also records the information and transaction history of the artworks and allows public access to the information with exceptional transparency. Hence, it not only offers digital artists a new format to sell and promote their works but also allows researchers to observe the market activities. Thus, in this thesis, I focus on the subset of digital arts with information and transaction histories recorded on the blockchain. A digital artwork/collectible (e.g., image, video, music) recorded on the blockchain is also called a non-fungible token (NFT). NFTs are becoming an increasingly popular form of art investment, with rocketed market growth in 2021. However, both consumers and sellers face uncertainty in the market activities. Consumers encounter uncertainty when making purchase decisions as there are no established valuation guidelines for NFTs. Sellers confront uncertainty when creating artwork owing to the lack of knowledge about consumer demand. Thus, this thesis investigates two different topics that surround uncertainty in the NFT market. Chapter 1 examines herding behavior in NFT auctions and the moderating role of visual complexity and familiarity. Auction is one of the most popular selling formats in the NFT market. Given the valuation uncertainty for NFTs, consumers’ bidding tendencies would be influenced by other collectors’ bidding decisions (herding behavior). I build a model on bid continuation probability to capture the herding behavior in the primary auctions. In addition, the visual cues are essential in evaluating the artwork. In this regard, I examine how visual complexity and familiarity affect herding behavior, as these two visual characteristics usually affect both the ease of understanding and recognizing the visual stimulus. I use a computer vision technique to quantify the visual complexity of an NFT, and apply transfer learning to measure its visual familiarity. The findings show that there is herding behavior in NFT auctions, and visual complexity and familiarity both exhibit a U-shape moderating effect on herding tendency. This research further tests the subsequent impact of herding behavior in the primary auctions on the auction winners’ resale decisions. Results suggest that auction winners are more willing to resale the NFT and set a higher price premium when there is stronger herding behavior in the primary auctions. This research contributes to herding, NFT, and creative content production literature, and provides managerial implications for content creators and market platforms to promote sales. Chapter 2 investigates how sellers can enhance revenue and benefit from introducing consumer uncertainty in product assignment (i.e., probabilistic selling). Probabilistic selling has become an increasingly popular and relevant phenomenon across industries, from traditional online travel agencies (e.g., probabilistic hotel rooms), retailing (e.g., clothing, and cosmetics subscription boxes) to digital gaming (e.g., in-game products), non-fungible tokens (NFTs), etc. However, despite the market prevalence, there is no empirical investigation into the actual benefit of marketers employing probabilistic selling to the best of our knowledge. Leveraging a feature change in an NFT marketplace, this research quantifies the effect of adopting probabilistic selling on sellers’ monthly revenue using three estimators (i.e., two-way fixed effect DiD, staggered DiD, and aggregate synthetic DiD). Results consistently show that probabilistic selling increases adopters’ monthly revenue within the range of $500.455 to $665.869. In addition, this research finds three underlying mechanisms that drive the revenue lift: protection provision on the transparent market, increased market thickness and matches, and enhanced market matching efficiency. At the same time, alternative mechanisms are discussed and ruled out. These findings add to the probabilistic selling, uncertain marketing and NFT literature. This research also provides managerial implications for sellers to increase sales and for market platforms to promote market participation and enhance market matching efficiency.
With the rapid advancement of technology, the transformation of images into digital codes has enabled computer technologies and their derivatives to be included in the art environment, production, and exhibition methods, as well as traditional tools used in artworks. Blockchain and NFT technology, which emerged because of these developments, merged with art to create a new digital art field. This new technology offers new perspectives on the preservation, exhibition and evaluation of art and plays an important role in the digital art economy. The main problematic of this study is to develop an in-depth understanding of the rise of NFT (Non-Fungible Token) technology in the art world and how this new digital art form is perceived by virtual communities. The effects of NFT on the production, distribution, appropriation, and evaluation of artworks have provoked different reactions among artists and art lovers. This study aims to reveal the value, acceptance, and criticism of NFT art in virtual communities through a netnographic analysis. In this study, the perspectives of virtual communities on NFT were examined using a netnographic analysis method. For this purpose, forum sites such as Donanım Haber, R10, Reddit, Shift Delete and Technopat, which have high traffic and active members, were selected and the content shared on these sites between January and October in 2021, when NFT was popular, was analyzed. Discussions, comments, and opinions about NFT on these sites were analyzed in depth. As a result of the study, it was determined that NFT has received various reactions in the art world, some users find this technology meaningless and speculative, while others see NFT as a revolutionary step in the digitalization of art. It is concluded that NFT offers new opportunities to artists and collectors by securing the ownership, authenticity, and trade of artworks in a digital environment.
Cette recherche interroge les mutations du champ artistique à l’ère numérique à travers l’émergence des NFTs comme dispositifs de circulation, de légitimation et de monétisation. S’appuyant sur une analyse de contenu (X, Reddit) et une enquête par questionnaire (artistes et institutions), il examine dans quelle mesure ces technologies participent à une désintermédiation réelle ou tendent à reconduire, sous d’autres formes, les logiques de pouvoir, de hiérarchisation et de sélection caractéristiques au champ de l’art traditionnel. L’étude explore les tensions entre les promesses d’autonomie portées par le Web3 et les configurations concrètes observées dans un écosystème structuré par des plateformes, des algorithmes et des logiques économiques variables.
Teknologi Non-Fungible Token (NFT) telah membuka peluang baharu dalam pemasaran aset digital, terutamanya bagi penghasil seni visual. Walaupun NFT semakin popular, masih terdapat cabaran dalam kalangan penghasil seni visual di Malaysia, termasuk kesedaran yang rendah, pemahaman teknikal yang terhad dan strategi pemasaran yang tidak efektif. Kajian ini bertujuan untuk membangunkan rangka kerja pemasaran aset digital berasaskan NFT (PVArt-NFT) bagi membantu penghasil seni visual di Malaysia memahami, mencipta dan memasarkan karya seni visual dalam ekosistem NFT. Bagi mencapai objektif kajian, pendekatan Penyelidikan Sains Reka Bentuk (Design Science Research) digunakan sebagai metodologi utama. Rangka kerja PVArt-NFT dibangunkan melalui analisis kandungan dan temubual kepada 7 perunding pakar dan seterusnya disahkan oleh 10 pakar yang lain. Ujian pra dan pasca dilaksanakan melalui bengkel NFT melibatkan 23 peserta untuk menguji keberkesanan rangka kerja tersebut. Rangka kerja PVArt-NFT yang dibangunkan mengandungi empat fasa iaitu: Analisis Nilai, Penciptaan Nilai, Penyampaian Nilai, dan Hubungan Pelanggan & Komuniti. Dapatan kajian menunjukkan bahawa terdapat peningkatan dalam pemahaman peserta selepas intervensi bengkel, namun terdapat perbezaan kecil dalam penerimaan terhadap minat, yakin, dan mempelajari NFT. Secara keseluruhan hasil dapatan kajian membuktikan bahawa bengkel ini memberi kesan besar dalam meningkatkan pemahaman peserta terhadap NFT. Kesimpulannya, rangka kerja PVArt-NFT ini memberi sumbangan implikasi pratikal kepada strategi pemasaran digital untuk penghasil seni visual. Selain itu, kajian ini turut memberikan sumbangan teoretikal berdasarkan Teori Innovation Resistence (IRT), Model Pemasaran Digital 7Ps, Teori Actor-Network (ANT) dan peranan pemasaran (role of marketing) ke dalam konteks seni visual berasaskan NFT. Seterusnya menambah dimensi baharu kepada literatur pemasaran dan ekonomi kreatif digital.
Perkembangan NFT telah mengubah landskap seni visual kontemporari dengan menyediakan peluang pemilikan digital serta akses ke pasaran global, namun kajian tentang persepsi nilai pengguna masih terhad dalam memahami motivasi pembeli dari aspek teknikal dan ekonomi. Justeru, kajian ini membangunkan Model Faktor Pemilihan NFT (MP-NFT) bagi menjelaskan bagaimana pembeli menilai dan membuat Keputusan terhadap pemilihan NFT dalam seni visual kontemporari, menggunakan pendekatan kualitatif melalui temu bual separa berstruktur dengan tujuh artis seni visual kontemporari di Malaysia. Analisis tematik berpandukan teori persepsi nilai pengguna oleh Troilo, Holbrook, Sheth, dan Zeithaml mendedahkan lapan dimensi utama ekonomi, sosial, psikologi, teknologi, cabaran, pengalaman, nilai dan kesan, serta masa depan NFT—yang melahirkan 22 faktor penting membentuk Model MP-NFT. Kajian ini bukan Sahaja memperkaya perbahasan teori mengenai persepsi nilai pengguna NFT, malah berfungsi sebagai panduan praktikal kepada pembeli, artis, pemasar, dan pembuat dasar dalam memperkasakan ekonomi seni digital serta menegaskan peranan NFT sebagai pemangkin perkembangan seni visual kontemporari di Malaysia
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Cultural Industries and Urban Development
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
This study investigates gender and racial representation in the non-fungible token NFT market, uncovering biases that reflect societal inequalities. Despite the market's potential for diverse artistic expression, there is a notable misrepresentation and stereotyping of female and minority characters. The paper points to the need for systemic changes, using examples from gaming and AI language models to highlight the pervasive nature of these biases. It advocates for increased visibility of underrepresented artists, educational initiatives to support diverse creators, and collective efforts to enhance digital art. The study urges future research to explore strategies that use NFTs to promote equality and diversity in representation, addressing the inaccuracies in the portrayal of female characters and the stereotyping of racial characters, which contribute to a lack of misrepresentations and authenticity in the NFT space.
Non-fungible tokens (NFTs) are a highly burgeoning phenomenon reforming how digital assets are traded. NFTs embody irreversible rights to exclusive digital assets such as digital art and collectibles and are represented as digital tokens that can be traded across marketplaces employing blockchain technologies. NFTs engender new ways to organize, consume, move, program, store digital information and have experienced a rise in various adaptations across art, content creation, and tech-crypto businesses. I defined NFTs and outlined the objective of this research which include; to highlight how NFT fit with blockchains and cryptocurrencies, how it can be used by various industries, the role of art education in the present transformation and the opportunities they present. The methodology combined opinion with other documentary reviews. Key findings are: an artworld map of an entire NFT ecosystem, NFTS is an easier digital alternative for building a sustainable economy within the art industry in Nigeria as the conclusion.
Abstract: This review paper examines the rising influence of Non-Fungible Tokens (NFTs) in the field of marketing,focusing on how these unique digital assets are changing brand strategies and consumer interactions. Businesses are increasingly using NFTs to offer exclusive experiences, strengthen customer loyalty, and promote ownership of digital products like virtual collectibles, art, and branded content.The paper provides a comprehensive overview of the current applications of NFTs in marketing, including digital collectibles, virtual real estate, branded content, and customer incentives. It also addresses the challenges and risks, such as market volatility, environmental concerns, regulatory uncertainties, and the evolving consumer perception of digital ownership. Additionally, the study explores future developments, such as the convergence of NFTs with the metaverse and social platforms, and the growing importance of gamification in brand storytelling. By synthesizing existing researchand how marketers can effectively use NFTs while managing risks in this rapidly changing digital environment.
The development of digital art has been marked by numerous transformative phases, with the rise of NFTs (non-fungible tokens) representing a pivotal moment in its evolution. This paper posits that the ascent of NFT art is closely linked to the COVID-19 pandemic, which catalyzed a shift towards digital mediums and redefined the relationship between art and technology. NFTs not only revolutionized the creation, distribution, and monetization of digital art by embedding databases and data archives into the artwork itself, but they also challenged traditional notions of ownership and value in the art world. This study examines how NFTs altered the perception of digital art, particularly during the pandemic, and investigates the factors contributing to the subsequent decline in their prominence after the initial surge of interest.
The recent advent of non-fungible tokens (NFTs) has profoundly disrupted the contemporary art market, but their status remains contested. While advocates tout the democratising potential of NFTs, critics dismiss them as a speculative bubble. This study elucidates the position of NFT art within mainstream art market discourse through an interdisciplinary analysis synthesising critical discourse analysis, corpus linguistics, and the political economy of art. Examining three key 2023 art market reports furnishes empirical insights into how influential institutions frame and valorise NFT art. Linguistic patterns reveal NFTs’ increasingly solid yet variable positioning across art market segments. NFT art appears well-integrated into mainstream discourse but remains emergent at the high end. The analysis reveals a complex picture, with the data showing both positive institutional framing and valorisation of NFT art, as well as the identification of ethical tensions and concerns around issues of accessibility, diversity, and sustainability within the NFT art market discourse. We find NFT art simultaneously amplifies and challenges existing hierarchies, creating new opportunities counterposed by risks.
Sanat eserlerinin yegâne özelliği biricik olmasıdır. Dijital sanat, sınırsız kopyalama ve dağıtma anlamında bu temel özelliği bir anlamda yapıbozumuna uğratmıştır ve tartışmalı bir süreci getirmiştir. Değiştirilemez jeton anlamına gelen NFT (non-fungible token), tescillenebilme özelliği ile klasik sanata özgü nitelikler olan ve dijital sanatta tartışma konusu olan biriciklik ve özgünlüğü bir anlamda yeniden teslim etmiştir. NFT, özellikle son yıllarda birçok alanda gündemi meşgul etmiştir ve sanat ortamında da oldukça ön plana çıkmıştır. Zaman içerisinde NFT sanatı üretenlerin yanı sıra sanatı domine eden yapıların da bu konuya yaklaştıkları ve bir takım projeler ürettikleri, etkinlikler düzenledikleri görülmektedir. Ancak piyasada herhangi bir konuda yaratılan ilginin manipülatif olma ihitimali vardır. Sanat piyasasının da manipülasyon yönünün güçlü olduğu göz önünde bulundurulmalıdır. Dünya çapında çeşitli analiz şirketlerinin anket sonuçlarına ve bulgularına bakmak, daha gerçekçi bir tablo çizmek anlamında yol gösterici olabilir. Bu nedenle bu çalışmada çeşitli analiz şirketlerinin son üç yılda (2021-2023) NFT teknolojisi üzerine yaptığı istatistiklerden ortaya çıkan veriler incelenmiştir. NFT pazaryerleri ile fiziksel, sanal ve hibrit ortamlardaki NFT sergileri araştırılmış, örnekler serimlenmiştir. NFT sanatı özelindeki atılımlar ile daha somut sonuçlar veren istatistikler arasındaki ilişkiye bakılarak aradaki korelasyon değerlendirilmiştir.
This paper examines the global evolution of resale royalties within the art market, with an emphasis on the transformative role of blockchain technology in enforcing artists’ droit de suite. It delves into the evolution of resale royalties and their enforcement through blockchain technology globally, analyzing diverse approaches in the European Union, the United States of America, Australia, and China, and the universal adaptation of blockchain in this context. Drawing on diverse practices, the paper reveals diverse practices and the complex interplay between economic, legal, and cultural factors in each context. The research underscores blockchain’s potential to offer transparency, security, and efficiency in managing and enforcing resale royalties, as demonstrated by the rise of non-fungible token platforms like OpenSea. The paper also delves into China’s distinctive approach to blockchain, which avoids speculative digital currency markets while fostering digital collectibles within a controlled regulatory framework. The paper concludes by offering strategic recommendations aimed at harmonizing legal frameworks, spurring technological innovation, and preparing markets for these advancements. It calls for a balanced ecosystem that fosters artistic innovation and ensures regulatory compliance, showcasing the enduring influence of early concepts in the current digital era of the art market.
This article provides the short and non-linear history of digital fashion, arguing that it is entangled with the development of digital environments and virtual worlds. Unlike material clothes, digital fashion end products are created digitally, for digital use. Digital fashion can range from digital skins for gamified environments or virtual influencers to superimposed images, Augmented Reality filters, Non-Fungible Tokens (NFTs), and digital twins or phygital fashion. We trace the emergence and development of digital fashion through pivotal themes: from its relation to virtual worlds, the Internet, and e-commerce, to the implementation of avatars and fashion in videogames, to the commercially led digital fashion industry that has emerged in the past few years in what is called Web 3.0, and finally, we look at the recent surge of interest in artificial intelligence and its potential complications for digital fashion.
Theoretical background: The dynamic development of generative artificial intelligence such as ChatGPT has transformed the perception of creative work. In the graphic realm, AI systems like Midjourney, DALL-E, or Adobe Firefly allow the creation of high-quality graphics without the need for artistic skills or hiring a talented designer. Concurrently, the emergence of cryptocurrencies and the associated non-fungible tokens (NFTs) has resulted in radical changes in the creative sector, especially in the art market. Purpose of the article: The aim of this article is to examine the development pace and impact of AI-generated art and NFTs on the global art market, focusing on market trends, dependency on energy prices, segmentation, and how these changes influence artwork pricing and artists’ livelihoods. Research methods: The author has assessed the popularity and development of the NFT market, as well as the main reasons for its collapse in 2022. The author identified possible scenarios for the development of the art market, pointed out the primary potential threats, and highlighted the key determinants of future digital asset valuation. Main findings: Despite initial euphoria, buyers depreciate digital goods, especially those generated by artificial intelligence. They are considered inherently inferior and less valuable. Overproduction of works combined with the availability of AI solutions means that the traditional supply and demand mechanism lowers the price of assets and thereby forces more and more graphic designers, photographers, and painters to abandon their professions. Competition from artificial intelligence is subject to the same supply and demand mechanisms, which reduces the cost of access to quality graphics for entrepreneurs and individuals. Simultaneously, as the market becomes saturated with synthetic goods, there will be a delineation at the segment level, similar to what has happened with artisanal beers, hand-assembled cars, and furniture, or handmade ceramics. An unwritten, "made by humans" certificate will result in a 300–500% higher price for similar goods made by humans compared to works of artificial intelligence. This situation will resemble the division of the clothing or furniture market into mass-produced goods and designer items. Amid all this, the increasingly prominent role of NFTs will be evident, which will also appreciate in value, but due to the ecological taxation resulting from energy consumption that is 100,000 times higher than that of a regular bank payment.
Non-fungible tokens (NFTs) are blockchain-based certificates that attest to the authenticity of the wares during the sales of a virtual item, infinitely reproducible and freely downloadable from websites. Consistently associated with the commerce of digital images, their diffusion has actively touched the art field and its relative market, which underwent a transformation that has provoked a shake in its previous hierarchical balance. The evolution of the language of digital images started from the widespread practice of creatorsʼ communities—composed of professionals and amateurs—that frequented the Web before the creation of non- fungible tokens. NFTs made possible a new connection between the digital design community and crypto-investors, setting the base for a new market. The figures in this world have a hybrid multidisciplinary provenance. The consequence is a new questioning of the boundaries of art and its relationship with other creative practices, especially with design. This encounter induced a system that approaches the art market with the rules of allographic works: reproducible items depending on a certificate to assert their authenticity, such as design. NFT works might seem superficial if analyzed in the milieu of contemporary art. Still, they frame their significance in the culture of a close-knit community of people. At the same time, the NFT world seems to open a field of experimentation in which designers can proficiently operate, thus contaminating the traditional art world. The result is an experience of art that has the connotations of digital technology and design. It is hard to predict whether NFT art will be successful since it is a nascent phenomenon. The first move, however, has already been made.
This chapter explores the evolving legal context surrounding the ownership of digital assets, delving into the ramifications of legal frameworks such as property law, copyright, and data protection for the creative digital industry. We underline the importance of the nexus between ownership technology and legal reform, which will bear profound implications for the digital creative economy. Focusing on the recent consultation and recommendations by the Law Commission of England and Wales on this topic (2022–3), we suggest incremental legal adjustments as alternative strategies. We juxtapose this backdrop with a case study on non-fungible tokens (NFTs), which are envisioned as a “property layer” in the emerging Web3 Internet. The ascent of NFTs, evidenced by eye-catching transactions in the art world, underscores a paradigm shift in digital ownership. However, NFTs and decentralised technologies, while holding substantial promise, do not yet fully align with creatives’ desired rights. In order to provide legal certainty, we emphasise the need for nuanced understanding and collaboration among legal scholars, computer scientists, and creative industry stakeholders in order to reimagine property rights in the digital sphere, shaping the future of digital assets and their place within the creative economy together.
At least for a short period of time at the beginning of 2020s, non-fungible tokens (NFTs) achieved recognition as a potential tool for rebuilding creative economies. Blockchain evangelists saw them as the step upward from the so-called Web 2.0, the internet of user-generated content, to Web 3.0, a fully decentralized network where creators are in control of their output and benefit from it directly. In the wake of so-called Web 3.0, the focus has shifted even further, from consuming digital goods for one’s own enjoyment, to producing and trading them for profit. This chapter argues that NFTs manifest the full circle of the economy of signs: From consumption to “prosumption” and back to production of signs, where consumers are only implied and not necessarily present. The earlier “society of producers,” in Zigmund Bauman’s words, makes a comeback in the shape of a community where most members frantically produce content, rather than consume it. Such an “economy without a consumer” poses an interesting challenge to ever-accelerating post-capitalist economies.
9NFTMANIA stands as a prominent NFT brand, renowned for its innovative approach to digital art and cryptocurrency integration. This brand has recently introduced the 9NM token, a digital asset built on the CoreDao blockchain, with a total supply of 1 billion tokens. The 9NM token serves as a vehicle for users to engage in transactions within the 9NFTMANIA ecosystem, providing a bridge between NFT art and digital currency. The 9NM token can be purchased and traded on ICECREAM SWAP, a decentralized exchange platform, offering users liquidity and accessibility to participate in the 9NFTMANIA community. Simultaneously, 9NFTMANIA has launched the 9NFTMANIA NFT collection at NFT marketplace Young parrot, which serves the dual purpose of promoting the NFT brand and facilitating the circulation of 9NM tokens. The 9NFTMANIA NFT collection features a diverse range of digital artworks, each meticulously crafted to showcase the creativity and vision of the brand. These NFTs serve as digital assets that can be bought, sold, and traded on various NFT marketplaces, further expanding the reach and influence of the 9NFTMANIA brand. By leveraging the power of NFTs and digital tokens, 9NFTMANIA aims to create a symbiotic relationship between art and finance, fostering a vibrant ecosystem where artists, collectors, and enthusiasts can interact and transact seamlessly. Through its innovative approach to combining NFT art with the utility of digital currency, 9NFTMANIA is poised to shape the future of the NFT landscape and redefine the boundaries of artistic expression in the digital age.
This document explores the existence of art within and outside of the market and institutions. It provides a historical overview of the art market, highlighting the emergence of commercial art galleries and the current $60 billion art industry. The impact of digital art and Non-Fungible Tokens (NFTs) on the art market is discussed, including their growing popularity and challenges. The role of art outside the market is emphasized, focusing on its potential for social change and activism. The document concludes by questioning the value of art and the interplay between art and commerce. It highlights the fluidity between art within and beyond the market, showcasing artists like Bansky who challenge the traditional art market and use their art for political activism. The document also delves into the influence of online platforms and digital arts on the art market, including the rise of NFTs and their impact on valuation. Overall, the document provides a comprehensive exploration of the multifaceted nature of art and its relationship with the market and institutions.
Due to the complex state organization in Bosnia and Herzegovina, a competence in the field of culture in the Federation of Bosnia and Herzegovina is decentralized to ten cantonal authorities, in the Republika Srpska it is regulated at the entity level, and at the district level for Brčko District in Bosnia and Herzegovina. The requirements and principles of local self-government additionally affect the complexity and make it more difficult to analyze public expenditures for the protection of cultural and historical heritage. Besides the Development Strategy of the FBiH 2021 – 2027, and the Tourism Development Strategy of the Federation of BH 2022-2027, as fundamentally important documents and framework for the development of tourism in the FBH, at the level of the Sarajevo Canton, a Tourism Development Strategy until 2030 was adopted and the Culture Development Strategy 2021-2027 is currently in the draft procedure. Along to the adopted strategic documents, there is a certain lack of coordination of activities and measures of cultural policies in the FBiH, as well as lack of awareness of priorities in expenditures allocation in order to achieve strategic goals in the field of culture. This especially refers to the lack of clear criteria and systematization of the type of culture or the subfields in the context of applications selection to be funded. A wider offer of cultural programs and events attracts a greater number of tourists to visit such a destination. If more tourists visit a recognized destination that will lead to higher personal consumption in the market, which affects the growth of income and increase in public revenues. The synergy of public policies measures and activities in the fields of tourism and culture would contribute to a more levelled, uniform allocation of public funds and the more realistic range of strategic goals achievement.