Non-fungible tokens (NFTs) are a type of digital asset based on blockchain that contain unique codes verifying the authenticity and ownership of different assets such as art pieces, music, gaming items, collections, and so on. This phenomenon and its markets have grown significantly since the beginning of 2021. This study, using daily data between November 2017 and November 2022, predicts the volume of NFT sales by utilising Random Forest (RF), GBM, XGBoost, and LightGBM methods from the community machine learning methods. In the predictions, several financial variables, including Gold, Bitcoin/USD, Ethereum/USD, S&P 500 index, Nasdaq 100, Oil/USD, Euro/USD, and CDS data, are treated as independent variables. According to the results, XGBoost is found to be the best prediction method for NFT market volume estimation concerning several statistical criteria, e.g., MAE, MAPE, and RMSE, and the most significant influential feature in determining prices is the Ethereum/USD exchange rate.
Nonfungible tokens (NFTs) are distinct digital assets that provide digital content ownership and legitimacy. An NFTs Market is a blockchain-based platform that makes it easier to create, trade, and collect NFTs. This article delves into the NFT Marketplace and its blockchain technology, highlighting its tokenization capabilities for any type of property, its ability to create smart contracts with flexibility, and its promotion of NFTs with quick and inexpensive exchanges. The pros and cons of the platform are also covered, including issues with scalability, user-friendliness, and fraud susceptibility. The appearance of non-fungible tokens (NFTs) for artists and content providers has ushered in a new era of unexpected opportunities for financial freedom and reimbursement in the digital art business!! This article describes the developmental importance of the NFT markets, which allow artists to sell their products directly to customers, bypassing traditional intermediaries like galleries and auction houses. The first abstract describes the NFT market's exponential growth and demonstrates how it may become a valuable source of income for talented individuals. It is written from two distinct points of view. Meanwhile, the second abstract highlights NFTs in particular and introduces OpenNFT, A decentralized web app that offers safe and effective digital asset management by fusing deep learning models with blockchain technology!! This web application integrates features including minting, markets, safe wallet connections, NFTs image creation, and profile management to show how deep learning and blockchain technology can transform digital asset administration.
Tesserart is a pioneering portal offering a tool-based web3 infrastructure designed to evolve with rapid technological advancements in the digital art space. Its goal is to simplify the processes of creation, curation, and collection of digital art and events, providing community-driven tools and innovations. Committed to enhancing accessibility and versatility, we aim to be the Swiss Army knife of the digital art ecosystem. Tesserart facilitates the digitalization and accessibility of digital artworks through blockchain technology, extending global reach and opening new revenue streams. It provides comprehensive tools for digital and physical event experiences, including live artwork minting and selling, ticketing, curation, and the use of community tokens for engagement and rewards. Our business model capitalizes on transaction fees and royalties from art sales, along with partnerships with digital art marketplaces and cultural organizations. Tesserart aims to redefine digital art engagement and collectability, making it more accessible, innovative, and experience-based
This study investigates the impact of fintech, particularly blockchain technology and non-fungible tokens (NFTs), on the art market. As fintech has been widely accepted, the art market has undergone transformations, including increased transaction transparency, enhanced liquidity, improved risk management capabilities, reduced entry barriers to the market, and more developed copyright protection. Using a Vector Autoregression (VAR) model, this paper clarifies the significant effects of fintech, especially the NFTs, on the size and profitability of the art market. The findings not only emphasize the importance of NFTs in developing the art market and increasing investment returns but also provide insights and constructive suggestions for the future growth and sustainable development of the art market. By fostering transparency, efficiency, and accessibility, fintech contributes to a more resilient and sustainable art market, ensuring its long-term prosperity and cultural enrichment.
This paper aims to explore the complex interrelationships between the prices of cryptocurrency, specifically Ethereum (ETH), and five top Non-Fungible Token (NFT) collections: Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, Moonbirds, and Otherdeed. Motivated by the intertwining dynamics of these digital assets and the unexplored nature of their interdependencies, this study employs a Vector Autoregressive (VAR) model and utilizes Granger Causality to dissect the multifaceted interactions. The analysis period ranges from April 2021 to January 2023, a critical window of exponential growth and fluctuation in the digital asset market. The results demonstrate a statistically significant impact of ETH prices on NFT collection prices, but not vice versa, revealing the strong dependence of the NFT market on cryptocurrency volatility. Specifically, the research finds that changes in ETH’s value are predictive of shifts in NFT prices, whereas NFT price fluctuations lack predictive power for ETH prices. In conclusion, this research represents an advancement in understanding price dynamics in the rapidly evolving digital economy. By innovatively analyzing the co-movement of cryptocurrencies and NFTs, it not only enriches existing knowledge but also paves the way for further exploration, offering practical insights for diverse stakeholders navigating this exciting, ever-changing field.
Non-Fungible Tokens (NFTs) have introduced novel mechanisms to authenticate and trade digital art, fostering a vibrantand dynamic marketplace by leveraging blockchaintechnology. However, the rise of NFTs has also prompted a host of legaland ethical considerations that necessitate careful scrutiny. This research paper provides an in-depth exploration of Non-Fungible Tokens (NFTs) as an emerging form of intellectual property that is transforming the digital art landscape.The paperbegins by elucidating the principles behind NFTs and their significance to digital art, elucidating how these tokens redefinetraditional notions of ownership. It scrutinizes the role of blockchain technology in protecting digital art and the distinctiveadvantages it provides, such as transparency and immutability.The paper then delves into the critical legal implications,particularly focusing on copyright issues and the evolving regulatory environment, highlighting the dichotomy between theownership of NFTs and the copyright of the underlying digital artwork. It conducts a comparative legislative analysis ofIndia, the USA, and the UK, indicating the urgent need for regulatory frameworks that can navigate the global anddecentralized nature of NFT transactions.The paper engages with ethical concerns, including environmental impact, economic inequality, and artist attribution,underscoring the necessity for balancing innovation with responsibility.Finally, it provides recommendations for regulatoryapproaches and discusses future implications, emphasizing the need for clarity, balance, and international cooperation inlegislation, alongside the importance of continuous dialogue and research. This paper lays the groundwork for furtherinvestigations into the fast-evolving world of NFTs and their wider societal impacts.
This thesis questions the recurring absence of technological art collections that use the most diverse technologies in their production, in the historical scenario of contemporary society, from the perspective of memory institutions. It also provides evidence of the intrinsic characteristics of this type of collection, based on its information regime, production, and management model, which amplify a scenario of loss or constant modes of data, information, and knowledge transfer in the context of a post-digital society. A central actor paradigm is constructed. Various types of agents from one or more ecosystems centralize demands, and actions and place themselves in a precarious position in their public or private attributions, in the face of a complex scenario of material and immaterial production in an immanent digital culture and under an accelerationist digital economy and policy. The thesis is presented in a multidisciplinary way, given the context of related fields of knowledge, digital ontology, political economy of information, digital art and culture, digital humanities, economic accelerationist theory, as well as thematic subfields such as digitization, decentralization, blockchain, artificial intelligence, autonomous systems, peer-to-peer networks, among others. The research is exploratory and empirical observation, which applied the qualitative method, assigned in two main stages through the review of scientific literature, use of methods of content analysis of available databases, and discourse analysis through structured interviews with agents in different scenarios. Local knowledge (national scenario) that relates to the international context of some (theoretical-practical) examples, also justified by the absence or restriction of similar models for analysis in Brazil. The aim was to understand the ways, processes, regimes and uses of information in the implementation, organization and retrieval of art and digital heritage archives through autonomous agents, machine learning and the use of new technologies such as blockchain in decentralized networks (P2P) based on technical-theoretical, scientific and transdisciplinary models in the field of information science interfacing with the digital humanities. As a result, the thesis proposes the implementation of a decentralized theoretical-technical accelerationist model, made up of five stages of action and under guiding principles such as the digital information regime in the post-digital society, the use of new technologies and autonomous systems, the decentralization of collections, the constitution of a sharing economy in a P2P society model, and the introduction and incorporation into ongoing socio-technical accelerationist models, which allows the application of a physical, digital, semantic, pragmatic informational method.
This thesis examines how blockchain technology can affect the music business, as well as its potential applications and benefits over current practices for investors, users, and artists. It explores the music industry's current ecosystem and motivations for changes, and discusses the benefits and difficulties of using blockchain technology in a decentralized music platform (Web3). The thesis also demonstrates the mechanisms that enable these platforms to be built and run. Overall, the thesis emphasizes how blockchain technology has the ability to allow musicians more freedom, transparency, and flexibility when it comes to monetizing their music with less involvement of a third party.
La notorietà degli NFT (non-fungible tokens) sta vivendo nell’ultimo tempo una inflessione negativa, non solo tra il pubblico specializzato ma anche fra i meno esperti, che hanno sentito parlare di queste strane “opere d’arte digitali crittografate” nel 2020, quando questo fenomeno era nella sua fase di massima ascesa. L’applicazione di questa tecnologia, resa celebre dalla diffusione (questa sì, in evidente ripresa) delle criptovalute, al mondo dell’arte digitale e del mercato che intorno a questa si è generato, risente ora delle conseguenze di questa diffusa sfiducia verso l’“arte su blockchain”. Insomma, i celebri cripto-gattini non sembrano essersela mai passata così male come ora. È forse giunto dunque il momento di una valutazione del fenomeno NFT che guardi oltre ai sensazionalismi del mercato come anche alle repentine disillusioni. In questo, gli strumenti dell’Estetica ci sembrano i più adatti a uno scopo certo pretenzioso ma necessario, considerando soprattutto che gli NFT hanno generato, che lo si voglia riconoscere o meno, una piccola rivoluzione nel mercato dell’arte. Di questo parliamo nel nostro contributo “NFT: tra esperienza estetica e nuovi mercati dell’arte”, recentemente apparso sul volume della Milano University Press a cura di Allegra Canepa Il mercato dei non fungible tokens tra arte, moda e gamification. Il contributo raccoglie prospettive diverse – appunto estetiche, ma anche sociologiche, economiche, tecnologiche, etc. – sul mondo cripto.
As emerging digital assets, NFTs are susceptible to anomalous trading behaviors due to the lack of stringent regulatory mechanisms, potentially causing economic losses. In this paper, we conduct the first systematic analysis of four non-fungible tokens (NFT) markets. Specifically, we analyze more than 25 million transactions within these markets, to explore the evolution of wash trade activities. Furthermore, we propose a heuristic algorithm that integrates the network characteristics of transactions with behavioral analysis, to detect wash trading activities in NFT markets. Our findings indicate that NFT markets with incentivized structures exhibit higher proportions of wash trading volume compared to those without incentives. Notably, the LooksRare and X2Y2 markets are detected with wash trading volume proportions as high as 94.5% and 84.2%, respectively.
Abstract The paper examines the possibilities offered by decentralized autonomous organizations (DAOs) for supporting audience participation in the museum sector . DAOs, a type of digital infrastructure underpinned by blockchains and smart contracts, have been seen as informing a more autonomous, self-managing, transparent, and more efficient online organization, one capable of shaping how users participate and communicate with one another. At the same time significant questions have been raised over how DAO technologies complicate the human issues of democracy and shared authority. This paper explores and evaluates the impact of DAO structures in the context of museum participation, specifically viewing them through the lens of shared authority and democracy. It argues that these technologies are capable of offering evidence-based participation, but that this is contingent on access and trust.
Non-fungible tokens (NFTs) are unique digital assets that exist on a blockchain and have provided new revenue streams for creators. This research investigates NFT market inefficiencies to identify claimed cyclic behavior and cryptocurrency influences on NFT prices. The research found that while linear models are not useful in modeling NFT price series, models that extract periodic behavior can provide explanations and predictions of price behavior. The investigation of autocycles in cryptocurrency and NFT markets did not support the existence of Elliott Wave behavior in any of these blockchain enabled assets. Rather NFT price behavior is strongly tied to the underlying asset and its community of fans. These fans commit to periodic bouts of idiosyncratic trading which cools for a while, and then restarts. The research found no evidence supporting whole market effects across the full price series of individual NFTs. The research strongly supports prior findings that the offsetting movements significantly influence NFT prices and trading volume in Bitcoin and Ether. The research found NFT markets exhibit characteristics resembling a social media platform rather than more traditional asset markets like stock exchanges. It found that traditional linear econometric models cannot predict or explain NFT price series, only that NFT price and volume were weakly correlated. Fractal models consistent with Elliott wave theory do explain some of NFT price behavior, but are not consistent or stable over time. This research confirmed prior research findings that Bitcoin and Ether price movements are correlated with general NFT price and volume series in periods of between 24 and 48 h, with significant numbers of trades into and out of cryptocurrencies at 2 and 8 h.
Negli ultimi anni, la circolazione dei Non-fungible tokens, correlati a opere d'arte, ha assunto particolare rilievo.Il contributo si propone di analizzarne i principali riflessi fiscali alla luce del sistema dell'IVA e delle imposte sui redditi.In recent years, the circulation of Non-fungible tokens related to works of art has taken on particular importance.The contribution aims to analyse the main fiscal implications in light of the VAT and income tax system.
Con l'introduzione dei NFTs si è affermato un nuovo modo di collezionare beni digitali (digital asset), caratterizzati dalla loro scarsità, unicità e specifica individualità economico-sociale che non ne consente la sostituzione e intercambiabilità in rete con altri beni dello stesso genere.In questo campo si è fatta strada quella che è denominata arte crittografica (cryptoart) un genere di arte digitale correlata alla tecnologia blockchain e agli smart contracts.Questo repentino cambiamento, accentuatosi con l'evoluzione tecnologica e con il frequente utilizzo di Internet, ha introdotto uno sfidante dibattito sui principali profili giuridici, regolamentari e contrattuali legati al mondo di NFT e criptoarte.With the introduction of NFTs, in recent years, a new way of collecting digital assets has emerged.These assets are characterized by their scarcity, uniqueness, and specific economic-social individuality that does not allow their replacement and online interchangeability with other goods of the same kind.In this field, what is called cryptographic art (also called cryptoart) has made its way, i.e., a genre of digital art related to blockchain technology and smart contracts.This sudden change, accentuated by technological evolution and the frequent use of the Internet, has introduced a challenging debate on the main legal, regulatory, and contractual issues related to the world of NFTs and cryptoart.Sommario: 1. Introduzione.-2.NFT e l'arte.-3.I profili giuridici e regolatori dei NFTs.-3.1.Gli elementi distintivi dei NFTs.-3.2.I potenziali rischi per i titolari dei diritti.-3.3.Alcuni precedenti significativi.-4.Le regole dei marketplace.
Non-fungible tokens (NFTs), which are immutable and transferable tokens on blockchain networks, have been used to certify the ownership of digital images often grouped in collections. Depending on individual interests, wallets explore and purchase NFTs in one or more image collections. Among many potential factors of shaping purchase trajectories, this paper specifically examines how visual similarities between collections affect wallets' explorations. Our model characterizes each wallet's explorations with a Lévy flight and shows that wallets tend to favor collections having similar visual features to their previous purchases while their behaviors vary widely. The model also predicts the extent to which the next collection is close to the most recent collection of purchases with respect to visual features. These results are expected to enhance and support recommendation systems for the NFT market.
Non-Fungible Token (NFT) is a digital asset whose ownership can be validated and controlled via blockchain technology. NFT market is a rapidly growing field, and the rarity of NFT is an essential factor that affects its price, as scarcity leads to higher demand. This study focuses on BAYC NFT collection which is a successful and representative collections of Profile Picture NFT and analyzes how rarity affects NFT prices. This paper investigates the relationship between the rarity and price of BAYC NFT collection using Formal Concept Analysis (FCA) method. The results show that rarity is a major factor influencing the prices of NFT, and the effect is more apparent in the medium rarity range. When rarity is very high or very low, other factors become significant determinants, such as the uniqueness and appeal of NFT, and even naturalness of NFT images. This research highlights the importance of considering rarity when assessing NFT and underscores the need for a comprehensive evaluation of NFT rarity. This study also provides valuable insights into the NFT market and can be useful for NFT investors, creators, and collectors. Furthermore, the usefulness of FCA as a tool for quantifying NFT rarity and evaluating NFT price was demonstrated.
Quels sont les critères de l’art dans le cas d’une œuvre numérique ? Dans cet article, il s’agit de montrer que les critères de l’art traditionnels doivent être questionnés, voire dépassés, quand l’attention se porte non seulement sur la matérialité de l’œuvre numérique, sur sa texture, mais encore sur le geste et le processus techniques, qui peuvent être qualifiés de beaux, plutôt que sur l’objet esthétique lui-même. Le mouvement est accentué par les NFT (Non-fungible tokens, jetons non fongibles) : nous visons à vérifier l’hypothèse qu’en étant déployés sur des blockchains et impliqués dans des échanges de droits de propriété, ces derniers mettent en avant des modes inédits d’acquisition, de stockage et de consultation, qui font patrimoine à leur tour. Plus particulièrement, on se demandera en quoi l’art contemporain prépare et annonce l’art numérique. Il s’agit également de distinguer l’œuvre-réseau numérique du réseau scientifique.
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.
In this paper, we conduct a portfolio analysis based on the lottery-like characteristics of cryptocurrencies to examine return predictability. Our results show that cryptocurrencies with higher lottery-like characteristics exhibit lower one-month ahead returns. This phenomenon, known as the lottery-like effect, suggests that investors overvalue cryptocurrencies with stronger lottery-like traits, leading to lower future returns. Moreover, the effect persists over longer horizons, and the results remain robust after controlling for other crypto-asset characteristics.
The paper presents the possibilities of applying blockchain technology and smart contracts in the rent-a-car sector of tourism. Special attention is given to the implementation possibilities of smart contracts in the rent-a-car industry. The application of smart contracts in this sector can be a key factor contributing to the sustainable development of tourism by promoting ecological practices and responsible behavior among travelers.
Abstract Asset tokenization, a financial practice that generates tokens based on distributed ledger technologies such as blockchain, is a representational practice in which token issuers establish artificially devised sign relationships between tokens and assets, despite some issues and complexities of blockchain. Human confidence in this practice is critical for its successful implementation. This article suggests that human confidence in blockchain is supported and circulated by the doxa of blockchain, which the article frames as a linguistic phenomenon where people talk more about how to use a given object than about the object itself. By paying attention to the artificially devised sign relations between tokens and assets and confident stance-taking toward blockchain by users, the article argues that a linguistic approach is necessary to understand how human confidence makes asset tokenization happen.