Blockchain Papers

Peng Xie

No abstract is available for this record.

Elena Sidorova

Kevin McCoy’s “Quantum” (2014) sold at Sotheby’s in 2021 for USD 1 [...]

Hanna Lee, Yingjiao Xu, Wenna Han, Xiaohan Lin

Acknowledging the potential of NFTs (non-fungible tokens) to enhance consumer-brand relationships, major luxury fashion brands continue to enter the virtual NFT market, releasing exclusive collectibles. However, this emerging market poses unique challenges for luxury fashion brands in crafting virtual NFTs that successfully convey consistent and integrated brand meanings of luxury. Given the visually oriented nature of NFTs, this study aims to empirically examine how visual design features of virtual luxury NFTs, including brand visibility and visual quality, interact with perceived prototypicality of products (fashion NFTs vs. art NFTs) in generating consumers’ perceived essence of the brand, resulting in consumers’ purchase intention. This study enriches the understanding of how visual design features impact consumer perceptions and purchase intentions toward virtual luxury NFTs, identifying brand visibility, visual quality, and prototypicality as the critical factors.

Cira Grippa

L’utilizzo e la diffusione di nuovi strumenti tecnologici nella produzione delle opere determinano e allo stesso tempo riflettono il cambiamento nel nostro modo di interpretare l’arte, anche attraverso nuove modalità di fruizione e godimento. Il riferimento è alle diverse modalità di creazione e di riproduzione delle opere artistiche e alla loro successiva circolazione, ma anche all’affermazione di movimenti, quali la cripto-arte, in grado di favorire la digitalizzazione dell’arte, ovvero la sua dematerializzazione. L’arte, in definitiva, diventa essa stessa campo di sperimentazione tecnologica, in considerazione delle esperienze relative all’operatività dell’intelligenza artificiale, alla digitalizzazione delle opere d’arte fisiche o alla creazione stessa di opere digitali. Il dialogo aperto e continuo tra arte e innovazione tecnologica (e, nello specifico, con la blockchain, i non fungible token, l’intelligenza artificiale) segna un’importante fase storica di rinnovamento per l’arte. Al contempo, l’ampliamento delle sue forme e tecniche di manifestazione ha un’importante e dibattuta ricaduta sul piano dell’inquadramento giuridico, della attribuzione e proteggibilità delle opere che ne sono nuova espressione.

Janardhan Sanivarapu, Ojasvi Maddipoti, R Sundar

No abstract is available for this record.

Françoise Benhamou

No abstract is available for this record.

Murat Tunç, Hasan Cavusoglu, Zhiqiang Zheng

Resale royalties, first introduced in the 1920s to support artists through a share of future resales, have now adopted by nonfungible token (NFT) marketplaces for digital art trading. Although these royalties are often viewed as beneficial for creators, our research reveals unexpected consequences. Using data from a major NFT marketplace, we find that NFTs with higher royalty rates sell for significantly lower prices and take longer to sell. Surprisingly, creators do not recoup these initial losses through royalty payments within four years. We discover that higher up-front minting costs lead creators to set higher royalty rates. We reveal a delayed gratification effect where creators with higher royalties accept lower up-front prices in hopes of future royalty income. We also find an overconfidence effect where confident creators, measured by their past sales and follower count, are more likely to lower initial prices. Our research contributes to the ongoing debate about royalty enforcement in NFT marketplaces and offers empirical evidence to inform platforms and creators. Platform managers should carefully consider both reducing up-front minting costs and implementing royalty rate limits to improve market liquidity. Creators should be cautious about setting high royalty rates as they may not provide the expected financial benefits.

Zoran Poposki

This study examines the hitherto unexplained phenomenon of seemingly random and unpredictable fluctuations in the contemporary art market’s valuation of artworks, which has only been exacerbated by the recent rapid rise (and subsequent fast fall) of the value of non-fungible tokens (NFTs). This study aims to provide a novel explanation for this phenomenon by drawing on an interdisciplinary aesthetic framework at the intersection of semiotics, Lacanian psychoanalysis, and critical theory. In addition, this research explores the interplay between the discursive, psychological, and social dimensions that contribute to art valuation, revealing the intricate web of factors that shape our perception and understanding of NFT art and its market dynamics.

Seo Hyun Kim, Jung Eun Lee, Song‐yi Youn

The rapid expansion of the non-fungible token (NFT) market, which grew over 200% in 2023 to reach $22 billion, has opened new avenues for fashion brands to engage consumers through digital fashion products under blockchain technology. This study investigated the effects of NFT promotional bundles that combine physical and NFT fashion items as a pair on consumer perceptions. By investigating the interaction effect between the brand type (luxury vs. non-luxury) and promotional bundle types (PHY+free NFT vs. NFT+free PHY), the research demonstrated how these bundles influenced consumers’ perceived value, risk, and authenticity according to the brand type. The findings showed that while a freebie physical item can enhance consumers’ perceived value of NFT products for non-luxury brands, it led to value-discounting inferences, particularly for luxury brands. This study contributes to the literature on NFT fashion by exploring consumer perceptions and providing insights for fashion retailers on effectively framing promotional bundles to maximize consumer engagement for NFT fashion products.

Wenhui Wei

This paper explores the evolution of digital art, tracing its development from the early experiments of the 1960s to the diverse contemporary practices of the 21st century. It examines key technological advancements, such as the transition from 2D to 3D art, the rise of the internet, and the integration of artificial intelligence, which have redefined artistic creation and audience interaction. The role of Non-Fungible Tokens (NFTs) and blockchain technology in the commercialization and authentication of digital art is discussed, as well as the impact of Augmented Reality (AR) and Virtual Reality (VR) in creating immersive art experiences. Additionally, the paper addresses ethical and philosophical questions regarding authorship, ownership, and the environmental impact of digital art. Ultimately, this study highlights the profound influence of digital technologies on art and offers insights into the future trajectory of the field.

Jungkeun Kim, Areum Cho, Daniel Chaein Lee, Jooyoung Park · 7 authors

Non-fungible tokens (NFTs) are increasingly used to safeguard luxury products from counterfeits. Despite their increasing adoption, limited research has investigated how brands should communicate the use of NFTs—a novel and complex concept for consumers to comprehend—to maximize their benefits. This research aims to examine this gap by highlighting that the ease of visualization is critical for effective communication. Study 1A demonstrated that consumers prefer a visualized NFT to a non-visualized one for authenticating a luxury product. Study 1B further demonstrated that consumers place greater trust in a visualized NFT and are willing to pay higher prices for luxury products that utilize it. Study 2 demonstrated that consumers have more favorable attitudes toward a luxury product that features an easy-to-visualize NFT than those with a difficult-to-visualize NFT and that perceived authenticity mediates this effect. Finally, Study 3 demonstrated that the positive impacts of easy-to-visualize NFT cues were more significant for luxury than non-luxury products. Subsequently, this study suggests an effective communication strategy for NFT use and provides managerial implications for luxury brands aiming to maximize the benefits of using NFTs.

Maggie Yongqi Guan, Jiliang Li, Junjie Hu, Zhenqing Gu · 7 authors

Non-Fungible Tokens (NFTs) are transforming the digital art by allowing artists to sell unique, one-of-a-kind digital artwork that is verified on the blockchain. Although NFTs have attracted much attention from academia and industry, little is known about this innovative art practice. In this work, we focus on how NFT artists understand their art creation process, interact with NFT marketplaces, and face challenges in their NFT practices. We conducted a mixed-method study, including interviews with 19 artists and an analysis of market transactions on OpenSea and SuperRare. We found that serialization and Web3 concepts are significant features in NFT artwork creations, and artists utilize artificial intelligence and smart contracts to create artworks incorporating these features. Artists perceived that blockchain features like transparency, openness, and authentication strongly influenced their NFT trading experiences, and they also encountered challenges such as determining artwork value, rights ownership, and addressing technical issues in the creation process.

Chong Guan, Ding Ding, Jing Ren, Jiancang Guo

No abstract is available for this record.

Anna Kartasheva, Marya A. Trubina

The symbiosis of blockchain technology with human creativity has given rise to what we now call crypto art, marking a new frontier in digital artistic expression. This development has profoundly altered our understanding of digital artifacts and ownership in this domain. Once easily accessible to all, digital art poses a unique challenge in the realm of collecting: how does one collect something that can be effortlessly replicated and shared? This paper explores the role of non-fungible tokens (NFTs) as authentication mechanisms and proof of authorship for digital artworks. Initially designed for decentralized financial transactions, blockchain technology has become instrumental in validating authorship and enabling the monetization of digital artworks through NFTs. Although digital artists now benefit from the validation of their work as legitimate investment assets through NFT technology, challenges persist due to the absence of copyright verification during token creation. For example, many artists have discovered their creations being used by third parties to mint tokens without their consent. The study demonstrates the transformative impact of NFTs on the digital art landscape while addressing the ongoing challenges and the imperative for enhanced copyright protection mechanisms.

Young Soon Jeong, Ji Eun Jeong, Chae Hyun Lee, Jong Woo Park

Purpose: Non-Fungible Token (NFT) ART, based on NFT technology, represents a novel form of art that has recently garnered significant attention in the art market. NFT technology enables the assertion of ownership over digital data, introducing the concept of ownership into the digital realm. As digital data gains ownership, NFT ART is anticipated to be positively viewed as an investment and expected to become more active due to the characteristics of this new technology. Therefore, this study aims to verify the influence of NFT ART characteristics on perceived value. This study contributes to extracting the distinctive characteristics of NFT ART compared to other forms of art and to understanding the perceived value of NFT ART among consumers with purchasing experience.Methods: This study applied structural equation modeling to explore the relationships among the variables using SPSS 26.0 and R program version 4.2.3. A total of 320 questionnaires were retrieved, all of which were adopted as valid analytical samples without missing values.Results: The findings indicate that the decentralization, transparency, and scarcity of NFT ART positively influence the perceived usefulness and enjoyment among consumers, while security does not have a significant impact. This suggests that higher levels of decentralization, transparency, and scarcity in NFT ART enhance perceived usefulness and enjoyment for consumers, significantly influencing the perceived value. Furthermore, it was confirmed that these characteristics are considered important values and perceptions from the consumer’s perspective.Conclusion: The research presents positive factors for the activating of purchases among consumers considering buying NFT ART. It emphasizes the necessity of benefits for all participants to activate the art market. Additionally, the perceived value provides crucial insights for inducing active purchasing behavior in the NFT ART market and serves as a foundational study for further research.

Maedeh Mosharraf, MohammadHossein Khorrami

In metaverse, digital assets are essential to define identity, shape the virtual environment, and facilitate economic transactions. This study introduces a novel feature to the metaverse by capturing a fundamental aspect of individuals–their conversations–and transforming them into digital assets. It utilizes natural language processing and machine learning methods to extract a key sentence from user conversations and matches them with emojis that reflect their sentiments. The selected sentence, which encapsulates the essence of the user’s statements, is then transformed into digital art through a generative visual model. This digital artwork is transformed into a non-Fungible Token (NFT), becoming a valuable digital asset within the blockchain ecosystem that is ideal for integration into metaverse applications. Our aim is that the management of personality traits as digital assets will foster individual uniqueness, enrich user experiences, and facilitate more personalized services and interactions with both like-minded users and non-player characters, thereby enhancing the overall user journey.

Badir R. McCleary

This article was submitted and presented for the 2022 SECAC Conference held in Baltimore, Maryland, from 26 October to 29 October 2022. It inquires about and seeks to challenge several key questions. Provoking thoughtful discussion and delivering new insights into the brave new world of Web3. This article aspires to contribute meaningfully to the academic and professional discourse through analysis and investigation of these topics in the field and how colleagues and stakeholders’ behaviours adhere to or reject them. What is a system? How does the system benefit its participants? How do their actions help the system thrive? Throughout humanity, we have searched for newer and more efficient ways of improving our current systems by adopting new methods. Although the methods of approach change, the behaviour of the participants ultimately shapes the effectiveness of the system. In navigating our art world, understanding the systems of operation is crucial to the decision-making process. This behaviour allows for former systems to have new life through educated forms of physical code (humans) that regenerate those ideals into actions that ultimately reshape the new system into something familiar. That familiarity seems like comfort – but it is the quiet before the storm. Herd collecting will crush the confidence in collecting new artwork because of volatility in the art market. Because once the herd leaves, will the work have any demand?

Atishay Jain, Megha Joshi, Adarsh Kumar Rishiraj, Prabhjot Kaur

In the realm of the art of ownership, non-fungible Tokens (NFTs) have emerged as a revolutionary technological advancement, challenging conventional ideas of value and authenticity. This comprehensive review critically explores the intersection of NFTs and the art world, delving into their historical evolution, impact on the art market, and implications for artistic expression. By meticulously analyzing existing literature and case studies, this paper illuminates the transformative potential of NFTs, addressing the opportunities and challenges faced by artists, collectors, and stakeholders. The review focuses on key aspects such as legal and copyright considerations, technological constraints, and broader societal and environmental impacts associated with NFTs adoption in the art industry. Through a critical examination of the challenges and limitations of integrating NFTs into the art world, this review identifies areas for innovative solutions and future improvements. It emphasizes the importance of sustainable practice to reduce the environmental impact of NFT transactions and advocates for regularity frameworks to protect artist rights and foster inclusivity. Additionally, the paper underscores the advancements and innovations enabled by NFT adoption, highlighting their role in empowering artists and transforming the dynamics of art ownership and distribution. By suggesting future research directions and opportunities for collaboration, this study contributes to a nuanced understanding of the evolving landscape of art ownership in the digital age.

Tian Yu, Mateusz P. Kowalski, Lyndsay T. Shackelford, Dennis C. Brooks · 5 authors

No abstract is available for this record.

Liana Biliakovych, Ліля Миколаївна Дерман, Svitlana Oborska, Оксана Василівна Науменко · 5 authors

Abstract In the modern world, the fashion industry is constantly evolving, and digital technologies are having an increasingly significant impact on its development. Therefore, the research relevance is determined by the need to explore the features of modern digital fashion concerning the commercial aspect, ethical issues and concept of sustainable fashion. This research aims to predict the prospects for the development of digital fashion in the fashion and design industry, and is based on the following methods: analytical, comparative, generalisation and systematisation methods. The study results showed that digital fashion is becoming increasingly popular among well-known brands, designers and fashion houses, while the commercial use of digital fashion is expanding thanks to the non-fungible token (NFT) platform and other digital tools. At the same time, the research also identifies ethical issues related to the protection of intellectual property in digital reality. Furthermore, the research analyses the segmentation of the digital fashion market and forecasts the development of this industry until 2030 and beyond. In terms of the relationship with the concept of sustainable fashion, it is found that digital fashion can contribute to sustainable development by reducing the use of physical resources and preserving the environment.

Timothy P. Hubbard, Dan LaFave

No abstract is available for this record.

Peiwen Xie, Xinlong Li

No abstract is available for this record.

Мohamed Othman, Elie Nasr, J.-M. Nasr, Liliane Karam

This paper examines the impact of sentiment on the value of Non-Fungible Tokens (NFTs) in the cryptocurrency market. Non-fungible tokens (NFTs) have gained significant attention in recent years as a new form of digital art investment. However, there is limited research available on the relationship between NFT sentiment and art value. In this paper, we sought to address this gap by using OpenSea, the largest NFT marketplace, and VADER (Valence Aware Dictionary and Sentiment Reasoner), a sentiment analysis tool, to gather and analyze NFT sentiments. The OpenSea API was utilized to extract over one million NFT transactions. The data collected included information such as NFT asset name, description, date of transaction, and transaction price. After the data was extracted, it was ingested into a data storage system for analysis. The NFT sentiment was then analyzed using the VADER sentiment analysis tool, which uses a lexicon of words to determine the sentiment polarity of a given text. Before analyzing the sentiment, the data was preprocessed to remove any irrelevant information and to ensure that the data was in a consistent format. This involved cleaning the data to remove any duplicates, outliers, and missing values. The results indicate that most artists tend to use neutral words when describing their art, but the average price of NFTs with negative sentiment is higher than those with positive sentiment. This paper contributes to a better understanding of the factors that influence NFT value and offers a valuable resource for those interested in NFT investment such as digital artists, digital art collectors, blockchain-based companies, or anyone with basic knowledge in blockchain and non-fungible token. The paper approach is unique in terms of topic, problem-solving and the count data used in the experiment. The impact of digital art sentiment on art value is not only examined in this paper, but it opens the way for future research.

Authors unavailable

This article delves into the intersection of Non-Fungible Tokens (NFTs), the art world, and the instrumental role of social media in advancing the proliferation of digital collections. NFTs, unique digital assets built on blockchain technology, have sparked a revolution in art ownership, identity verification, and creative expression. Through comprehensive exploration of its significance, challenges, and opportunities, this study demonstrates how NFTs have democratized art ownership, provided global recognition to artists of diverse backgrounds, and simultaneously granted direct access to collectors. A significant driving force behind the success of this blockchain technology lies in its investment potential. Social media platforms have transformed into virtual galleries, effectively amplifying artists' voices, enhancing societal insights and cultural levels, and shedding light on the global visibility of NFT projects. Case studies of successful NFT collaborations underscore the coexistence between NFTs and social media, highlighting the potential of both mediums in shaping the future of art and creativity. While acknowledging concerns such as copyright issues and environmental impacts, this article underscores the need for responsible actions and ongoing research to ensure a sustainable and pervasive future for NFTs in the art world.