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.
Satya Siddhartha Balanagu, G. Sreenath, R. Shruthi, Shrividya Guruprasad · 5 authors
In this paper, we explore the challenges faced by Non-Fungible Token (NFT) markets within the ever-changing digital landscape, particularly concerning diminishing trust and user engagement. We advocate for a strategic overhaul in the design of NFT marketplaces to tackle these issues head-on. Our proposed approach prioritizes intuitive user interfaces, immersive features, and robust security measures, all aimed at reigniting user enthusiasm and revitalizing market activity. Through the incorporation of advanced AI technology for image feature extraction and the implementation of a sophisticated search engine with keyword matching, our platform facilitates seamless NFT discovery. Additionally, by integrating educational resources, we aim to clarify NFT concepts, thereby enhancing user comprehension and confidence. This research contributes to the ongoing evolution of NFT ecosystems, fostering a trusted and dynamic environment conducive to exploration and creation.
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.
This chapter was conceived in the wake of the non-fungible token (NFT) market boom and bust and growing recognition of digital art as a medium in museums raising the question whether cultural value conveyed to digital art shown in an institutional context and preserved for future generations could translate into more sustainable market development and growth. To offer an answer to this question, the chapter examines the market for digital art through the lens of value creation. The chapter traces the evolution of digital art as a medium and the reasons for its limited recognition by the market and museums, seeks to elucidate adaptative strategies by which digital art producers and promoters have sought to gain recognition in the contemporary art world, examines reasons for the collapse of the market for NFTs, and discusses the future of the market for digital art.
Highlighting the complex interplay of economic, cultural, and social factors in shaping art’s value and accessibility, this chapter provides the background for discussing the art markets in a global perspective. Focusing on history, technology, finances, and ongoing geoeconomic reconfigurations, it discusses the rational of current art markets’ phenomena, such as the multimillionaire sales of Da Vinci’s Salvator Mundi and Beeple’s non-fungible token (NFT) The First 5000 Days . The topics discussed include the democratization of art access, the rise of speculative investments like NFTs, the role of art museums as democratic institutions, and the low regulatory environment that favours emotional and speculative investments in art.
In the last few years, art market participants have been forced to adapt to a new environment that many considered as hostile. Their technological backwardness became a major threat during the COVID crisis and its lockdowns. Since 2020, global art market players are finally trying to seize opportunities offered by new technologies.
Mohammad Aaris Amirza, Ahmad Luqman Ahmad Kamal Ariffin, Mohamed Razeef Abdul Razak
Non-fungible tokens (NFTs) have made a significant impact on the Malaysian art industry. This blockchain advancement have provided artists with a new way to monetize their digital artworks and have also opened avenues for art enthusiasts to collect and trade digital art in a secure and transparent manner. Many Malaysian artists have embraced NFTs as a means of showcasing and selling their digital creations to a global audience. However, the pricing factors of NFTs have posed obstacles for traditional artists and collectors who wish to enter this technology. This research paper aims to study the elements that influence the pricing of NFTs created by Malaysian artists. The study conducted interviews with prominent Malaysian NFT creator that has successfully created and monetized their NFTs on both local and international platforms which was analyzed using thematic analysis. This analysis reveals that market dynamics, creator reputation, and the concept of scarcity and utility influence the pricing factors of NFTs in Malaysia. These insights provide a comprehensive understanding of the multifaceted factors that shape the NFT pricing in Malaysia. The findings underscore the necessity for educational initiatives to enhance understanding of NFT market among artists and collectors. This study also proposes for future research to explore the long-term evolution of the NFT market and to compare it with other regional and global markets to gain comprehensive insights into its dynamics.
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.
A non-fungible token (NFT) refers to a unique unit of data registered on a blockchain. As a form of digital ledger, it is proof of ownership of collective digital property. In the past two years, many leading art institutions worldwide have engaged with NFTs in various ways. This chapter attempts to review and discuss the burgeoning conversations of the new trend of NFT, focusing on its implications on the financial governance of museum management. By examining scholarly studies and gray literature, this chapter situates the emerging dialogs on NFTs at the intersection of existing research on funding strategies, digital transformation, technology adoption, and financial governance of art museums.
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.
Drawing upon the phrase ‘you can’t knock the hustle’, attributed to both Jay Z and Sotheby’s, this chapter delves into the transformative dynamics shaping the creative sector in the era of digital tokens. It presents an exploratory reflection on the intersection of non-fungible tokens (NFTs) and the creative industry, leveraging insights from research conducted by the author, who has worked at the boundaries of blockchain/cryptocurrency and sustainability since 2009. The chapter surveys the current manifestation of NFTs within the creative realm, shedding light on the economic facets intertwined with ongoing digital innovations. The chapter also broaches the topic of decentralized autonomous organizations (DAOs), musing about their possible ramifications on traditional structures in creative industries. Without claiming to provide an exhaustive study, the chapter encourages contemplation on the role of NFTs and DAOs in the creative sphere. It touches upon their potential implications on economic systems, access to cultural institutions, and the funding of public goods such as education and civil infrastructure. Overall, the aim is to ignite dialogue and reflection among researchers, practitioners, and policymakers about the emerging intersections of technology, economics, and creativity. Moreover, this chapter invites reconsideration of established paradigms and the envisioning of new pathways for social and economic exchanges in light of these technological strides.
Today the term Web3 (as distinct from Web 3.0) exists as a challenger to name the overall space variously known as cryptocurrency, Crypto or blockchain. It has an especial appeal to the post-2021 generation swept in under a wave of innovation in blockchain primitives. These primitives – Decentralised Autonomous Organisations (DAOs), Decentralised Finance (DeFi) and Non-Fungible Tokens (NFTs) – captured the imaginations of a new kind of user, one not necessarily plugged into the cypherpunk or crypto-anarchist ideals of Bitcoin. The term appears to partially reflect a desire to move beyond Bitcoin’s strictly monetary focus. The targets for blockchain decentralisation increasingly became the tech giants of Web 2.0, whose reputation had plummeted in this era.
Abstract Web3 reflects and instantiates the “ludic turn” of the last few decades, where identity is increasingly forged through play and games rather than through work. The ludic is especially evident in the Bitcoin ecosystem, where the elements of the carnivalesque – play, anarchy, dissimulation, vulgar language, and excessive consumption – are pervasive. These elements may also be divined in Web3, though they are less ubiquitous, which suggests that Web3 is perhaps best seen as a gentrified carnival.
Over the last few years, blockchain technology and Non-Fungible Tokens (NFTs) have gained significant attention among professionals and scholars. NFTs are unique digital assets verified using blockchain technology, representing ownership or proof of authenticity. The fashion industry’s adoption of NFTs marks a significant shift towards digital innovation and consumer engagement. This study explores the impact of NFTs on the fashion industry, focusing on consumer awareness and perceptions of blockchain technology and its applications. An online survey on a convenient sample in Croatia reveals a general awareness of blockchain technology yet a limited understanding of its full implications. While most respondents are familiar with NFTs, their actual engagement, particularly in purchasing fashion NFTs, is minimal, indicating diverse spending tendencies and an emerging adoption trend. The survey results highlight a gap in consumer knowledge and engagement with NFTs in fashion, suggesting a need for additional research efforts in this evolving domain. As NFTs continue to emerge as a novel aspect of fashion, understanding consumer perspectives becomes crucial for brands trying to increase their competitiveness through technological innovation. The study emphasizes the potential of NFTs in reshaping consumer behavior and the fashion industry’s approach to digital assets.
The absence of clear protocols in the conservation of new media art has led to a situation of extreme precariousness of digital artworks. The irruption of blockchain culture and NFTs seems to offer an opportunity to overcome this situation. This paper aims to clarify whether or not the structure of data and metadata associated with transactions in the blockchain solves the challenging obsolescent and unstable condition of new media art. The disturbing reality is that the so-called ‘cryptoart’ is not always stored and encapsulated on the blockchain itself. In a high number of cases, assets just point to artworks living outside, stored on off-chain servers or platforms. This paper analyzes the possibilities for the preservation of art hosted on the chain. Despite some limitations, this method is understood as the more coherent and robust for long-term life and availability of digital art associated with Web3 technology.
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.
The chapter contextualizes recent works of appropriation art in the field of non-fungible tokens within the longer tradition of plagiarism, identity appropriation and mirroring in the field of net-based art, from the late ’90s to present time. In the effort to outline shared problems and strategies, as well as common roots in conceptual art, the chapter will focus mostly on artworks in which the mere act of copying and republishing existing content with no significant changes is adopted as an artistic strategy. At a moment in which the self-proclaimed innovators and heralds of the decentralized web are mischaracterizing and persecuting works of digital appropriation and satire as theft and deception, and betraying the Web3 core values by appealing conventional laws to protect their intellectual property and trademark, it is worth reconsidering how the online circulation of digital content has been discussed along the last three decades, and what practices have been developed in order to assert the legitimacy of appropriation as an artistic strategy.
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.
The final chapter examines how the rapid expansion of technology from the second half of the twentieth century led to the rise of new techniques and categories of art, beginning with the use of film and video, and ending with internet and digital artworks, including those made by artificial intelligence (AI) and robots, interactive virtual reality (VR), augmented reality (AR), and works linked to non-fungible tokens (NFTs). However, a major problem is caused by the obsolescence of both hardware and software, meaning much new media art is inherently short-lived, and this, combined with their technical nature, makes their preservation an increasingly specialised field. The second part of this chapter looks at some of the strategies adopted by different organisations with regard to the complex issue of time-based media conservation, and discusses how international collaboration has led to a more unified approach and methodology.