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.
Non-Fungible Tokens were unknown territory for many but came to the fore with the $69 million sale of Beeple at Christie’s in 2021. Since then, a lot has happened in the world of NFTs, especially in the art world and on the art market. The main problem that this article seeks to address is the lack of an overview of the tangle of NFTs in the art world. It is therefore useful to take a bird’s-eye view of the phenomenon. The NFT puts digital art in a different perspective and raises questions about decentralization, sustainability, and copyright. This article will give a brief overview of the history of the NFT in the art market, as well as definitions and insights helpful for understanding the role of NFTs in the art world. The popularization of digital media and the never-ending digitalization are factors that need to be considered. As it caused a small but substantial rupture in the art world during and after COVID-19, this article also considers the future role of the NFT in the arts.
Abstract As non-fungible tokens (NFTs) become more commonly collected, questions arise as to the rights owned by purchasers of NFTs. Do NFTs fall under the following categories: real or personal properties; securities or commodities; or copyright works? Many scholars have gone into great detail in these respects, but not looked at the NFT marketplaces on which NFTs are purchased. They have argued that rights in NFTs are analogous to rights in property, securities and copyright’s exclusive bundle of rights, among other things. In this article, I go further to examine selected marketplaces OpenSea and Rarible’s user policies and interfaces, to garner insight on the rights NFT purchasers have. I also examine the latest developments, including cases decided on NFTs, as well as practical developments on the marketplaces, including the introduction of selected licences for NFT projects. Thereafter, I conclude on the rights NFT purchasers hold, the relevance of the copyright system and ultimately, what could support the flourishing of NFT marketplaces.
Reviewed by: Radical Friends: Decentralised Autonomous Organizations and the Arts ed. by Ruth Catlow and Penny Rafferty Hannah Grannemann (bio) radical friends: decentralised autonomous organizations and the arts Edited by Ruth Catlow and Penny Rafferty Torque Editions https://torquetorque.net/publications/radical-friends/ 352 pages; Print, £20.00 What are decentralized autonomous organizations (DAOs) in the art world? They are "cosmic computers." They are utopian experiments: "an experimental practice for moving towards a different way of living together." They are cooperatives or collectives that "enlarge the reach of friendship to the point of replacing corporations and governments." Or they're "implicitly antisocial." DAOs will completely reinvent artists' relationships to the art market. Or they're just "shinier versions of the same shit." Or maybe they are starfish. I came to Radical Friends: Decentralised Autonomous Organizations and the Arts as a bit of an outsider; I have significant arts management experience, but I don't work in the contemporary art field. At a fundamental level, as I learned in the introduction by editors Ruth Catlow and Penny Rafferty, DAOs are organizations that exist online and are built on the blockchain. DAOs are collectively owned by their members. Decisions about the DAO itself (its governance) and its activities are voted on by the members using "smart contracts," so called because the outcomes of the smart contracts are automatically executed and cannot be changed except through votes by the membership of the DAO. This allows them to be "trustless" organizations, meaning that trust between the members is not required, because of the automaticity of the smart contracts. Beyond that, DAOs can be many different things, including artworks themselves. The goal of Radical Friends is to bring together writings by the people working with DAOs to show "how traditional organisational patterns and the power structures they serve might be transformed by the emergence of blockchain-enabled Decentralised Autonomous Organisations (DAOs) in artworlds and beyond." The traditional organizational patterns the editors and authors are referring to is how artists intersect with the international art [End Page 21] market, museums, each other, all the related funding sources, and more. Artists and arts workers often view these patterns as extractive and exploitative. The search for more equitable systems is long-standing and ongoing. The purpose of the book is not to persuade the reader that DAOs are the solution to the art world's problems, but instead to "support deep thinking, inspiration, praxis and prototyping." The problem with DAOs is that, while they can be an organizational structure that supports those goals, they can also be structures that continue the current practices. There's nothing inherent in DAOs that leads to different outcomes. The "trustless" function of DAOs is fallible and therefore requires a high level of trust—friendship—to avoid replicating extractive practices. DAOs are presented in Radical Friends as experiments, examples, and works-in-progress only. DAOs may change everything—or nothing. "What is a DAO?," asks artist and theorist Hito Steyerl. "No one really knows. One reason is that most possible answers lie in the future." Radical Friends is intended to be, at least in part, an introduction to DAOs. It dedicates space to explaining how DAOs work. It provides a glossary of terms and a timeline of the development of DAOs in art. The book is also meant to capture the practice of creating and running DAOs in the current moment, a moment in which DAOs are beyond the nascent stage but still very much in an exploratory phase. The essay section has sixteen essays from nineteen contributors on emerging concepts and philosophies. The essays include both arguments for and doubts about DAOs. Most contributors to the book share their definition and purpose of a DAO, hence the jumble of contradictory definitions that began this review. Progressing through the book, the constant constructing and deconstructing of the concepts of what DAOs are makes the essays section of Radical Friends difficult to grasp. The authors switch within their essays from abstract concepts to critiques of the current systems to lamenting the oppression of peoples worldwide (both currently and historically) to examples of actual DAOs without giving the reader a chance to reach a level...
Desde su espectacular aparición en el sistema del arte en 2021, los non-fungible tokens o NFT han acaparado la atención de investigadores del campo de la historia y el mercado del arte, de las ciencias sociales, así como de todos los agentes del sistema del arte. Este artículo estudia las relaciones con los NFT de un conjunto de artistas visuales españoles participantes en la feria ARCO Madrid en 2020, es decir, la última edición antes de su irrupción en 2021 en el mercado del arte. Así, mediante la elaboración de una encuesta online realizada en 2023, se analiza el impacto de la llegada de esta tecnología en su práctica artística. Los resultados aportan información tanto cualitativa como cuantitativa que demuestra la aún escasa penetración de los NFT en 2023 entre el conjunto de artistas seleccionado, al tiempo que explora las principales barreras que dificultan la incorporación a su trabajo.
Marliz Acela Velázquez Díaz, Diana Barrón Villaverde, Paul Sanmarín Mendoza, Jonathan David Aguirre Bello
In the field of technology and engineering management, the emergence of non-fungible tokens (NFTs) has introduced a disruptive paradigm within the art industry, transforming the landscape of art ownership, trade, and perception. This study digs into the popularity of art NFTs in Mexico and Colombia, offering light on the aspects influencing their absorption in these two varied markets. Through a careful investigation of data and contextual frameworks, this research attempts to offer insights into the growing landscape of NFT adoption and its consequences for the art industry in both nations.For this inquiry, a quantitative analysis will be done to analyze the adoption of NFTs in both countries. Data will be acquired using a combination of methods, including interviews with major stakeholders in the art and technology sectors of Mexico and Colombia. This approach strives to provide a thorough understanding of the motives, attitudes, and barriers affecting NFT adoption.Furthermore, the adoption curve analysis, specifically the Scurve model, will be applied to establish the precise amount of NFT acceptance in Mexico and Colombia. The acquired data imply that around 2% of the population in both nations is already adopting NFT adoption, with the current phase corresponding with the " Early Adopters" signifying a pioneering movement in this revolutionary journey. This study not only presents a quantitative snapshot of adoption rates but also digs into the qualitative components of this cultural transformation, providing deeper insights into the drivers and problems experienced by individuals at the vanguard of NFT adoption.
This study delves into the burgeoning intersection of NFTs and the museum sector. It examines the transformative potential of NFTs in redefining art curation, ownership, and accessibility. The paper presents a comprehensive background on the rise of NFTs, their technological underpinnings, and their cultural and economic impact on museums. A Decision Matrix Mechanism is proposed to assist museums in evaluating the strategic fit of NFT initiatives. The paper discusses the multifaceted factors influencing NFT adoption, including technological readiness, legal frameworks, ethical considerations, and market dynamics. It underscores the importance of a nuanced approach that aligns with each museum's mission and the evolving digital landscape.
Nathier Abrahams, Pitso Tsibolane, Jean-Paul Van Belle
Digital art has many major pitfalls, ranging from issues around tracking ownership to piracy.Non-fungible tokens (NFTs) can solve these issues and bring new benefits, such as access to larger markets.Despite this, South Africa's digital artists have slowly adopted NFTs.This research aims to understand the values-based perceptions of South African digital artists toward NFTs.Fifteen South African digital artists were interviewed using semi-structured interviews guided by the updated Holbrook's Typology of Consumer Value framework.Ten positive perceptions, three negative perceptions, three risks and one benefit were identified, explored and analyzed using the framework.This research can assist digital artists and other stakeholders in the NFT ecosystem to understand the values-based perceptions of South African digital artists.It can be used to help assist decisionmakers, artists, intermediaries and other stakeholders in South Africa and potentially elsewhere.Additionally, the validated and updated Typology of Consumer Value can benefit researchers using this framework in future research.
Chapter 3 presents an analysis of music in relation to emergent models of intellectual property rights, revenue management and digital governance. Rights and revenue patterns are evolving as music becomes increasingly entangled with song funds and decentralised computer architectures, such as blockchain-based streaming platforms and NFTs (non-fungible tokens). In this context, the chapter charts how recorded music’s current format as an intangible data asset is catalysing change in music production and consumption habits. By examining how emergent technological and financial services are offering new revenue models for music creators, contextualised within a broader conception of market economics and value systems, the chapter further explores the ecological nature of music by reflecting on how distribution and income generation mechanisms not only support musicians’ creative practice, but also inform, and to an extent shape, the nature of that practice.
Vivian Ziemke, Benjamin Estermann, Roger Wattenhofer, Ye Wang
In the evolving landscape of digital art, Non-Fungible Tokens (NFTs) have emerged as a groundbreaking platform, bridging the realms of art and technology. NFTs serve as the foundational framework that has revolutionized the market for digital art, enabling artists to showcase and monetize their creations in unprecedented ways. NFTs combine metadata stored on the blockchain with off-chain data, such as images, to create a novel form of digital ownership. It is not fully understood how these factors come together to determine NFT prices. In this study, we analyze both on-chain and off-chain data of NFT collections trading on OpenSea to understand what influences NFT pricing. Our results show that while text and image data of the NFTs can be used to explain price variations within collections, the extracted features do not generalize to new, unseen collections. Furthermore, we find that an NFT collection's trading volume often relates to its online presence, like social media followers and website traffic.
The market for non-fungible token (NFT) art is expected to reach USD 44.2 billion in 2021 and increase by 67.57 percent in 2022, revolutionizing the relationship between artists, collectors, and investors. Despite this, concerns regarding the environmental impact of blockchain technology’s high energy consumption persist. NFT art transactions will continue to generate significant carbon emissions after Ethereum’s “Merge” to a Proof-of-Stake (PoS) system in September 2022, rendering many low-carbon solutions obsolete and necessitating further research into post-Merge alternatives. This study identifies solutions in the NFT art market, such as carbon neutrality, lazy minting, alternative consensus mechanisms, Layer 2 solutions and policy interventions. Carbon neutrality is achieved through investments in renewable energy or carbon credits to mitigate emissions generated by NFT art transactions. Lazy minting reduces energy consumption by postponing the creation of NFT art until a buyer is secured. In the NFT art ecosystem, alternative consensus mechanisms such as Proof of Authority (PoA) and Proof of Spacetime (PoST) reduce energy consumption. By offloading transactions from the primary blockchain, Layer 2 solutions enhance scalability and reduce energy consumption. Carbon taxes and energy consumption levies are examples of policy interventions that promote cleaner energy sources in the NFT art market. This study will explore the role of artists, collectors, galleries, and other significant players in encouraging environmentally sustainable practices in the NFT art market. In addition, it will investigate the effect of prominent NFT art sales on carbon emissions and the adoption of eco-friendly alternatives. By integrating and optimizing current carbon reduction strategies, the NFT art market can continue to flourish while reducing its environmental impact. The study emphasizes the significance of implementing a comprehensive strategy that incorporates multiple solutions that are tailored to the specific challenges of the NFT art market.
This article is about the role of cryptocurrencies, for example, decentralized autonomous organisations (DAOs) and non-fungible tokens (NFTs), in the international art market. These are cryptocurrencies which can be used to work with local governments to deliver non-state-funded consultancy in, for example, funding bid writing or community risk assessment. Self-polycentric and cause-based DAOs typically focus on actively listening to their token owners, utilizing the group’s skills under a transparent incentive structure fostering trust. This article delivers a critical evaluation of DAOs as an organisational management structure and business operations vehicle. This evaluation considers DAOs’ utility in supplying goods and services, through the critical lens of facilitating the international art market. The objective of this article is to raise wider awareness and understanding of DAOs as a legal entity. This paper acts to introduce the uninitiated to the business, societal value and legal uncertainties of DAOs and NFTs. DAOs are internet-based organisations built upon a set of instructions presented in and controlled by a computer programme, i.e., a smart contract. Effectively, DAOs are an artificial, electronic, online, digital technology entity, with no physical form.
연구목적: 본 연구는 NFT(Non-Fungible Token)란 무엇이며 예술상품의 권리증명으로서의 NFT의 특성을 파악한 뒤 NFT 기반 예술 시장의 동향을 분석하여 무용 작품의 디지털 시장 확장 가능성에 대해 전망해 보고자 한다. 연구방법: NFT 관련 선행연구 분석 및 문헌을 통한 문헌연구를 바탕으로 하여 이론적 배경을 서술하고 그 후 현재 온라인에서 이루어지고 있는 디지털 예술작품의 NFT 거래 사례를 분석하여 결과를 도출해 내는 통합 질적 연구이다. 연구결과: 첫째, NFT는 블록체인 상에서 유통되는 고유의 값이 있는 토큰으로 무용 창작 작품을 NFT로 소유권을 가질 경우 그 작품에 코드값을 부여받게 되고 이를 블록체인에 기록함으로써 온전히 본인의 창작품으로 기록될 수 있다. 또한 작품의 소유권을 가진 원작자의 작품은 경제적 가치를 가질 수 있으며 이는 작품을 복제하거나 위조 및 조작이 불가능한 블록체인의 특성 때문이다. 둘째, NFT 디지털 아트 플랫폼 현황을 살펴보니 플렛폼은 6개로 Open Sea, Nifty Gateway, Super Rare, Rarible, Strmnft 등이다. 이러한 NFT 플랫픔은 서로 약간의 차이는 있지만 사용자 친화적으로 가상화폐를 이용할 수 있는 시스템을 갖추고 있으며 NFT는 저작물로서 또 예술 작품의 투자 수단으로도 각광을 받고 있음을 알 수 있다. 셋째, 현재 희소성에서 가치를 지니는 고유한 디지털 자산 시장이 수요적으로 증가하고 있으며 고유성과 독창성을 가진 NFT 기술은 온라인상에서 새로운 가능성을 전망하게 한다. NFT의 가치로는 토큰화 된 아이템의 저장 위치와 NFT의 콘텐츠의 사용 환경 그리고 NFT의 사용을 제한하는 라이선스 계약 등이다. 그러나 NFT의 이러한 가치 전망에도 불구하고 무용작품의 경우 NFT에 대한 다양한 연구가 필요하다고 본다. 넷째, 무용작품의 디지털 시장이 확장될 것이란 가능성이 크다. 영상을 통한 디지털 무용작품화와 이를 디지털 자산으로서의 가치를 따져볼 때 NFT는 무용작품 창작이나 매매 등의 새로운 방식이 될 수 있으므로 앞으로 무용작품의 디지털 시장이 확장될 것으로 본다. 결론: 오늘날 예술은 디지털 기술이 인공지능시대에 예술이 되었다고 할 만큼 기술이 중요하다. 또한 앞으로의 미래사회는 문자보다는 영상이나 이미지에 더욱 집중할 것이라는 예측을 가능케 한다. 이러한 예측은 무용작품의 디지털 시장이 확장될 것이란 가능성과 함께 앞으로 무용 안무가들은 NFT 무용작품의 필요성이나 활용성 그리고 무엇보다 NFT 기술에 대한 이해와 교육이 필요하다.
The development of crypto has resulted in NFT (non-fungible token) derivation. Artists began to explore the NFT market with its potential. NFT artists have different ways to get engagement and establish themselves in the world of NFT, whether in terms of artwork substance or in the social field. This study aims to deconstruct the actors behind NFT artists to elucidate the visual style and the social engagement of artists in the world of NFT. The method used in this study is a qualitative approach with data validation from interviews and NFT artwork samples. The data was subsequently processed using actor-network theory (ANT) to analyze and trace the actors behind the NFT artists. Two Indonesian artists, namely Angga Tantama and Mufti Prianka, became the study cases in this research. The result of this study shows heterogeneous actors who support the artists in their work's substance and social engagement. In the case of Mufti Prianka, NFTs influenced him to explore the possibilities of creating digital artworks, whereas for Angga, NFT platforms became one of his well-established channels to publish artworks. Based on their networks, the two Indonesian artists studied have different approaches and motivations in creating and engaging with NFTs.Proses kreatif dua seniman NFT Indonesia dalam perspektif teori jaringan aktorPerkembangan kripto telah menghasilkan derivasi NFT (non-fungible token). Para seniman mulai menjajaki pasar NFT dengan potensinya. Seniman NFT memiliki cara yang berbeda untuk mendapatkan keterlibatan dan memantapkan diri di dunia NFT baik dari segi substansi karya seni maupun dalam bidang sosial. Gaya visual dalam kategori ini bervariasi dengan seniman yang berbeda yang merupakan pencipta di belakangnya. Penelitian ini bertujuan untuk mendekonstruksi aktor di balik seniman NFT untuk menjelaskan gaya visual dan keterlibatan sosial seorang seniman di dunia NFT. Metode yang digunakan dalam penelitian ini adalah pendekatan kualitatif dengan validasi data dari wawancara dan sampel karya seni NFT. Data tersebut selanjutnya diolah menggunakan teori jaringan aktor (ANT) untuk menganalisis dan menelusuri aktor di balik seniman NFT. Dua seniman Indonesia menjadi studi kasus dalam penelitian ini, yaitu Angga Tantama dan Mufti Prianka. Hasil penelitian ini menunjukkan aktor heterogen yang mendukung seniman dalam substansi karya dan keterlibatan sosialnya. Dalam kasus Mufti Prianka, NFT memengaruhinya untuk mengeksplorasi kemungkinan dalam menciptakan karya seni digital, sedangkan pada Angga, platform NFT menjadi salah satu salurannya yang mapan untuk mempublikasikan karya seni. Berdasarkan jaringan mereka, dua seniman Indonesia yang diteliti memiliki pendekatan dan motivasi yang berbeda dalam menciptakan dan terlibat dengan NFT.
Sze Wing Wong, Mimi Mei Wa Chan, Dickson K.W. Chiu
The most popular uses of blockchain technology in the art market are related to non-fungible tokens (NFTs). This chapter explores the adoption of NFT in the digital art market and its future development. The authors explore NFT adoption in the digital art market with the five pillars of the digital entrepreneurship model, including knowledge base, business environment, finance, technology, and culture. Their scarcity and utilities determine the value of NFTs. Collectors and artists should also be aware of the benefits and drawbacks of blockchain technology and take appropriate steps to guarantee their rights are protected. This chapter provides a fundamental review of the current development and outlook of NFT and opens new opportunities for future study. Scant research focuses on the present condition and adoption of NFTs within the Hong Kong digital art market. This review offers a much-needed exploration and understanding, particularly beneficial for potential investors and participants seeking a comprehensive insight into NFT adoption.
Art advisors are usually engaged by collectors to help them assemble their collection. In that role they may accompany their clients to galleries, artists’ studios, and especially art fairs. Art advisors can be self-standing firms. Gallerists, however, will also often take of this role for clients who trust their advice and judgment. The phenomenon that art can accrue value over time forms one of the foundational premises of an art market. Very much simultaneous with the art world’s pivot from the physical to the virtual during the COVID pandemic, the disruptive technology of Non-Fungible Tokens (NFTs) emerged quite suddenly in early 2021. Kickback—a payment received by the agent of a commercial transaction from a supplier, usually in compensation for the agent having facilitated their client’s business with the supplier. All blockchain transactions incur a gas fee including minting of NFTs.
Reporting on the Non-Fungible Token (NFT) ecosystem overwhelmingly focuses on the community that drove its growth and price volatility, gaining widespread media attention in 2021. This overlooks the communities developing novel creative practices on NFT platforms. Interviews with 16 creatives utilizing NFTs reveal a vast Art World: networks of distinct communities maturing into cooperative ecosystems with unique artistic subcultures, philosophies, and interactions. We observe unique qualities of these decentralized distribution platforms and identify patterns of activity comparable to those of traditional art worlds. We identify how aspects of these systems might subvert, or replicate, existing systems of power, value, and access. The impacts of policy and platform design on online creative communities in the NFT Art World carry valuable lessons for developers of digital interventions into the creative industry, exemplifying pertinent considerations for the future of creative labor and cooperation online.
The popularity of Non-fungible Tokens is reshaping the Internet, digital assets and content. Many cultural sectors worldwide have switched and proposed using NFT technology to enhance the liquidity of financialised art assets. Numerous companies are trying to take advantage of the rapid growth of the NFT markets to increase their competitiveness. Although digital artwork provides numerous technical advantages, few design practices are available for Luoshan Shadow’s NFT virtual creative products. This study aimed to investigate the factors influencing the digital design of the Luoshan shadow by NFT technology. We conducted a thematic analysis of the comments and suggestions given by designers and non-geneticists. Data of 185 designers, consumers, and non-geneticists indicated the main concerning themes; i) copyright and security issues; ii) innovation of art form and content; iii) new presentation, and iv) benefits from Non-fungible Tokens technology. These findings may provide experience for Luoshan shadow art to start the layout of digital creative design in the context of the much-needed NFT market and to organically combine its digital derivatives with physical derivatives to achieve joint development.
Abstract— This scholarly seminar paper examines the utilization of NFTs that are stored in IPFS for the purpose of identifying exclusive collector items, particularly a dress that is limited edition. Non-fungible tokens (NFTs) leverage blockchain technology to establish and authenticate ownership. Through storage on the InterPlanetary File System (IPFS), their accessibility and legitimacy can be independently validated without dependence on any centralized server. This academic paper delineates the systematic approach involved in generating and disseminating Non-Fungible Tokens (NFTs) for garments, scrutinizes the advantages and constraints associated with the application of NFTs for identifying collectibles, and accentuates the prospect for additional exploration and advancement in this domain. The employment of non-fungible tokens (NFTs) presents a distinctive opportunity for establishing authentication and confirmation of custody with respect to corporeal properties. However, issues like deceit and the widespread integration of blockchain technology require further consideration.Abstract— This scholarly seminar paper examines the utilization of NFTs that are stored in IPFS for the purpose of identifying exclusive collector items, particularly a dress that is limited edition. Non-fungible tokens (NFTs) leverage blockchain technology to establish and authenticate ownership. Through storage on the InterPlanetary File System (IPFS), their accessibility and legitimacy can be independently validated without dependence on any centralized server. This academic paper delineates the systematic approach involved in generating and disseminating Non-Fungible Tokens (NFTs) for garments, scrutinizes the advantages and constraints associated with the application of NFTs for identifying collectibles, and accentuates the prospect for additional exploration and advancement in this domain. The employment of non-fungible tokens (NFTs) presents a distinctive opportunity for establishing authentication and confirmation of custody with respect to corporeal properties. However, issues like deceit and the widespread integration of blockchain technology require further consideration.
In 2021, the concept of NFTs gained worldwide attention when a digital artist known as ‘Beeple’ sold his work Everydays: The First 5000 Days for 69 million US dollars at Christie’s, placing him among the top three living artists by sale value (Kastrenakes 2021). Since then, “non-fungible token” (or “NFT”) has rapidly become a high-scoring term on Google Trends and there has been corresponding growth in the number of artists, collectors, and platforms dealing with NFTs.Because of the many NFT platforms, the enormous volume of NFTs, the involvement of various cryptocurrencies, the fluctuating prices, and unpredictability of trends, navigating the NFT art market is very complicated. In an attempt to engage in this new sphere of speculation (and to speculate about it), we opened a physical NFT Shop at an abandoned gas station. Besides NFT art, we offered conversation and warm coffee to visitors. Surprisingly, we found almost everyone we met had heard about NFTs, although few demonstrated any in-depth knowledge. Our NFT Shop was expressly concerned with displaying only ‘clean’ NFTs, thereby underlining the environmental impact of typical blockchain technology. Tezos, a cryptocurrency known as a clean and eco-friendly ‘crypto’, is gaining popularity in the NFT art market as an alternative to Ethereum, which has a high carbon footprint (McDonald 2021) and high minting cost. According to Memo Akten’s A guide to eco-friendly CryptoArt, the cost of transactions in Ethereum fluctuates between $100-$1000 (Akten 2021), which is in stark contrast to Tezos, where exchange fees are currently below a dollar. The high energy consumption of blockchain has generated strong opposition, especially among artists. Thus, many alternative NFT platforms such as objkt and fx(hash) use Tezos and brand themselves as an eco-friendly and affordable marketplaces.Despite the availability of relatively clean cryptos, many digital artists prefer not to be associated with CryptoArt of any kind. At the same time, the general audience for art largely assumes that all digital art is NFT art. From the perspective of digital artists, it is difficult to say whether NFTs are a blessing or a curse. On the one hand, the art market has become receptive to digital formats, so many artists now have the opportunity to make a living from their art. On the other hand, there remains much that seems ‘unclean’ about NFT markets, although all transactions are entirely transparent. In this context, this paper and our art project NFT Shop aim to offer a framework for making sense of the NFT marketplaces and thus help to demystify the concepts of NFT and related platforms.