In March 2021, 30-year-old Nigerian artist Jacon Osinachi sold his digital drawings on SuperRare โ a digital art marketplace โ for over US$35,000. Known for using the limited design palette of Microsoft Word to create narrative illustrations, Jacon Osinachi has become Africaโs foremost cryptoartist, whose works are registered on blockchain and sold as non-fungible tokens (NFTs). It took Osinachi two years to navigate how to sell his art as an NFT, just in time for the 2020 pandemic to boost the sector.
Abstract The final chapter surveys the impact of COVID-19 on arts organizations. It is observed that the advent of COVID-19 in early 2020 had pushed many arts organizations to transition to digital streaming media to relay their live shows. The transition resulted in a phenomenal expansion in their customer base. To a large extent, the switch-over enabled these organizations to tide over the losses brought about by the cancellation of live shows during the lockdown phase. Indeed many large museums had shifted to virtual visits during the lockdown phase of COVID-19. Many of them were able to amplify their virtual experience, thanks to digital imaging technologies. Though these Museums reverted to the pre-pandemic routines during the latter half of 2020, they did not completely abandon their forays into the virtual world. Another development during the pandemic years was the sale of art works through blockchain platforms that minted non-fungible crypto tokens. Although, it is conceded that large arts organizations are in a better position to take advantage of digital platforms and technologies, it is also argued that with better business models, it is possible for small arts organizations to avail these technologies.
We are witnessing the emergence of a new digital art market, the art market 3.0. Blockchain technology has taken on a new sector which is still not well known, Non-Fungible tokens (NFT). In this paper we propose a new methodology to build a NFT Price Index that represents this new market on the whole. In addition, this index will allow us to have a look on the dynamics and performances of NFT markets, and to diagnose them.
Blockchain technology is currently stimulating a broader process of social and industrial transformation impacting several potential areas of adoption (e.g. transactions, tracking and tracing solutions, authenticity, etc โฆ). The acceptance of this technology represents a major challenge for the art ecosystem. The literature around relations and applications of blockchain in the art market is fragmented and fails to provide an understanding of the current/potential opportunities of this application. This paper explores how blockchain is being adopted in the art sector. By using a perspective of mobilizing organizational and institutional field theory, this study performs an explorative qualitative analysis based on semi-structured interviews with 15 experts from the art market. The findings underline the complexity of effective implementation of this technology, the contradictory positions regarding the benefits and business opportunities it offers, as well as the market playersโ resistance to change and trust. The theoretical and practical implications are also discussed.
This research is descriptive research to find out the symptoms or effects of aesthetics and public perception of the popular artworks of the NFT (non-fungible token) Marketplace.The NFT marketplace has begun to gain popularity among Indonesians since the virality of Ghozali who managed to sell his artwork in the form of selfie photos on the NFT Opensea Marketplace, earning billions of rupiah in profits at the end of 2021.Of empirical interest is the potential reasons why some artworks on the NFT Marketplace are prized highly compared to other works.There are two aspects of the study discussed in this study, namely aesthetics and public perception.This study aims to descriptively examine aesthetics and public perceptions of popular artworks at the NFT Opensea Marketplace; examine and investigate the things that affect the popularity of artwork on the NFT Opensea Marketplace from the aesthetic aspect and public perception.Findings reveal that the aesthetic perception of the public, seeing the popularity of NFT artwork is influenced by several factors, including: (1) people's perspectives on what makes something "unique", (2) influenced by the medium of introduction, (3) the popularity of the work is influenced by its aesthetic value, and (4) the popularity of NFT artworks is determined by the context.
2021, as the first year of the development of the Non-Fungible Token (NFT), has formed a wide impact on the development of the cultural industry in all aspects. This paper will compare and analyze the Jingtan and Opensea platforms through qualitative and quantitative methods, and at the same time analyze the correlation between Alibaba's U.S. stock data, Poly Culture Group's Hong Kong stock data, and Jingtan platform user data, as well as the correlation between Facebook's U.S. stock data and Opensea platform user data, to deduce the difference and correlation between foreign NFTs in promoting the development of cultural industries and domestic NFT industry phenomena and put forward the suggestion that China should use policies to escort NFT with eliminating policy risks, to motivate more companies to invest in NFT. In this case, the Chinese government can promote the development of China's cultural industry and enhance China's soft power.
Social goods are difficult to study because of selection bias, as available data typically focus on successful products. The non-fungible token (NFT) market offers a rare exception, as the blockchain records every launch, success, and failure. Using comprehensive NFT data from 2021โ2024, we study preference-driven herding in primary markets. Launch outcomes are sharply bimodal, demand accelerates as sellouts approach, and early participation shocks persist for months. These patterns are consistent with preference-driven coordination rather than purely informational herding. We provide further evidence consistent with social-goods models, including substantial primary-market underpricing that is exploited by scalpers.
While the traditional art market stagnates, the digital art market is booming partially due to its connection with non-fungible tokens, which allow any unique goods to be mapped in a digital environment. Using unique individual data from the online art NFTs marketplace SuperRare, we combine econometric tools with recent machine learning approaches. This approach allows us to define explanatory variables out of the NFTs descriptions for our Hedonic pricing approach. Using these variables, we are able to show that our Hedonic pricing models exhibit relevant informational value for NFTs prices. Moreover, we show that NFTs cannot be viewed as a simple derivative of cryptocurrencies.
Mr.Vimu Ram Kale Kale, Chandrani Singh, Dr.Sunil Khilari
Non-Fungible Tokens (NFTโs) indicate the creation of a blockchain-based digital certificate of authenticity that is comparable to other virtual crypto assets and currencies. The use of blockchain technology and the exchange of digital currency have become increasingly widespread in recent years. Having said that, as has been shown in recent years, the NFT market is also booming. The very idea of NFT is derived from an Ethereum token standard that aims to separate and recognise each token with its distinct signature being tied with digital attributes. India has also seen increased interest in this digital sector, particularly from the future new-age investors and digital innovators, as a result of the spectacular return on its quickly expanding global market. However, due to the early stage of the NFT ecosystem's growth, India lacks a regulatory legislative framework to oversee such immature digital crypto assets. There are several legal complexities surrounding them, which has made it difficult to determine their legal legitimacy and sanctity. New artists could have a tendency to become lost in this chaotic growth in the absence of comprehensive descriptions. This paper aims to examine the idea of NFT in comparison to bitcoin and copyright, as well as its operational and technological elements. It attempts to examine the legal hazards that affect its operation as well as the potential and difficulties the Indian legal system has with regard to crypto-assets.
La pandemia ha definito diverse declinazioni della liveness nella dimensione digitale. Tra i settori piรน colpiti e che hanno dovuto reinventare linguaggi e forme comunicative, accanto al teatro quello della musica live (il tema disciplinare sul quale vogliamo riflettere). Lโindustria musicale, da sempre fortemente legata alla prossimitร fisica, al necessario rapporto con la strada, inteso come luogo dโispirazione e nutrimento (immaginiamo le subculture giovanili: dai teddy boys, ai mods, dal movimento hippie, al punk, dallโhip hop alla trap) si รจ tenacemente reinventata negli ultimi anni negli innovativi spazi digitali: dai social network ai concerti sui videogames (sperimentando un nuovo modo di comunicare e dando vita ad un rinnovato immaginario). Attraverso questo saggio si intende procedere verso una ricognizione e analisi delle pratiche della liveness multimediali, transmediali, intermediali nellโambito musicale esaminando, in particolare, come gli NFT musicali (Non Fungible Tokens) si siano rivelati come una delle strade piรน promettenti per continuare a mantenere il legame emotivo, culturale ed identitario tra i performer e i fans. E gettando le basi per unโeconomia alternativa futura.
I propose that non fungible tokens (NFTs) will affect the greater public, and specifically the art market, at an exponential rate due to three factors. The first, scarcity mindset, drives the human sense of urgency for a particular commodity (Garvey, 2021). The next factor is the potential use of NFTs in real world applications or throughout the economy. The attraction of NFTs is that they are indiscriminate and allow anyone from various socioeconomic backgrounds to buy in. As scarcity seemingly increases, NFTs appear to be a good investment; but are there real world applications or do they merely exist within the virtual realm? The last determinant I would like to explore is the environmental impact of NFTs on the physical world. When comparing virtual โtokensโ used to fund digital art to paper money exchanged for a piece of physical artwork in concrete space, theoretically the former is much less detrimental to society. However, through practice-led research, I have conducted a six month investigation from May 2021 through October 2021 to uncover the true ramifications NFTs have on the world.
The โfinancialisationโ of art has transformed art from an object of aesthetic expression to an instrument of increasing wealth, in turn increasing the likelihood of forgery. Art fraud harms artists, purchasers, museums, and society at large. Ultimately, the integrity of the art industry is at stake. The culture of secrecy and questionable auction practices widen the information asymmetry contributing to market failure in the art market. Multiple approaches are needed to address these challenges. The criminalisation of art fraud faces evidential difficulties of proof beyond reasonable doubt. The more accessible threshold of proving misleading conduct under s 18 of the Australian Consumer Law has been successfully invoked by artists against the forger, a purchaser against an auction house, and the Australian Competition and Consumer Commission obtaining pecuniary penalties and restraint orders against art offenders. Besides imposing presumptive liability on auction houses, authentication boards and a Code of Conduct for Art Merchants will promote transparency in the art market.
The creative economy has attracted increasing attention from academia and policymakers for more than two decades. However, despite the flourishing literature on this topic, its complex connection with development and its role in strengthening resilience are yet to be properly examined. The paper addresses this issue by investigating how different cities in Romania, with a different intensity of creative industries, have managed to resist and to recover from the aftermath of the Great Recession. Our findings reveal that, as a whole, creative industries strengthen urban resistance against a recession, but do not necessarily fasten urban recovery. As our results suggest, this might be due to the asymmetrical impact across different groups of creative industries. Besides a creative economy proliferation, other factors are also identified as significant resilience drivers. Whilst a better access to healthcare services, higher local investments and a higher decentralization of local budgets appear to enhance the citiesโ resistance, higher shares of agriculture and finance, as well as a higher income per capita appear to correlate with a faster urban recovery.
Blockchain is usually associated with cryptocurrencies. However, as a distributed ledger technology, it can have many other applications. For example, blockchain can bring changes to how the art market operates. It can be utilised for many types of digital transactions, including collection, authentication, tracking of provenance, and sharing ownership of artworks. \nThis main purpose of this thesis is to provide perspectives on how and in what areas blockchain could be used to change the art market. It also examines how this technology may shift the balance of powers in the art market. The thesis further explores opportunities and challenges when using blockchain technology in the art market. \nThe thesis utilises a narrative thematic literature research methodology and includes a qualitative analysis of blockchain technology. Due to the nature and novelty of this technology, the reviewed literature covers a different range of disciplines, in which blockchain can be utilised. The findings were extrapolated to the use of blockchain technology in the art market. \nThe results demonstrate that blockchain can increase the speed, transparency, and volume of art sales worldwide and democratise the sector so that artists, collectors, and spectators can benefit from this technology. A blockchain platform can coexist with other traditional applications. However, before implementing this technology, we may need to overcome technological, governance, organisational, and societal barriers.
Web3, underpinned by blockchain technology, is an evolution of digital infrastructure, whereby protocol facilitates the direct exchange of value between users, removing the need for trusted intermediaries. Existing blockchain experiments seek to create artist-centric business models, dismantling agency-centred business models that brokered and organised connections between artists and their fans or buyers. By enabling the automation of the value components, including payments, licensing and intellectual property management, contracting and governance, digital content storage and access, blockchain technology also enables new โvalue-based economicsโ in which artists set the terms of their market participation. In this chapter, we outline emerging models and discuss some implications for creative industries research. Blockchain technology is currently being experimentally adopted into creative industries in order to improve transparency along supply chains, to lower costs of distribution by creating more direct platforms to connect artists and fans, and to improve handling of intellectual property and licensing arrangements, metadata, royalties and payments. We discuss case studies from music (Ujo Music and dotblockchain), visual arts (dada.nyc), and story-telling (Cellarius).
When Satoshi Nakamoto released Bitcoin in 2009, the world became aware of blockchain technology, but cryptocurrency is just one of the applications that can be powered by blockchain technology. Blockchain technology2 is a distributed database where many copies of the data are replicated and synchronized. Don Tapscott (2016) describes the blockchain as โan incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. [...] Blockchain differs from traditional ledgers of transactions in that it is decentralized, public and encrypted.โ3Technology is becoming an integral part of creating, displaying, signing, and selling art. How is blockchain involved in the cycle of a work of art?In the following interview with Ruth Catlow (London, 1968), artist-theorist, curator, and co-founder and Artistic Director of Furtherfield4 and DECAL5(Decentralised Arts Lab), reflects on blockchainโs6 place in the art world and the importance of decentralized structures in art and economics. Focussing on critical investigations of digital and networked technologies and their emancipatory potential, she offers interesting insights into new economies, and suggests concepts for alternative ways to create new art practices.
The paper addresses the issue of digitalization of the contemporary art market. It analyzes key features of todayโs online art market and discusses three technological innovationsโcryptocurrency, blockchain, and artificial intelligenceโthat have the potential to contribute to the further development and growth of online art trade. The paper demonstrates that whereas cyberspace attracts new talent and great business ideas intended to make global art commerce more versatile and efficient, online art market players alongside with providers of online art market data and analytics offer interesting avenues of future research in this sector.
After a general campaign that aimed at changing the political and socioeconomic system, the 15M/Indignados abandoned the visible occupation of central squares decentralized through neighborhood assemblies, and specialized around different issues, such as housing, and the health and public education systems. Although often cohabitating amid tension, feminist activists of different generations forged internal and autonomous spaces that prioritized feminist aspirations and permeated dissent in the shadow of the Great Recession, sharing arenas with people who would not have been reached otherwise. Despite the feminist movement(s)โ heterogeneity, intersectional character, and organization through polycephalous networks, it has in recent times grown to stand out as the movement with the highest mobilization capacity in the country. Based on original qualitative data from 12 semi-structured interviews with key informants and activists, the piece of research sheds light on the tensions between different generations of feminists. It will explain the continuities and discontinuities between veteran and younger activistsโ world views when it comes to their forms of politicization, theoretical underpinnings, strategic priorities, organizational configuration and resource mobilization, repertoires of action and cultural foundations. In addition, it contends that the ability of veteran and new activists to forge arenas of encounter, fostering debate and synergies during the antiausterity cycle of protest, were key to account for the cross-generational alliance-building processes, which have hitherto seldom been explored in the feminist movement(s) and beyond.