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The Art NFTs and Their Marketplaces
arXiv (Cornell University)
23 Oct 2022
Abstract
Non-Fungible Tokens (NFTs) are crypto assets with a unique digital identifier
for ownership, powered by blockchain technology. Technically speaking, anything
digital could be minted and sold as an NFT, which provides proof of ownership
and authenticity of a digital file. For this reason, it helps us distinguish
between the originals and their copies, making it possible to trade them. This
paper focuses on art NFTs that change how artists can sell their products. It
also changes how the art trade market works since NFT technology cuts out the
middleman. Recently, the utility of NFTs has become an essential issue in the
NFT ecosystem, which refers to the owners' usefulness, profitability, and
benefits. Using recent major art NFT marketplace datasets, we summarize and
interpret the current market trends and patterns in a way that brings insight
into the future art market. Numerical examples are presented.
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Details
- Title
- The Art NFTs and Their Marketplaces
- Creators
- Lanqing DuMichelle KimJinwook Lee
- Publication Details
- arXiv (Cornell University)
- Resource Type
- Preprint
- Language
- English
- Academic Unit
- Decision Sciences (and Management Information Systems)
- Other Identifier
- 991021880165504721