Abstract
In 2021, online marketplaces such as Nifty and Opensea gained popularity, and digital art creations, including Beeple’s pieces, made headlines worldwide. This attracted traditional fine art practitioners, artists, dealers, digital content creators, and crypto entrepreneurs who wanted to participate in this trend. Several significant investment and token-funded projects took place in Asia, fueling high hopes of revolutionizing the art market with nonfungible token (NFT) technology. However, the numbers suggest a different story, as NFT transactions have reached a historical low. Critics from both sides challenge the value of NFTs, and there is minimal empirical research on the topic of blockchain technologies in the art market. This paper explores the challenges and misunderstandings in the art market through the lens of the researcher’s insight as an art tech entrepreneur. Its aim is to provide an explorative account of the use cases of NFT and blockchain technology vis-a-vis the traditional art market. The paper discusses the current work in progress at the Art ID Standard consortium, covering decentralized identity, blockchain, and use cases, and provides insights into the implications of these challenges for artists, collectors, and the broader art ecosystem.
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