Exploratory Research on Using NFT for Selling Digital Art

Florina-Gabriela Mitu and Marius Bota ()
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Florina-Gabriela Mitu: Faculty of Business, Babeș-Bolyai University
Marius Bota: Faculty of Business, Babeș-Bolyai University

Chapter Chapter 4 in Remodelling Businesses for Sustainable Development, 2023, pp 39-50 from Springer

Abstract: Abstract In recent years, a new typology of digital assets, namely NFTs, has started to take off. This name, very veritable on blockchain technology, is an abbreviation used for “Non-fungible token”. Not being fungible basically means that it cannot be replaced with another NFT, because each one is unique and is found in a digital form as a work of art, an image, music, lyrics and even vouchers. They have been present on the market since 2014 but have gained popularity especially in terms of investments in 2021. The benefit and innovation that this type of token brings is that it encodes ownership rights to a buyer, rights which cannot disappear or falsify, as is usually the case in the physical world today. Especially on the art and music market. These non-fungible tokens can also be purchased and distributed online on various specific platforms such as OpenSea. The purpose of this study is to provide an overview of this technology in the sale of digital art and how it influences both the process itself and what are the challenges and risks of using it today. Moreover, for data collection, exploratory research was conducted. A literature review was done, to be able to identify and analyse papers on topics and to understand this type of digital asset. As well as to better understand the applicability of this technology, a comparative analysis has been made, on several case studies and actions already existed in digital world and for primary data collection an in-depth interview was implemented to better highlight the if the phenomenon’s characteristics and trends are known to the general public of artist in Romania.

Keywords: NFT; Digital art; Digital assets; Ethereum; Blockchain (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-3-031-19656-0_4

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