"It's A Blessing and A Curse": Unpacking Creators' Practices with Non-Fungible Tokens (NFTs) and Their Communities

TL;DR

This study explores NFT creators' perceptions, highlighting their enthusiasm for creative empowerment and community support, while also addressing challenges like scams, content ownership issues, and regulatory concerns.

Contribution

It provides qualitative insights into creators' nuanced experiences with NFTs, revealing both positive impacts and significant ecosystem challenges.

Findings

NFT creators are enthusiastic about technology and community support.

Challenges include scams, content ownership, and regulatory issues.

NFT ecosystem needs design improvements for accessibility and trust.

Abstract

NFTs (Non-Fungible Tokens) are blockchain-based cryptographic tokens to represent ownership of unique content such as images, videos, or 3D objects. Despite NFTs' increasing popularity and skyrocketing trading prices, little is known about people's perceptions of and experiences with NFTs. In this work, we focus on NFT creators and present results of an exploratory qualitative study in which we interviewed 15 NFT creators from nine different countries. Our participants had nuanced feelings about NFTs and their communities. We found that most of our participants were enthusiastic about the underlying technologies and how they empower individuals to express their creativity and pursue new business models of content creation. Our participants also gave kudos to the NFT communities that have supported them to learn, collaborate, and grow in their NFT endeavors. However, these positivities were juxtaposed by their accounts of the many challenges that they encountered and thorny issues that the NFT ecosystem is grappling with around ownership of digital content, low-quality NFTs, scams, possible money laundering, and regulations. We discuss how the built-in properties (e.g., decentralization) of blockchains and NFTs might have contributed to some of these issues. We present design implications on how to improve the NFT ecosystem (e.g., making NFTs even more accessible to newcomers and the broader population).