The Art NFTs and Their Marketplaces
Lanqing Du, Michelle Kim, Jinwook Lee

TL;DR
This paper analyzes the art NFT market, highlighting recent trends, patterns, and the impact of blockchain technology on art sales and ownership, based on data from major NFT marketplaces.
Contribution
It provides a comprehensive analysis of art NFT market dynamics and trends using recent marketplace datasets, offering insights into future developments.
Findings
NFTs enable proof of ownership and authenticity for digital art.
NFT marketplaces are transforming art sales by removing middlemen.
Market patterns indicate growing adoption and profitability of art NFTs.
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…
Peer Reviews
No public reviews on file for this paper yet. If you reviewed it on a platform where reviews are public (OpenReview, ICLR, NeurIPS, ICML), you can paste yours below so the community can read it here.
Videos
No videos yet. Explain this paper in a talk, walkthrough, or lecture? Add one.
Taxonomy
TopicsArt History and Market Analysis · Cultural Industries and Urban Development
