Effectiveness of NFT Art and the Economic Value of Art: Experiment Through Creative Activities and Raising Issues for the Future


The art scene has evolved dramatically in recent years due to new collectors investing in crypto assets with transactions taking place at the rate of seconds with the advent of the NFT (non-fungible token). Artists, financially frustrated by the supply-demand imbalance, have looked this new market that promises to remove the sense of entrapment caused by the centralized art world hierarchy and the opacity of gallery transactions. However, what impact has this new trend had? The objective of this paper is to verify the effectiveness of the NFT and how it affects the economic value of art. To achieve this goal, the author conducted participant observation through creative activities, extracted problems and solutions, and discussed future issues. While approaching established art organizations, the author attempted to trade works in the NFT art marketplace and conducted a comparative analysis of the old and new marketplaces. As a result, it became clear that marketing activities by artists on social media were essential to the success of NFT art transactions. In communication capitalism, a hierarchy is formed by the economic logic of quantity over quality. Its generative factors arise from emotional sharing, but in addition to selfish investment activities for the purpose of profit through NFT art, there are also altruistic support activities for artists. The unstable virtual economic sphere with an emotional affect influences the economic value of artworks, but on the other hand, NFT marketplaces give opportunities of resilience to artists.

Author Information
Masako Nunokawa, Hokkaido University Graduate School of International Media, Communication, and Tourism Studies, Japan

Paper Information
Conference: IICAH2023
Stream: Arts - Media Arts Practices: Television

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Posted by James Alexander Gordon