An Empirical Analysis of the Impact of NFT on the Cultural Industry

Abstract

2021, as the first year of the development of the Non-Fungible Token (NFT), has formed a wide impact on the development of the cultural industry in all aspects. This paper will compare and analyze the Jingtan and Opensea platforms through qualitative and quantitative methods, and at the same time analyze the correlation between Alibaba's U.S. stock data, Poly Culture Group's Hong Kong stock data, and Jingtan platform user data, as well as the correlation between Facebook's U.S. stock data and Opensea platform user data, to deduce the difference and correlation between foreign NFTs in promoting the development of cultural industries and domestic NFT industry phenomena and put forward the suggestion that China should use policies to escort NFT with eliminating policy risks, to motivate more companies to invest in NFT. In this case, the Chinese government can promote the development of China's cultural industry and enhance China's soft power.

Electronic Markets on platform culture

“…A recent form of such platforms has emerged in the sphere of decentralized platforms with non-fungible tokens (NFT). NFT platforms like Opensea safeguard the authenticity of digital art products ("crypto art") and allow these "crypto collectibles" to be traded (Bai et al, 2022). Although an overview on the decentralized economy (Lage et al, 2022) and some thoughts on considering NFTs as a possible solution in the event ticketing industry are included in this issue (Feulner et al, 2022), more research on such NFT platforms may be expected to appear in Electronic Markets.…”