Art and Blockchain

Whitaker, Amy

doi:10.34053/artivate.8.2.2

Cited by 29 publications

(16 citation statements)

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“…Research on NFTs is still limited, and focuses mostly on technical aspects, such as copyright regulations 3 ; components, protocols, standards, and desired properties 13 ; new blockchain-based protocols to trace physical goods 14 ; and the implications that NFTs have on the art world 15 , 16 , in particular as they allow to share secondary sale royalties with the artist. Empirical studies aiming at characterizing properties of the market have focused on a limited number of NFT collections, such as, CryptoKitties 17 , 18 , Cryptopunks, and Axie 19 , or on a single NFT market, such as, Decentraland 19 , 20 or SuperRare 21 , 22 .…”

Section: Introductionmentioning

confidence: 99%

Mapping the NFT revolution: market trends, trade networks, and visual features

Nadini

Alessandretti

Giacinto

et al. 2021

Sci Rep

406

141

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Non Fungible Tokens (NFTs) are digital assets that represent objects like art, collectible, and in-game items. They are traded online, often with cryptocurrency, and are generally encoded within smart contracts on a blockchain. Public attention towards NFTs has exploded in 2021, when their market has experienced record sales, but little is known about the overall structure and evolution of its market. Here, we analyse data concerning 6.1 million trades of 4.7 million NFTs between June 23, 2017 and April 27, 2021, obtained primarily from Ethereum and WAX blockchains. First, we characterize statistical properties of the market. Second, we build the network of interactions, show that traders typically specialize on NFTs associated with similar objects and form tight clusters with other traders that exchange the same kind of objects. Third, we cluster objects associated to NFTs according to their visual features and show that collections contain visually homogeneous objects. Finally, we investigate the predictability of NFT sales using simple machine learning algorithms and find that sale history and, secondarily, visual features are good predictors for price. We anticipate that these findings will stimulate further research on NFT production, adoption, and trading in different contexts.

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Section: Introductionmentioning

confidence: 99%

Mapping the NFT revolution: market trends, trade networks, and visual features

Nadini

Alessandretti

Giacinto

et al. 2021

Sci Rep

406

141

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show abstract

“…Overall, there is definitely an opportunity in attempting to combine Linked Data and the Solid principles with the approaches studied in the area of DOSN to try to fill these gaps. Finally, blockchain technologies are receiving increasing attention from the art market community for its ability to certify transactions and therefore support the tracing of authenticity of artworks in auctions [116]. For an analysis of blockchain technologies and their relevance for digital archives, we refer the reader to [32].…”

Section: Data Managementmentioning

confidence: 99%

Integrating Citizen Experiences in Cultural Heritage Archives: Requirements, State of the Art, and Challenges

Daga¹,

Asprino²,

Damiano³

et al. 2022

J. Comput. Cult. Herit.

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Digital archives of memory institutions are typically concerned with the cataloguing of artefacts of artistic, historical, and cultural value. Recently, new forms of citizen participation in cultural heritage have emerged, producing a wealth of material spanning from visitors’ experiential feedback on exhibitions and cultural artefacts to digitally mediated interactions like the ones happening on social media platforms. Citizen curation is proposed in the context of the European project SPICE (Social Participation, Cohesion, and Inclusion through Cultural Engagement) as a methodology for producing, collecting, interpreting, and archiving people’s responses to cultural objects, with the aim of favouring the emergence of multiple, sometimes conflicting, viewpoints and motivating users and memory institutions to reflect upon them. We argue that citizen curation urges to rethink the nature of computational infrastructures supporting data management of memory institutions, bringing novel challenges that include issues of distribution, authoritativeness, interdependence, privacy, and rights management. To approach these issues, we survey relevant literature toward a distributed, Linked Data infrastructure, with a focus on identifying the roles and requirements involved in such an infrastructure. We show how existing research can contribute significantly in facing the challenges raised by citizen curation and discuss challenges and opportunities from the socio-technical standpoint.

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“…The proof of ownership and transfer of Ascribe's digital artwork were provided [21]. Additionally, Codex cooperated with LiveAuctioneers, which is a coalition of 5000 auction houses, to store trading-related documents in blockchain [22].…”

Section: Blockchain and Pain Points Of The Art Marketmentioning

confidence: 99%

“…A total of 89% of online art consumers expect to search for or obtain comparable past trading price record information [23]. Regarding issue 3 (difficulty in determining valuation), consumers can easily obtain valuations from complete records left in the blockchain [22]. When trading in the existing encryption verification blockchain, traders do not have to disclose sensitive information such as their financial details [19], thus solving the problem of issue 4.…”

Section: Blockchain and Pain Points Of The Art Marketmentioning

confidence: 99%

Influence of Perceived Risk of Blockchain Art Trading on User Attitude and Behavioral Intention

Liang

Chi

2021

Sustainability

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In the first half of 2020, the average sales volume of gallery operators declined due to the COVID-19 pandemic and art galleries faced a crisis relating to their sustainable operation. However, crypto art finance, which combines online sales with blockchain, is attracting a considerable amount of attention. Can the use of blockchain solve the problems encountered in today’s art trading market? Is it considered acceptable by participants in the art trading market? What factors affect the behavioral intentions of blockchain technology users? In this study, we discussed the relationship between perceived risks and the three external variables of trust, government support, and auction house initiative, as well as their impacts on user attitudes and behavioral intentions regarding blockchain. The results of this study verified key factors that will help to increase the use of blockchain and solve existing market issues. It will also promote the sustainable operation and development of art enterprises and the market.

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Art and Blockchain

Cited by 29 publications

References 0 publications

Mapping the NFT revolution: market trends, trade networks, and visual features

Mapping the NFT revolution: market trends, trade networks, and visual features

Integrating Citizen Experiences in Cultural Heritage Archives: Requirements, State of the Art, and Challenges

Influence of Perceived Risk of Blockchain Art Trading on User Attitude and Behavioral Intention

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