Crypto collectibles, museum funding and OpenGLAM: Challenges, opportunities and the potential of non-fungible tokens (NFTs)
Foteini Valeonti,Antonis Bikakis,Melissa Terras,Chris Speed,Andrew Hudson-Smith,Konstantinos Chalkias +5 more
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TLDR
The potential of NFTs to generate significant revenue for artists and museums by selling effectively a cryptographically signed copy of a digital image (similar to real-world limited editions, which are signed and numbered copies of a given artwork), has sparked the interest of the financially deprived museum and heritage sector.Abstract:
Non-fungible tokens (NFTs) make it technically possible for digital assets to be owned and traded, introducing the concept of scarcity in the digital realm for the first time. Resulting from this technical development, this paper asks the question, do they provide an opportunity for fundraising for galleries, libraries, archives and museums (GLAM), by selling ownership of digital copies of their collections? Although NFTs in their current format were first invented in 2017 as a means for game players to trade virtual goods, they reached the mainstream in 2021, when the auction house Christie’s held their first-ever sale exclusively for an NFT of a digital image, that was eventually sold for a record 69 million USD. The potential of NFTs to generate significant revenue for artists and museums by selling effectively a cryptographically signed copy of a digital image (similar to real-world limited editions, which are signed and numbered copies of a given artwork), has sparked the interest of the financially deprived museum and heritage sector with world-renowned institutions such as the Uffizi Gallery and the Hermitage Museum, having already employed NFTs in order to raise funds. Concerns surrounding the environmental impact of blockchain technology and the rise of malicious projects, exploiting previously digitised heritage content made available through OpenGLAM licensing, have attracted criticism over the speculative use of the technology. In this paper, we present the current state of affairs in relation to NFTs and the cultural heritage sector, identifying challenges, whilst highlighting opportunities that they create for revenue generation, in order to help address the ever-increasing financial challenges of galleries and museums.read more
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Understanding public opinions on social media for financial sentiment analysis using AI-based techniques
TL;DR: In this paper , the authors evaluated human emotions on the social media platforms Twitter posted by the public relating to NFTs and conducted secondary market analysis to determine the reasons for the growing acceptance of NFT through sentiment and emotion analysis.
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A Survey: Security, Transparency, and Scalability Issues of NFT’s and Its Marketplaces
TL;DR: In this article , the authors study the market dynamics of non-fungible tokens (NFTs) and NFT marketplaces, and analyze the challenges faced by NFTs and marketplaces in terms of security, transparency, scalability, and consequences leading to these issues and how they will address them.
Book ChapterDOI
ABSNFT: Securitization and Repurchase Scheme for Non-Fungible Tokens Based on Game Theoretical Analysis
TL;DR: Li et al. as mentioned in this paper proposed a novel securitization and repurchase scheme for non-fungible tokens (NFTs) to overcome the limitations of NFT markets.
Journal ArticleDOI
NFTs and Cryptocurrencies—The Metamorphosis of the Economy under the Sign of Blockchain: A Time Series Approach
TL;DR: In this paper , the authors identify the relationship between the two types of assets (NFTs and the cryptocurrencies Ethereum, Crypto Coin, and Bitcoin), using data for the period between September 2020 until February 2022.
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Non-fungible tokens (NFTs): A bibliometric and systematic review, current streams, developments, and directions for future research
TL;DR: In this paper , a review of the literature on Non-Fungible Tokens (NFTs) is presented, where the authors identify three major clusters: (1) blockchain, (2) cryptocurrency and (3) digital art.
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