2022/10/23 by Lanqing Du, Du, Lanqing, Michelle Kim +3
Arts and Humanities · Social Sciences · #Art History and Market Analysis #Cryptography and Security (cs.CR) #Cultural Industries and Urban Development #FOS: Computer and information sciences #FOS: Economics and business #Machine Learning (cs.LG) #Statistical Finance (q-fin.ST)
paper · pdf · doi:10.48550/arxiv.2210.14942
openalex publication_date 2022/10/23 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
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 examples are presented.