The Art NFTs and Their Marketplaces
It addresses how NFTs impact artists and the art trade market by cutting out middlemen, focusing on utility for owners, but is incremental as it primarily summarizes existing data.
This paper analyzes art NFTs and their marketplaces, summarizing current trends and patterns using recent datasets to provide insights into the future art market, with numerical examples included.
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.