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http://dx.doi.org/10.17703/JCCT.2022.8.1.261

Digital Transformation and Introduction of NFT in the Art Market  

ROH, Tae Hyup (Dept. of Business Administration, Duksung Women's Univ)
Publication Information
The Journal of the Convergence on Culture Technology / v.8, no.1, 2022 , pp. 261-269 More about this Journal
Abstract
The advent of the pandemic era due to COVID-19 is causing new changes in all areas of individuals, organizations, society and the country. The art market also faced a crisis due to restrictions on individual movement between regions and countries and social distancing, and even the contents of the work, the way the work is traded, and the propensity and characteristics of the buyer are changing. These demands for change in the art market are accelerating new opportunities for change by converting digital, expanding the online art market, expanding virtual space using VR(Virtual Reality) and AR(Augmented Reality) technology, and expanding the trading area of digital works NFT based on blockchain technology. In this study, the flow of change in the art market brought about by the Pandemic era is analyzed from the perspective of digital transformation. The contents of digital acceptance of the art market are identified through a summary of various types of digital transformation in the art market and a survey of perceptions following the introduction of digital transformation and NFT. Discuss major legal, economic, social, and transactional issues and countermeasures following the introduction of NFT based on blockchain technology in the art market.
Keywords
Art market; Digital transformation; NFT; Digital platform; Business model;
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