| Author: | Li, Linyi |
| Title: | NFT social platform-as-a-service : a solution to improving the traditional art market ecosystem |
| Advisors: | Jin, Jimmy (AF) |
| Degree: | DFinTech |
| Year: | 2024 |
| Subject: | NFTs (Tokens) Cryptocurrencies Computer art -- Economic aspects Art -- Technological innovations Hong Kong Polytechnic University -- Dissertations |
| Department: | Faculty of Business |
| Pages: | 218 pages : color illustrations |
| Language: | English |
| Abstract: | This study uses the alternative approach to analyze the art industry and come up with an innovative business model to complete the paper. First, analyze the disadvantages of the current traditional art market and identifies aspects that can be improved. Many previous studies have explored the advantages and disadvantages of using Non-Fungible Tokens (NFTs) in the art industry and concluded that the use of NFTs may bring significant benefits to the traditional art market. This study examines how NFT affects the art market and its impact on traditional artists from the perspective of innovation diffusion and the resistance to change theory. It then discusses the importance of building community in the art market. As the art market has transformed from elite collections that "earn the price difference" to a mass consumption model that "gathers sand to form a tower," public participation and dissemination have become particularly important. The study then highlights the shortcomings of existing NFT platforms and discusses the importance and benefits of adding social features to the existing NFT trading platform. The study examines how social networks can be combined with NFT markets to create a platform for artists and collectors to connect and share benefits. This NFT social platform allows traditional artists to sell their NFTs as a value-added part of realistic art creations, avoiding high intermediary fees and cultivating their own collection circle and fan circle without relying on the traditional market. The platform will use "influence tokens" whose value is proportional to the holder's contribution, and token holders will also obtain certain platform governance rights. The study then discusses the technical application principles and benefits of NFT royalties, feedback earning, community mining, and AI computing "influence". It assumes the business model of this NFT social platform and identifies the type of users it will attract. After that, the study discusses the benefits and directions for improvement of the NFT social platform in corporate environmental responsibility, corporate social responsibility, and corporate governance. To ensure testability, the study conducted two experimental approaches to investigate the feasibility and acceptance of NFTs and this NFT social platform. One approach was qualitative research using semi-structured interviews with artists, while the other was quantitative research employing questionnaire surveys for collectors. Finally, the study summarizes the benefits of this platform for collectors, artists, and the art market, as well as conclusions. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 7809.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 2.24 MB | Adobe PDF | View/Open |
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