Adoption of NFTs as digital art
The moderating effect of crypto-experience and the role of sustainability
DOI:
https://doi.org/10.37467/revtechno.v11.4428Keywords:
NFTs, Digital Art, Cryptocurrency, Crypto Experience, Blockchain, Sustainability, Perceived ValueAbstract
NFT art objects emerged from blockchain technology and have implied a change in the behaviour, format and understanding of art markets. Given the historical evolution of the technology, following cryptocurrencies and tokenization, this raises the question how the intention to use NFTs relates to the perceived value of cryptocurrency technology. To explore this issue, we set up a partial least square structural equation model. The results identify a positive relationship which is moderated by the crypto-experience of users, becoming weaker as experience grows. Social and environmental sustainability considerations turn out to be fully mediated through the perceived value of cryptocurrencies.
References
Abbasi, G. A., Tiew, L. Y., Tang, J. Q., Goh, Y. N., Thurasami, R., & Dragan, D. (2021). The adoption of cryptocurrency as a disruptive force: Deep learning-based dual stage structural equation modelling and artificial neural network analysis. PLOS ONE, 16(3). https://doi.org/10.1371/journal.pone.0247582 DOI: https://doi.org/10.1371/journal.pone.0247582
Alexandrovna, V. A. (2021). Arte Digital En BlockChain Y NFT Market. StudNet, 4(7), 258-264. https://cyberleninka.ru/article/n/tsifrovoe-iskusstvo-na-blokcheyne-i-nft-rynok
Aluma-Baigent, A., & Perissinotto, C. (2021). Crypto: Art, Currency, and Capital. uO Research. https://ruor.uottawa.ca/handle/10393/42756
Armstrong, M. (2022, March 17). Google Trends highlights the dramatic drop off in NFT searches. World Economic Forum. https://www.weforum.org/agenda/2022/03/interest-nft-google-trends/
Brambilla-Hall, S., & Li, C. (2021). This is how the metaverse might be monetized. World Economic Forum. https://www.weforum.org/agenda/2022/02/metaverse-monetization-business-guide/
Barboza, H. L., Ferneda, A. S., & Sas, L. B. (2021). La garantía de autenticidad y autoría a través de tokens no fungibles (NFT) y su (in) validez para la protección de obras intelectuales. International Journal of Digital Law, 2(2), 99-118. DOI: https://doi.org/10.47975/IJDL.barboza.v.2.n.2
Baudrillard, J. (2003) El sistema de los objetos. https://monoskop.org/images/1/18/Baudrillard_Jean_El_sistema_de_los_objetos_1969.pdf
Bautista, B. F. M., Lozano, L. F. I., & de los Santos, A. C. M. (2022). Lol NFT en el comercio electrónico y su impacto en el arte digital. Revista de Investigación Multidisciplinaria CTSCAFE, 6(16), 17-17.
Borshchevskaya, N., & Nos, A. (2021, April 22). Desarrollo del arte digital como una forma moderna de monetizar el arte y proteger los derechos de autor. SCIÉNDO, 25(2), 320-323. https://doi.org/10.30857 / 18178
Bsteh, S., & Vermeylen, F. (2021, May). From Painting to Pixel: Understanding NFT artworks. https://www.researchgate.net/publication/351346278_From_Painting_to_Pixel_Understanding_NFT_artworks
Campo, A. (2021). Blockchain, NFT & Crypto Art. Obtenido de http://webthesis.biblio.polito.it/id/eprint/20545
Cervellon, M.-C. (2012). Victoria’s Dirty Secrets. Journal of Advertising, 41(4), 133-145. DOI: https://doi.org/10.1080/00913367.2012.10672462
https://doi.org/10.1080/00913367.2012.10672462 DOI: https://doi.org/10.1080/00913367.2012.10672462
Chainalysis (2021, October 14). The 2021 Global Crypto Adoption Index: Worldwide Adoption Jumps Over 880% With P2P Platforms Driving Cryptocurrency Usage in Emerging Markets. https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/
Ciaian, P., Rajcaniova, M. and Kancs, d’A. (2014). The Economics of BitCoin Price Formation. EERI Research Paper Series, 8.
CoinMarketCap (2022). CoinMarketCap. https://coinmarketcap.com/
Cuesta Valera, S., Férnandez Valdés, P., & Muñoz Viñas, S. (2021). NFT Y Arte Digital: Nuevas Posibilidades para el Consumo, la Difusión y Preservación de Obras de Arte Contemporáneo. Artnodes, 28, 1-10. https://doi.org/10.7238/artnodes.v0i28.386317 DOI: https://doi.org/10.7238/artnodes.v0i28.386317
Das, D., Bose, P., Ruaro, N., Kruegel, C., & Vigna, G. (2021). Understanding Security Issues in the NFT Ecosystem. ACM Conference on Computer and Communications Security (CCS). DOI: https://doi.org/10.1145/3548606.3559342
Tapscott, D., & Tapscott, A. (2018). Realizing the Potential of Blockchain. http: / / www. weforum. org / docs /WEF Realizing Potential Blockchain. pdf.
Ethereum Foundation (2022, February 20). Ethereum Foundation. https://ethereum.org/en/foundation/
Fernández-Hernández, R.; García-Muiña, F.E. (2019). La transformación y evolución de los museos hacia una sociedad digital. En Romero, C.; Rivera-Salas, P.E., y Trujillo, L. (Ed.), Trabajos sobre la fenomenología cultural. FÓRUM XXI, (Ediciones Universitarias ed., pp. 189–202). Ediciones Pirámide.
Forbes (2021, December 21). Las tendencias de NFT, cripto y Web3 que definirán el 2022. https://forbes.co/2021/12/21/economia-y-finanzas/esenciales-de-forbes-las-tendencias-de-nft-cripto-y-web3-que-definiran-el-2022/
Franceschet, M., Colavizza, G., Smith, T., Finucane, B., Ostachowski, M.L., Scalet, S., Perkins, J., Morgan, J., Hernandez, S.(2021). Crypto Art A Decentralized View. Leonardo, 54(4), 402-405. https://doi.org/10.1162/leon_a_02003 DOI: https://doi.org/10.1162/leon_a_02003
García-Monleón, F., Erdmann, A., Arilla, R., & Fernández-Hernández, R. (2022). Sustainable and Smart Investment in Blockchain Technologies: A Value-based Approach to the Adoption of Cryptocurrencies. XXXVI AEDEM Annual Meeting.
Gartner (2021, April 2022). Hype Cycle for Blockchain 2021; More Action than Hype.
Grappi S., Romani S., Bagozzi R. P. (2013). Consumer Response to Corporate Irresponsible Behavior: Moral Emotions and Virtues. Journal of Business Research, 66(10), 1814-1821. https://doi.org/10.1016/j.jbusres.2013.02.002 DOI: https://doi.org/10.1016/j.jbusres.2013.02.002
Jiang, S., Li, Y., Lu, Q., Hong, Y., Guan, D., Xiong Y., Wang, S. (2021). Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China. Nature Communications, 12(1). https://doi.org/10.1038/s41467-021-22256-3 DOI: https://doi.org/10.1038/s41467-021-22256-3
Kay, G. (2021, March 20). We talked to crypto-art investors to figure out what’s driving people to spend millions on NFTs, despite no guarantee their value will increase. Businessinsider. https://www.businessinsider.com/why-are-people-buying-nfts-investing-in-nft-crypto-art-2021-3
Kim, H.-W., Chan, H. C., & Gupta, S. (2007). Value-based adoption of mobile internet: An empirical investigation. Decision Support Systems, 43(1), 111–126. https://doi.org/10.1016/j.dss.2005.05.009 DOI: https://doi.org/10.1016/j.dss.2005.05.009
Lee, B. C. (2021). The promise of Bitcoin: The future of money and how it can work for you. New York City: McGrawHill.
MacNeil, H., & Mak, B. (2007). Construcciones de autenticidad. Library Trends, 56(1), 26-52. https://doi.org/10.1353/lib.2007.0054 DOI: https://doi.org/10.1353/lib.2007.0054
Magotra, I., Sharma, J., & Sharma, S. K. (2017). Investigating linkage between customer value and technology adoption behaviour: A study of banking sector in India. European Research on Management and Business Economics. https://doi.org/10.1016/j.iedeen.2017.11.001 DOI: https://doi.org/10.1016/j.iedeen.2017.11.001
Mascarell-Palau, D. (2021). Convergencias artísticas y virtuales mediadas por las NTIC’s en la sociedad de la imagen con dispositivos móviles. Tsantsa. Revista de Investigaciones artísticas, 12, 21-34. DOI: https://doi.org/10.18537/tria.12.01.03
Murillo, D. (2016). La colección como práctica artística. Una aproximación a los procesos artísticos y comportamientos coleccionistas desde la experiencia personal. Tesis doctoral. https://addi.ehu.es/handle/10810/20460
Murray, J. A. (2021). Vende tus tarjetas a Quién: Tokens No Fungibles Y Juegos De Cartas Coleccionables Digitales. Artículos seleccionados de AoIR de investigación en Internet. https://doi.org/10.5210/spir.v2021i0.11991 DOI: https://doi.org/10.5210/spir.v2021i0.11991
Naadem, M. A., Liu, Z., Pitafi, A. H., Younis, A., & Xu, Y. (2021). Investigating the Adoption Factors of Cryptocurrencies—A Case of Bitcoin: Empirical Evidence From China. SAGE Open. https://doi.org/10.1177/2158244021998704 DOI: https://doi.org/10.1177/2158244021998704
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf
Opensea (25 de julio de 2021). opensea.io. https://opensea.io/
Piazza, A. (2022). Art and Society: The Idea of Form in Adorno’s Aesthetical Theory. HUMAN Review, 11(2), 29-38. https://doi.org/10.37467/gkarevhuman.v11.3116 DOI: https://doi.org/10.37467/gkarevhuman.v11.3116
Pinillos, I. (2007) El coleccionista y su tesoro: la colección. https://dialnet.unirioja.es/descarga/articulo/2487611.pdf
Presthus, W., & O´Malley, N. O. (2017). Motivations and Barries to End-User Adoption of Bitcoin as digital Currency. Procedia Computer Science, 121, 89-98. https://doi.org/10.1016/j.procs.2017.11.013 DOI: https://doi.org/10.1016/j.procs.2017.11.013
Rocamora, A., & Amellina, A. (2018). Blockchain Applications and the Sustainable Development Goals –Analysis of blockchain technology ́s potential in creating a sustainable future, Institute for Global Environmental Strategies. Japon: Instituto de Estrategias Ambientales Globales (IGES).
Rogers, E. M. (1983). Diffusion of innovations. 3rd ed. New York: London: Free Press; Colliner Macmillan.
Ruiz, K. K.; González, A.Y. (2022). La relación del coleccionismo con los NFT y los metaversos en el ámbito educativo. e-tramas, 11, 37-52. http://e-tramas.fi.mdp.edu.ar/index.php/e-tramas/article/view/98
Sarro, L. A., & Cesetti, Á. B. (2019). Blockchain al servicio de la administración en organizaciones sostenibles. Revista CEA, 3(1).
Sauer, B. (2016). Virtual Currencies, the Money Market, and Monetary Policy, International Advances in Economic Research, 22(1), 117–130. https://doi.org/10.1007/s11294-016-9576-x DOI: https://doi.org/10.1007/s11294-016-9576-x
Serada, A. (2021) Vintage CryptoKitties and the Quest for Authenticity. IEEE Conference on Computatonal Intelligence and Games. https://doi.org/10.1109/CoG52621.2021.9619106 DOI: https://doi.org/10.1109/CoG52621.2021.9619106
Shehhi, A. A., Oudah, M., & Aung, Z. (2014). Investigation factors behind choosing a cryptocurrency. IEEE International Conference on Industrial Engineering and Engineering Management, 1443-1447. https://doi.org/10.1109/IEEM.2014.7058877 DOI: https://doi.org/10.1109/IEEM.2014.7058877
Silinskyte, J. (2014). Understanding Bitcoin adoption: Unified Theory of Acceptance and use of Technology (UTAUT) application. Master Thesis Leiden University. https://liacs.leidenuniv.nl/assets/Masterscripties/ICTiB/Silinskyte-non-confidential.pdf
Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution. How the technology behind bit-coin is changing money, business and the world. Penguin Random House, Canada.
Ter Ji-Xi, T., Salamzadeh, Y., & Teoh, A. (2021). Behavioral intention to use cryptocurrency in Malaysia: an empirical study. Bottom Line, 34(2). https://doi.org/10.1108/BL-08-2020-0053 DOI: https://doi.org/10.1108/BL-08-2020-0053
The art market (2022, March 29). The art market. https://theartmarket.es/warhol-marilyn/
Tortosa, R. (2011). La Mirada No Retiniana. Huellas electrónicas desde el registro horizontal y su visualización mediante la impresión. Sendemà.
United Nations (2022). Goal 13: Fighting climate change. https://www.un.org/sustainabledevelopment/es/climate-change/
Downloads
Published
How to Cite
Issue
Section
License
Those authors who publish in this journal accept the following terms:
- Authors will keep the moral right of the work and they will transfer the commercial rights.
- After 1 year from publication, the work shall thereafter be open access online on our website, but will retain copyright.
- In the event that the authors wish to assign an Creative Commons (CC) license, they may request it by writing to publishing@eagora.org
