BLOCKCHAIN: NEW ECONOMIC AND MANAGEMENT SOLUTIONS IN ART INDUSTRY

Array

Authors

  • Yu. Pichuhina O.M. Beketov National University of Urban Economy in Kharkiv

Keywords:

fine arts, art market, blockchain, NFT, digital art, digital economy.

Abstract

The article actualizes the importance of the blockchain in economic and managerial processes in the art market. The purpose of the article is to determine the effectiveness of blockchain technologies in relation to economic and managerial processes in the art industry, based on real recent examples. The key innovative qualities of the blockchain register in the art industry have been clarified. The context of the study is narrowed to digital art, in which the final art product is often completely devoid of any physical forms. Its implementation takes place exclusively in the digital space, which at the same time indicates the dematerialization of digital art outside it. Therefore, the advantages of blockchain technology in art economic are best revealed here, in the market of dematerialized goods and wallets.

Recent examples of the conversion of fine art works to NFT (Banksy "Morons (White)", Mike Winkelman "Everydays: The first 5000 Days") are studied. They brought us closer to understanding the effectiveness of blockchain technology in the art industry. In the study, we turned to the origins of NFT, recalling the first blockchain game CryptoKitties (developed by AxiomZen), in the context of which all the conditions were created for the deployment of the digital art industry in its current form. The influence of blockchain on changes in the organizational work of traditional art sellers, including auction houses, galleries, dealers is considered. In 2021, Christie’s auction was the first in the history of the traditional art market to put up for sale a lot of digital artwork, thus showing that the canonical subjects of the art market are ready for new challenges. The new subject of commodity-money relations in the modern art market - art marketplaces - is outlined. In the context of the national segment of the art market a multifunctional online platform V-Art is considered. It provides opportunities for all actors in the modern art market. The further perspectives of this research are outlined, which may be related to the analysis of the buyer of digital art works, who is it and why it does it, because the work of digital art has limited functionality compared to traditional physical works of art.

Author Biography

Yu. Pichuhina, O.M. Beketov National University of Urban Economy in Kharkiv

PhD, Senior Lecturer of the Department

References

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Published

2021-11-30

How to Cite

Pichuhina, Y. (2021). BLOCKCHAIN: NEW ECONOMIC AND MANAGEMENT SOLUTIONS IN ART INDUSTRY: Array. Municipal Economy of Cities, 7(167), 18–22. Retrieved from https://khg.kname.edu.ua/index.php/khg/article/view/5903

Issue

Vol. 7 No. 167 (2021): Series: Economic science

Section

статьи

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