When a digital picture, that can be copied and distributed at zero costs, goes on sale for $69 million, something is up: Non-Fungible-Tokens, or simply NFTs, which became one of the most exciting topics in the digital realm in 2021 due to the rise in interest in blockchain technologies and the hype generated by internet personas and celebrities. This study is a pilot and explorative approach towards understanding the motivation, needs, goals, and strategies of creating and selling non-fungible tokens by art creators. To do so we utilize a qualitative, inductive category formation methodology with nine semi-structured interviews with digital artists that sold their creations on newly established NFT marketplaces for up to $400.000 apiece. Creators` motivations to engage in these new platform ecosystems ranged from to Social, Monetary, to Technological aspects, with classical platform aspects such as control mechanisms and network effects playing a major role in their adoption.
Pawelzik, Leon and Thies, Ferdinand, "SELLING DIGITAL ART FOR MILLIONS - A QUALITATIVE ANALYSIS OF NFT ART MARKETPLACES" (2022). ECIS 2022 Research Papers. 53.
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