Ying Kang

Date of Award

2025

Document Type

Thesis - Open Access

Degree Name

Master of Arts (MA)

Department

Art Business

First Advisor

Xu Yingqing

Abstract

This thesis focuses on exploring the history of NFT, the effects of NFT on art and the future of art. There are many factors affecting NFT, including human subjective factors, such as the pursuit of economic interests and the psychology of blindly following the trend, as well as objective factors, such as macroeconomic policy changes, technological developments, COVID-19 pandemic, cultural advocacy for diversity and democratization, Russia-Ukraine conflict, collapse of major cryptocurrency entities, financial regulation, and endogenous flaws. These economic, political, technological, social, cultural and other factors are complicated and mutually influential, leading to NFT ups and downs in the past. The influence of NFT on art presents both opportunities and challenges. NFT can better protect the rights and interests of creators, facilitate the financialization of assets, promote the diversified development of art, and create a healthier art ecosystem. However, for the time being, NFT infrastructure and ecology are not perfect enough, and there are some problems and risks that lead to increased uncertainties, such as technical risks, security and privacy risks, property rights risks, value risks, copyright protection legal risks, regulatory risks, challenges to traditional art, etc. At present, NFT has no possibility to subvert and replace the traditional art market. The long-term value of NFT to art needs to stand the test of time.

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