Quantifying NFT-driven networks in crypto art.

ABSTRACT: The evolution of the art ecosystem is driven by largely invisible networks, defined by undocumented interactions between artists, institutions, collectors and curators. The emergence of cryptoart, and the NFT-based digital marketplace around it, offers unprecedented opportunities to examine the mechanisms that shape the evolution of networks that define artistic practice. Here we mapped the Foundation platform, identifying over 48,000 artworks through the associated NFTs listed by over 15,000 artists, allowing us to characterize the patterns that govern the networks that shape artistic success. We find that NFT adoption by both artists and collectors has undergone major changes, starting with a rapid growth that peaked in March 2021 and the emergence of a new equilibrium in June. Despite s

SUBMITTER: Vasan K 

PROVIDER: S-EPMC8854720 | biostudies-literature | 2022 Feb

REPOSITORIES: biostudies-literature