NFTs and their Incorporation into the Spanish Art Market: the Case of Contemporary Artists Participating in ARCO Madrid
DOI:
https://doi.org/10.24310/ba.44.2023.16295Keywords:
Art market, Visual arts, Digital art, NFT, ArtistsAbstract
Since their spectacular appearance in the art system in 2021, non-fungible tokens or NFT have attracted the attention of researchers in the field of art history, the art market and social sciences, as well as of every agent within the art system. This article studies the relationships with NFTs of a group of Spanish visual artists participating in the ARCO Madrid fair in 2020, that is, the last edition before its irruption in 2021 into the art market. Thus, through the formulation of an online survey conducted in 2023, the impact of the advent of this technology on their artistic practice is analyzed. The results provide both qualitative and quantitative information that demonstrate the still low penetration of NFT in 2023 among the selected group of artists and explores the main barriers that hinder the incorporation of this technology in their work.
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