Trends in the development of the NFT market and crypto art as a component of the recovery of the national economy

Authors

  • R. Mann Cherkasy State Technological University
  • V. Danilevskyi Cherkasy State Technological University
  • H. Baranov Cherkasy State Technological University

DOI:

https://doi.org/10.31558/2307-2318.2022.2.19

Keywords:

crypto art; NFT market; cryptocurrency; digital art; economics

Abstract

The analysis of the main aspects of the development of the NFT market and crypto art as components of the development of the Ukrainian economy was carried out. The trends in the implementation of cryptocurrency and NFT are analyzed to achieve new horizons in economic development. It has been proven that in order to expand the social barrier and provide access to crypto art, everyone needs to solve two problems: the limited revision of individual works and the impossibility of duplicating them so that each copy has the same value. Today, thanks to digital art, there is a chance to make crypto art truly democratic and accessible, meeting real economic needs. It has been established that thanks to the spread of new technology, artists expand their field of activity and there are more chances to increase income, and viewers will be able to enjoy a universal work. A description and analysis of the trends in modern crypto art, which are a manifestation of digital art, is given. It has been proven that the authenticity of digital art can be verified using an NFT or non-fungible token. The possibilities and limitations of the development of the NFT market are highlighted. It has been proven that the NFT market can become the engine of the modern economy, as it creates a balance between art and economics.

Author Biographies

R. Mann , Cherkasy State Technological University

Doctor of Economics, Professor, Head of the Department of Economics and Management

V. Danilevskyi , Cherkasy State Technological University

PhD in History, Associate Professor of the Department of Economics and Management

H. Baranov , Cherkasy State Technological University

Master of the Department of Economics and Management

References

Мовчун Є. NFT-токени, блокчейн і Digital Art. URL: https://legal-support.top/nft/.

The NFS boom, when collectors fork out for «Their Own» digital art. URL: https://www.wired.com/story/nfts-boom-collectors-shell-out-crypto/.

Dowling, M. M. (2021). Fertile land: pricing non-fungible tokens. Finance Res. Lett. Forthcoming. URL: https://doi.org/10.1016/j.frl.2021.102096.

Baur D.G., Hong K., Lee A.D. Bitcoin: medium of exchange or speculative assets? J. Int. Financ. Mark.Inst. Money. 2018. №54. Pp. 177-189.

Bhattarai S., Chatterjee A. Global spillover effects of US uncertainty. J. Monet. Econ. 2020. №114. Рр. 71-89.

Morkunas V.J., Paschen J. How blockchain technologies impact your business model. Bus. Horizons. 2019. №62 (3). Pp. 295-306.

Moratis G. Quantifying the spillover effect in the cryptocurrency market. Finance Res. Lett. 2021. №38.

Qiao X., Zhu H. Time-frequency co-movement of cryptocurrency return and volatility: evidence from wavelet coherence analysis. Int. Rev. Financ. Anal. 2020. №71.

Khuntia S., Pattanayak J. Adaptive market hypothesis and evolving predictability of bitcoin. Econ. Lett. 2018. №167. Pp. 26-28.

Diebold F.X., Yilmaz K. Better to give than to receive: predictive directional measurement of volatility spillovers. Int. J. Forecasting. 2012. №28 (1). Pp. 57-66.

Torrence C., Compo G.P. A practical guide to wavelet analysis. Bull. Am. Meteorol. Soc. 1998. №79 (1). Рp. 61-78.

Цьвок Д. Що таке NFT і як продати цифрове мистецтво. URL: https://ain.ua/ru/2021/03/18/nft-renesans-abo-yak-prodati-cifrove-mistectvo-za-miljoni/.

Published

2022-10-05

Issue

Section

Articles