BLOCKCHAIN TECHNOLOGIES AND THE FUTURE OF ART

Momčilo Bajac; Ana I. Lakatoš

doi:10.58898/sij.v2i2.19-27

Authors

Momčilo Bajac Faculty of management, Sremski Karlovci https://orcid.org/0000-0003-2115-6373
Ana I. Lakatoš University „Union-Nikola Tesla“, Belgrade, Faculty of management, Sremski Karlovci

DOI:

https://doi.org/10.58898/sij.v2i2.19-27

Keywords:

artwork, value chain, copyright, blockchain, NFT

Abstract

In this paper, we follow the position of art, artists and works of art with regard to the conditions in which the work of art is created, in an environment ruled by capitalist relations and the high-tech environment that accompanies them. The transition from analog to digital formats has opened new perspectives for artistic creation and distribution of works of art, but also problems related to copyright protection and fair monetization of works of art. The advent of blockchain technology, especially the Ethereum blockchain platform with open source technology and smart contracts, has enabled more efficient communication, distribution and monetization of artwork. The focus of this paper is especially narrowed on the emergence of NFT (Non Fungible Tokens) that can be carriers of the value of a work of art. They enable the uniqueness of the work to be maintained through controlled scarcity. We will present the ERC-721 standard, which enables the creation of NFT, as well as the first five leading platforms for placing NFT tokens on the blockchain through selected examples.

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