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All roads lead to tokens - The impact of NFTs on galleries and museums

Lapatoura, Ioanna; Mezei, Peter; (2024) All roads lead to tokens - The impact of NFTs on galleries and museums. SSRN - Elsevier: Rochester, NY, USA. Green open access

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Abstract

Non-fungible tokens were a buzzword throughout 2021 and continue to thrive. NFTs are uniquely identifiable digital representations of structured metadata referring to physical or digital items. They are predominantly used to transfer certain interests and rights (including intellectual property) over the fandom, profile pictures or born-digital artworks. While NFTs might be primarily used in for-profit settings, with numerous artists and brands reaping the benefits of marketing their creations on NFT platforms, they have profound relevance for organisations active in the field of the digital preservation and dissemination of cultural heritage. This paper discusses how NFTs might be approached by the GLAM sector. It especially focuses on the possible changes to the financing and the professional role of galleries and museums, the potential of NFTs to revolutionise access to digitised or born-digital artworks from a much wider audience, the fate of ownership of “real-world” artworks, the possible collaborations of cultural organisations and NFT platforms, and whether NFTs can serve as an optimal solution for the preservation and dissemination of cultural heritage hosted by cultural organisations. It also presents the findings of a survey-based empirical analysis of the perceptions of people interested in NFTs related to the relevance of NFTs in the galleries and museums sector.

Type: Working / discussion paper
Title: All roads lead to tokens - The impact of NFTs on galleries and museums
Open access status: An open access version is available from UCL Discovery
Publisher version: https://papers.ssrn.com/sol3/papers.cfm?abstract_i...
Language: English
Additional information: This version is the version of record. For information on re-use, please refer to the publisher's terms and conditions.
Keywords: non-fungible tokens (NFTs), copyright law, galleries and museums, cultural preservation, accessibility
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Laws
URI: https://discovery.ucl.ac.uk/id/eprint/10181699
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