Blockchain Technology and Non-Fungible Tokens: Reshaping Value Chains in Creative Industries

Abstract

This paper offers an analysis of cryptocurrencies and blockchain’s technical underpinnings, specifically of Non-Fungible tokens and “cryptocollectibles”, and the changes these innovations can bring about in the art market and creative industries at large. The paper is based on a resource-based analysis of creative industries, their value chains and the various bargaining powers and revenue sharing of the industries’ agents.

Keywords: blockchain, creative industries, tokens, cryptocollectibles, cryptocurrencies, bitcoin, ethereum, value chain, digitization, tokenization

JEL Classification: L17, L22, L86, L82, O31