All Roads Lead to Tokens - The Impact of NFTs on Galleries and Museums

In: Enrico Bonadio - Caterina Sganga (eds): Copyright, Blockchain and NFTs, Routledge, 2024 (forthcoming)

20 Pages Posted: 11 Apr 2023 Last revised: 21 Nov 2023

See all articles by Péter Mezei

Péter Mezei

University of Szeged, Institute of Comparative Law and Legal Theory; Vytautas Magnus University - Faculty of Law

Ioanna Lapatoura

University College London; University of Nottingham

Date Written: March 27, 2023

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.

Keywords: non-fungible tokens (NFTs), copyright law, galleries and museums, cultural preservation, accessibility

JEL Classification: L00, K10, K11, K19, K33, K39, O30, O33, O34

Suggested Citation

Mezei, Péter and Lapatoura, Ioanna, All Roads Lead to Tokens - The Impact of NFTs on Galleries and Museums (March 27, 2023). In: Enrico Bonadio - Caterina Sganga (eds): Copyright, Blockchain and NFTs, Routledge, 2024 (forthcoming), Available at SSRN: https://ssrn.com/abstract=4400918 or http://dx.doi.org/10.2139/ssrn.4400918

Péter Mezei (Contact Author)

University of Szeged, Institute of Comparative Law and Legal Theory; Vytautas Magnus University - Faculty of Law ( email )

Bocskai u. 10-12.
Szeged, H-6721
Hungary
+36-62-546-735 (Phone)

Ioanna Lapatoura

University College London ( email )

Bentham House
4-8 Endsleigh Gardens
London, WC1E OEG
United Kingdom

HOME PAGE: http://https://profiles.ucl.ac.uk/94527-ioanna-lapatoura

University of Nottingham ( email )

University Park
Nottingham, NG7 2RD
United Kingdom

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