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Quantifying NFT-driven networks in crypto art.
Kishore Vasan1, Milán Janosov2,3, Albert-László Barabási4,5,6
1Network Science Institute, Northeastern University, Boston, USA.
Scientific Reports
|February 18, 2022
Summary
This study analyzes the cryptoart NFT marketplace, revealing that artist networks and collector investment patterns significantly influence artistic success. These findings quantify key mechanisms within the evolving digital art ecosystem.
Area of Science:
- Network science
- Digital art markets
- Art economics
Background:
- The art ecosystem relies on complex, often invisible networks of artists, institutions, collectors, and curators.
- The rise of cryptoart and non-fungible tokens (NFTs) provides a unique digital landscape to study these network dynamics.
Purpose of the Study:
- To map and analyze the network structures and success mechanisms within the Foundation NFT platform.
- To understand how artist-collector interactions and network homophily shape artistic reputation and market performance.
Main Methods:
- Network mapping of the Foundation platform, analyzing over 48,000 artworks and 15,000 artists.
- Characterizing NFT adoption trends, price fluctuations, and artist invitation network patterns.
- Quantifying investment patterns and the impact of artist-collector relationships on success.
Main Results:
- NFT adoption surged, peaking in March 2021, with a new equilibrium by June, while average art prices remained stable.
- Artist networks exhibit 'rich-get-richer' clusters driven by homophily, where new artists mirror their inviters' success patterns.
- Successful artists attract disproportionate, repeated investment from a select group of collectors, highlighting the significance of these ties.
Conclusions:
- Reproducible patterns in artist success can be identified and quantified within the NFT ecosystem.
- Understanding these network features and investment mechanisms is crucial for navigating the emerging digital art market.
- The study provides a quantitative framework for analyzing the dynamics of artistic success in the context of cryptoart and NFTs.
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