Abstract:
Non-Fungible Tokens (NFTs) is an emerging phenomenon that is revolutionizing the prospects for
digital art. NFTs are digital assets that operate on the blockchain technology and the transactions
are made in cryptocurrencies such as Ethereum, Solana among others. The characteristic that
makes NFTs a unique form of digital asset is that it provides proof-of-ownership for digital assets
and every transaction that involves NFTs is recorded on the blockchain technology. Despite the
rapid growth in popularity of NFTs, and the value it provides, digital artists face multiple
challenges in adoption. This research aims to address this gap by identifying factors that act as
barriers and facilitators in NFT adoption. The study employs a qualitative research methodology
involving 25 participants from digital art entrepreneurs. Data is collected through semi-structured
interviews. Thematic analysis applied to the interviews reveals major findings that crypto ban, lack
of understanding of the concept, crypto volatility and social networks who act as resistance act as
a barrier in NFT adoption. The digital artists who failed to adopt NFTs ignored the prospect of
earning through their NFTs utilizing the freelance platforms such as Fiverr and Upwork among
others where the payments are made in dollars.
