Unveiling Potential: Exploring Digital Art Preparedness and NFT Adoption in Developing Nations - A Case Study of Pakistan

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.