The future of tokenizing
: art industry in decentralized space

  • Elizabeth Erchova (Student)

Student thesis: Master's Thesis


The time being spent online is becoming more important, encouraging companies and industries to follow consumers into the digital space. Along with that, technologies, systems of values, and business models are adopting. The dissertation aims to study the vectors of the Rare Digital Art market development and answer questions about what processes and players will shape this emerging branch of the art industry. This work presents an alternative Value Chain model tailored to Crypto art projects, and concludes that the project cycle will become faster and more activities will fully or partially migrate online.Our research suggests that the rare crypto art market will inherit the technological capabilities of a DeFi market, while maintaining creativity and aesthetics of the art industry. We conclude that validation activities and players will gain an even stronger position in this emerging market, while managerial positions will weaken. Digital Art will move the art industry towards innovative blockchain applications and sophisticated DRM use cases.
Date of Award4 May 2022
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPeter V. Rajsingh (Supervisor)


  • Crypto art
  • NFT
  • Art market
  • Art token
  • Blockchain
  • Contemporary art
  • Fine art


  • Mestrado em Gestão e Administração de Empresas

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