NFT Art: A Systematic Review of Research and Market Dynamics

NFT (Non-Fungible Token) art, fueled by blockchain technology and its connection to virtual currencies, gained significant attention beyond the art world. However, after peaking in 2021, interest and trading activity declined and eventually stagnated. This study examines the research landscape and market dynamics of the NFT art system from a systemic perspective, proposing future research directions. We utilize the Technology Adoption Life Cycle (TALC) and the concept of the Chasm, compiling abstracts of 153 Scopus-indexed articles up to October 2024, along with market data from various platforms. Using VOSviewer, we categorize the literature by research type while analyzing transaction data.Our findings reveal that prior research on the NFT art market predominantly focuses on the pre-chasm stage of the TALC, highlighting the innovative nature of digital art as a medium of exchange and the decentralization it promotes. Based on these results, we recommend that future studies investigate the reasons behind the stagnation of the NFT art market, particularly by addressing the challenges of valuing intangible assets from the perspective of market stakeholders. Furthermore, additional research should explore system-level strategies that can enhance broader adoption and support the sustainable growth of NFT art.