Uses and benefits of NFTs in Lithuanian digital culture

Abstract

Introduction: The interplay between digital culture and non-fungible tokens (NFTs) represents a major paradigm shift in the creative industries, especially in the European context. This article examines the relevance of this issue, highlighting the transformative impact of NFTs on artistic practices and the art market in general. The study addresses the dual nature of NFT as a source of opportunities and challenges for artists, including issues of authenticity, intellectual property rights and environmental sustainability. The study aims to understand the implications of NFTs for European artists, focusing on their potential to enhance economic opportunities while recognizing the associated risks. Methodology: A mixed-methods approach is employed, including a comprehensive review of the academic literature, as well as a survey of artists, collectors and entrepreneurs to gather information on their experiences and perceptions of NFTs. Findings: These reveal that while NFTs offer innovative avenues for monetization and audience engagement, they also raise critical concerns about market volatility, regulatory frameworks and ethical implications. As artists grapple with the complexities of market volatility and ethical dilemmas, there is an imperative need for clear regulations and frameworks, as well as fostering knowledge and collaboration. Conclusions and discussion: This article contributes to the discourse on the future of digital culture in Lithuania, suggesting that a balanced approach is essential to harness the benefits of NFT while mitigating its challenges.