Volume 21, Issue 1 (3-2026)
J. Mon. Ec. 2026, 21(1): 37-50 |
Back to browse issues page
Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:
Sarhadi P, Abdoli G, Barkhordari dorbash S. Investigating the Impact of Non-Fungible Tokens (NFTs) on the Economy of Art Using a Mixed Quantitative and Qualitative Approach. J. Mon. Ec. 2026; 21 (1) :37-50
URL: http://jme.mbri.ac.ir/article-1-732-en.html
URL: http://jme.mbri.ac.ir/article-1-732-en.html
1- Ph.D. Candidate in Economics, University of Tehran
2- Professor of Economics, University of Tehran,
3- Associate Professor of Economics, University of Tehran
2- Professor of Economics, University of Tehran,
3- Associate Professor of Economics, University of Tehran
Abstract: (80 Views)
This study investigates the effect of Non‑Fungible Tokens (NFTs) on the structure and dynamics of the digital art economy using a mixed quantitative–qualitative approach. Using market data from 2020 to 2024, Ordinary Least Squares (OLS), Autoregressive Distributed Lag (ARDL), Vector Autoregression (VAR), Granger causality, and Capital Asset Pricing Model (CAPM) analyses were utilized to assess relationships between NFT artwork prices, Ether (ETH) prices, trading volume, and sales counts. Results show that ETH price has a strong and statistically significant positive effect on NFT valuations in both the short and long term, while trading volume has a weaker but significant causal role and sales counts have no meaningful influence. CAPM findings indicate NFTs behave as crypto‑linked assets, bearing systematic risk without creating excess returns. Complementary thematic analysis of interviews with 52 industry experts reveals that NFTs enable decentralization, disintermediation, and greater market access for artists, while raising concerns over legal frameworks, price volatility, and market sustainability. The study concludes that NFTs play a dual role in empowering creators and reshaping market structures, yet remain vulnerable to speculative dynamics and regulatory uncertainty, offering implications for policymakers, artists, and investors navigating the evolving digital art ecosystem.
Keywords: Non-Fungible Token (NFT), digital art economy, mixed-methods analysis, Blockchain, ARDL model, Delphi method, artwork valuation.
Type of Study: Original Research - Empirical |
Subject:
Microeconomics
Received: 21 Aug 2025 | Accepted: 1 Feb 2026 | Published: 29 Mar 2026
Received: 21 Aug 2025 | Accepted: 1 Feb 2026 | Published: 29 Mar 2026
| Rights and permissions | |
 |
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. |
