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Arts & Communication Review of 2023 symposium on the global art market

as an example of the unique momentum currently shaping economic and ethical concerns. There is a need to look
some non-central art markets, while new connections beyond the art market itself and examine digital technology
are emerging between different regions. Duarte suggests in the broader context of cultural transformation. Cui
that the study of global art markets should integrate both Xiaoxuan, a doctoral student at the Communication
local and global perspectives to better understand these University of China, presented “The complicity between
emerging transformations. media and consumerism: The value logic and dilemma
of NFT virtual garment.” This presentation discussed
5. Cutting edge innovation: Market the digital transformation of traditional physical fashion
strategies for technology convergence through the concept of the metaverse. Virtual fashion

The intersection of technology and art is transforming technology encourages professional innovation, and
the art ecosystem. Digital art, NFTs, and other emerging when combined with NFTs, it ensures the uniqueness
technologies are creating new opportunities in the art and marketability of virtual fashion items. This not only
market. These innovations have not only provided artists expands their usage scenarios but also provides various
with novel creative tools and enriched the ways in which consumer values, such as collectability, investment
artworks are traded but have also facilitated the assetization potential, and social status. However, concerns about
of art, thereby enhancing its financial attributes and superficial cultural imitations, visual ethics, and dissolution
investment potential. The application of blockchain, NFTs, of subjectivity through technological means are becoming
and other technologies has increased the transparency, increasingly prominent. It is especially urgent to establish
liquidity, and investment appeal of the art market, further a fashion discourse system with Chinese characteristics
driving its globalization. However, the nascent digital art that both respond to the social demands of virtual fashion
market faces challenges related to its economic value and consumption and uphold cultural ethics, humanistic
legal uncertainties, causing cautiousness among investors values, and the social significance of intellectual property
in the NFT market. Legal disputes concerning digital art innovation. Moreover, the multi-dimensional construction
and artificial intelligence-generated art have also become of traditional Chinese dress and modern fashion, guided
more frequent, indicating market instability. In light of by spiritual needs, must be explored to sustain a subjective
the potential industrial transformation brought about by cultural narrative in the context of global integration, thus
technology, both art market participants and academic continuing the historical lineage.
researchers must closely monitor the industry, assess risks, Turning to the history of NFTs, Ma Xian, a doctoral
and provide guidance for the sustainable development of student at the School of Art at Nanjing University (China),
the art market in the digital age. has reviewed the development of the NFT art market.
Young scholars have begun exploring the intersection Factors contributing to the current underperformance
of NFT technology with art, focusing on the application of the NFT art market include the difficulty in valuing
of NFT in the art world. Regulatory requirements vary artworks due to the proliferation of homogenized works,
across different countries, which influence how NFTs damage to market credibility from fake and low-quality
are applied and their economic impact. Tian Zhongbo, projects, and the cyclical nature of the market. Discussions
a master’s student at New York University, United States, surrounding NFTs are shifting from short-term speculation
has investigated the application and development of art toward a greater focus on their practical applications and
resale rights within the context of blockchain technology. long-term potential in the art market. As the NFT sector
Blockchain facilitates new ways of artwork reproduction, matures, participants must adopt more agile thinking
distribution, and verification, tracking ownership transfers and actions, embracing the uncertainty that accompanies
through smart contracts and integrating decentralized emerging markets. In the NFT market, the role of investors
applications to automate transactions and manage is more pronounced than in traditional art markets, and
resale rights. This process ensures that creators benefit analyzing the development of the NFT market allows for
from subsequent sales. In addition, research in China is a deeper understanding of speculative behaviors and the
exploring the potential applications of blockchain in the art mechanisms behind the generation of value in this new
market, aiming to understand the digital transformation of digital space.
the sector.
Criticism of the alienation caused by technology is 6. Cultural narratives: Identity and legal
affirmation
also gaining attention in scholarly research. Amid the
fluctuations of the NFT art market, it is crucial to consider Globalization has facilitated increased artistic exchanges
the sustainability of the art market and the associated and collaboration across different regions. However, there

Volume 3 Issue 2 (2025) 6 doi: 10.36922/ac.4713