Development of Business Model and E-Marketplace System for NFT Art

Abstract

This research aimed to explore various aspects: 1) studying user requirements in NFT Marketplace platforms, 2) developing a business model for NFT Art Marketplace, 3) evaluating the developed business model for NFT Art Marketplace, 4) creating a prototype NFT Art Marketplace, and 5) assessing the efficiency of the NFT Art Marketplace prototype. This study involved 33 artists, 33 collectors, and 3 business model experts. Using both qualitative and quantitative approaches such as interviews and surveys, data analysis included typological analysis, percentages, means, and standard deviations. The findings are as follows: Firstly, the user requirements for NFT Marketplace platforms reveal that users are primarily interested in services and features that facilitate easier buying and selling of NFT. The major issues encountered are related to copyright infringement, impacting the transactions of NFT art. The proposed improvements or additional features aimed at enhancing the user experience on the NFT Marketplace include the implementation of a copyright infringement check for NFT and the addition of features to further streamline and improve the ease of buying and selling NFT. Secondly, the assessment of the NFT Art Marketplace business model revealed a highly positive Value Proposition Assessment, moderately positive Cost/Revenue Assessment, Infrastructure Assessment, Customer Interface Assessment, a moderate Threat Assessment, and a high Business Opportunity Assessment. Thirdly, the evaluation of the prototype NFT Art Marketplace indicated that among artists, there was a high perceived usefulness, high perceived ease of use, and high behavioral intention to use. Among collectors, perceived usefulness was high, perceived ease of use was high, and behavioral intention to use was high.