Revealing Malaysian NFT Art: Exploring Opportunities and Price Dynamics

• Published in: 2024 14th International Conference on System Engineering and Technology, ICSET 2024 - Proceeding
• Main Author: Amirza M.A.; Ariffin A.L.A.K.; Razak M.R.A.
• Format: Conference paper
• Language: English
• Published: Institute of Electrical and Electronics Engineers Inc. 2024
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85215077396&doi=10.1109%2fICSET63729.2024.10774664&partnerID=40&md5=89c6fe691877a7e10f11ed0eecfeb325

Non-fungible tokens (NFTs) have made a significant impact on the Malaysian art industry. This blockchain advancement have provided artists with a new way to monetize their digital artworks and have also opened avenues for art enthusiasts to collect and trade digital art in a secure and transparent manner. Many Malaysian artists have embraced NFTs as a means of showcasing and selling their digital creations to a global audience. However, the pricing factors of NFTs have posed obstacles for traditional artists and collectors who wish to enter this technology. This research paper aims to study the elements that influence the pricing of NFTs created by Malaysian artists. The study conducted interviews with prominent Malaysian NFT creator that has successfully created and monetized their NFTs on both local and international platforms which was analyzed using thematic analysis. This analysis reveals that market dynamics, creator reputation, and the concept of scarcity and utility influence the pricing factors of NFTs in Malaysia. These insights provide a comprehensive understanding of the multifaceted factors that shape the NFT pricing in Malaysia. The findings underscore the necessity for educational initiatives to enhance understanding of NFT market among artists and collectors. This study also proposes for future research to explore the long-term evolution of the NFT market and to compare it with other regional and global markets to gain comprehensive insights into its dynamics. © 2024 IEEE.