سجاد برخورداری دورباش

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.