The development of blockchain technology and non-fungible tokens (NFTs) has opened new opportunities for artists and entrepreneurs to monetize digital content. This case study is dedicated to an innovative model where NFTs are used to promote sustainability in local economic systems through art. This model not only provides a new source of income for street artists but also facilitates community engagement and supports the local economy.

Business Model Description

The functional model includes the following stages:

1. Art Creation: The artist creates an artwork, such as a portrait, for passersby on the street.
2. Digital Capture: The completed artwork is photographed and digitized.
3. NFT Creation: The digital image is turned into an NFT, which confirms its uniqueness and ownership rights protected by blockchain.
4. Transaction: In addition to a conventional sale, several copies (as agreed) of the obtained NFT are transferred via a QR code to the buyer's digital wallet. The artist retains most of the NFT copies.
5. Community Support: Members of the community supporting the artist, as well as residents of his area (and similarly further afield) purchase NFTs to support the artist, directly investing in the local economy and cultural sustainability.

Expected Outcomes

1. Economic Sustainability: Artists gain the ability to achieve more stable and potentially greater income from each work they create.
2. Cultural Impact: The model may help raise awareness of the value of street art and change public perception, encouraging greater recognition and respect for local artists.
3. Community Engagement: Buying NFTs thus becomes a way for locals and tourists to invest in and support the community, fostering a sense of belonging to the local culture.