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Mémoires Année : 2022

Adapting accounting standards to include the recognition, measurement, andtreatment of NFTs : a study of art NFTs and how they should be treated in financial statements

Résumé

Non-Fungible Tokens (NFTs) are a relatively new form of financial security, which have grown in popularity at a phenomenal rate over the course of the last few years, most notably in the last two years. It is estimated that in 2021, the NFT market volume ranged from between $12 billion to over $26 billion (Baytaş, M.A., (2022)). The rate of growth in this revolutionary technology has given rise to a new and vast market for NFTs. This growth represents a very real market disrupter with significant implications for NFT stakeholders. The industries which are mainly affected by NFTs include Collectibles, Gaming, Fashion, Art, Virtual Vehicles, and Real-World Assets and Documents. There are a number of stakeholders involved in the NFT marketplace, such as artists and creators, NFT owners, “developers, start-ups and investors, auction houses and corporates” (Baytaş, M.A., (2022)). Within this novel and emerging market, there are a number of implications that must be considered. The market offers significant opportunities, while also posing high risks, which include but are not limited to ownership rights and rights to reproduce copies, highly illiquid assets, price uncertainty, entitlement to revenue streams, uncertainty around tax treatment of gains, scamming, and the correct treatment of NFTs in the financial statements. This paper looks at NFTs in the context of the world of art, as they are undoubtedly having a huge impact in this area. The research undertaken as part of this paper aims to explain the increase in demand and popularity for NFTs, its consequences for the art market, as wells as looking at how accounting standards should adapt to include digital artwork in the form of NFTs.
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Dates et versions

dumas-03930318 , version 1 (09-01-2023)

Licence

Paternité - Pas d'utilisation commerciale - Pas de modification

Identifiants

  • HAL Id : dumas-03930318 , version 1

Citer

Lyn Murphy. Adapting accounting standards to include the recognition, measurement, andtreatment of NFTs : a study of art NFTs and how they should be treated in financial statements. Business administration. 2022. ⟨dumas-03930318⟩
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