A Study on the Relationship Between Individual Experiences and Memories on the Evaluation and Reinterpretation of Visual Images of NFTs

Abstract

Like the Melbourne train by William J. Mitchell in Sherry Turtle’s book, people remember and look back on the time through memories and objects of the past days. In the art world, over the past century, many artists have attempted to create as well as add artistic value via individual experiences and memories. Few can deny that Bitcoin is trending worldwide beyond a fad. This was developed as cryptocurrency technology developed, and as it moved to the art and design ground, it brought about the use of NFTs (None Fungible Tokens). As the second cryptocurrency even if NFTs trading volumes in dollars fall continuously in 2022 (Linares 2023). In addition, the part called smart contract has a huge issue in the legal field. Preemptively, NFTs research is rapidly being conducted in the fields of business and engineering, and also the art and design world is also starting to pay attention to its value (Hong 2022). Beeple, Mike Winkelmann who was paid for Ethereum for the first time at Christie’s auction, presented a collage work created by collecting images posted on the web every day since 2007. It was awarded to the buyer with a great value evaluation by adding personal memories and experiences and the reputation of celebrities. In this study, I would like to briefly juxtapose the relationship between individual experiences and memories to NFTs images and also design a process model that is established with elements such as communication theory, metaphor, and coding. The conceptual framework is modeled to examine NFT cases. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.