Information technology (IT) has radically changed the financial services industry, with the most recent transformation toward Fintech and decentralized finance (DeFi), driven by blockchain. Especially, non-fungible token (NFT) assets within DeFi are redefining how value is created and disseminated, for instance, in the art industry. However, DeFi and NFT market dynamics are not yet well understood. Using a thematic analysis based on 14 interviews with major NFT stakeholders (i.e., marketplace providers, artists, and investing collectors), we identify these NFT stakeholders’ different motivations and strategic options and explain the value creation and capture dynamics in the NFT art market resulting from their interactions. We argue for decomposing an NFT’s value into an NFT-intrinsic and an NFT-extrinsic part. Finally, we elaborate that art NFTs are not a new class of assets because many of their properties are similar to related assets such as physical art and cryptocurrencies.

信息技术 (IT) 从根本上改变了金融服务行业，最近在区块链的推动下向金融科技和去中心化金融 (DeFi) 转型。特别是，DeFi 中的不可替代代币 (NFT) 资产正在重新定义价值的创造和传播方式，例如在艺术行业。然而，DeFi 和 NFT 市场动态尚未得到充分了解。通过对主要 NFT 利益相关者（即市场提供商、艺术家和投资收藏家）的 14 次访谈进行主题分析，我们确定了这些 NFT 利益相关者的不同动机和战略选择，并解释了 NFT 艺术市场中的价值创造和捕获动态。从他们的互动中。我们主张将 NFT 的价值分解为 NFT 内在部分和 NFT 外在部分。最后，