In early 2020, Scarcity Labs Inc. (Scarcity Labs) was created as a spinoff from ViewFin Canada Corporation, a financial technology company providing a wide range of blockchain and cryptocurrency services. Scarcity Labs’ chief executive officer (CEO) and chief product officer (CPO) sat in the company’s Toronto office discussing potential opportunities for blockchain applications. In particular, they pondered the possibility of developing a non-fungible token (NFT) platform for artist, where works of art could be turned into NFTs, which people could then buy and sell. The CEO and CPO wondered what Scarcity Labs needed to do to successfully launch such a platform.
Scarcity Labs：使用非同质化代币来赋予艺术家权力 Scarcity Labs: Using Non-fungible Tokens to Empower Artists (Simplified Chinese version)
Hubert Pun, Jungsoo Ahn, Carrie Song, James Cantre Morales
Product #:W34662
Supplier:Ivey
Discipline:Entrepreneurship, Strategy
Setting:China, 2020
Your Price:$10.54
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Learning Objectives
- 了解区块链技术和NFT。
- 了解传统艺术产业的特点和主要挑战。
- 评估NFT的功能，以解决艺术行业的挑战，增加行业的总价值的能力。
- 建立一个成功的平台级商业模式，为所有参与者群体创造价值，包括艺术家、画廊和收藏家。
- 讨论NFT在艺术行业之外的应用。
- 考虑并讨论初创企业应如何在现有行业中采用NFT。
This case offers an opportunity for discussion around problems and solutions for companies involved in NFTs. Students can explore the benefits and costs of blockchain technology—particularly NFTs—with respect to creating new markets. After working through the case and assignment questions, students will have the opportunity to do the following:
- Understand blockchain technology and NFTs.
- Understand the characteristics and major challenges of the traditional art industry.
- Evaluate the ability of NFTs’ features to resolve the challenges of the art industry and increase the industry’s total value.
- Establish a successful platform-level business model that creates value for all participant groups, including artists, galleries, and collectors.
- Discuss NFTs’ applications outside the art industry.
- Consider and discuss how a start-up should adopt NFTs in existing industries.