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Product cover image for Scarcity Labs: Using Non-fungible Tokens to Empower Artists

Scarcity Labs: Using Non-fungible Tokens to Empower Artists

Hubert Pun, Jungsoo Ahn, Carrie Song, James Cantre Morales

Product #:W32006_P
Supplier:Ivey
Discipline:Entrepreneurship, Strategy
Setting:China, 2020
Details:Case (PDF) • 7 pages • 2023-03-21

Subjects:

Strategy managementEntrepreneurshipStrategy

Industries:

Media, entertainment, and professional sports

Geography:

AsiaChina
Your Price:$9.71

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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.

Learning Objectives

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.
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Case Study: Scarcity Labs: Using Non-fungible Tokens to Empower Artists | Ivey Publishing