Tokenization of the Creative Industries: The Intersection Between Emerging Technologies and Sustainability

The chapter is devoted to analyzing the situation with the attraction of private investments in the creative industries for the Sustainable Development Goals. At the 74th session of the UN General Assembly, the year 2021 was declared the International Year of Creative Economy for Sustainable Development. The concept of the creative industry is based on the interaction of human creativity and ideas with intellectual property, knowledge, and technology. According to UNCTAD's Creative Economy Program, protection through Intellectual Property Rights (IPRs) is linked to opportunities to attract investment in the arts. It is possible to promote sustainable and inclusive economic growth, foster innovation, provide opportunities, benefits and empowerment for all and respect all human rights with the application of blockchain technology and the issuance of tokens. Blockchain technology and non-fungible tokens, or NFTs, have played an essential role in attracting funding to the creative industries. Tokenization in the arts and creative industries demonstrates a solution to the various challenges of Sustainable Development. The influx of investment has been linked to new technological opportunities and has also enabled additional funding or livelihoods for artists. NFTs have recently become a great sensation in the art market. Legal research has shown how NFTs are created and what rights investors can realize under smart contracts.