@article{KnottStrichStrunketal.2022, author = {Knott, Manuel and Strich, Franz and Strunk, Kim Simon and Mayer, Anne-Sophie}, title = {Uncovering potential barriers of using initial coin offerings to finance artistic projects}, series = {Journal of Cultural Economics}, volume = {2022}, journal = {Journal of Cultural Economics}, number = {46}, publisher = {Springer Nature}, address = {Berlin}, doi = {10.1007/s10824-022-09446-7}, url = {http://nbn-resolving.de/urn:nbn:de:101:1-2022081518483651137386}, pages = {317 -- 344}, year = {2022}, abstract = {Artists make vital contributions to our society and lay the foundations for billion-dollar industries. However, these artists consistently struggle to acquire sufficientfunding for their projects and their livelihood. New technology-supported possibili-ties for funding artists and their projects have emerged in recent years. Initial CoinOffering (ICO) is a novel form of reward-based tokenized crowdfunding. AlthoughICOs are promising as a way to fund artistic projects, they lack widespread adoptionin the creative and cultural industry (CCI). Based on 35 qualitative in-depth inter-views, we identify four barriers that hinder the funding of artistic projects throughICOs: legal shortcomings, investment restrictions, lack of consumer interest, andintermediaries' resistance. Our research contributes to cultural finance and fundingliterature by disclosing barriers that impede a promising form of financing artisticprojects. Further, we outline possible solutions to overcome them. We also con-tribute to the research about ICOs by showing that rather than reducing investmentrisks, these offerings merely shift them.}, language = {en} }