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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\u2019 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\u2019s 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.<\/jats:p>","DOI":"10.1007\/s12525-023-00658-z","type":"journal-article","created":{"date-parts":[[2023,8,25]],"date-time":"2023-08-25T09:02:14Z","timestamp":1692954134000},"update-policy":"http:\/\/dx.doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":13,"title":["Value creation and capture in decentralized finance markets: Non-fungible tokens as a class of digital assets"],"prefix":"10.1007","volume":"33","author":[{"ORCID":"http:\/\/orcid.org\/0000-0002-0387-0816","authenticated-orcid":false,"given":"Jan","family":"Schwiderowski","sequence":"first","affiliation":[]},{"ORCID":"http:\/\/orcid.org\/0000-0002-3390-2831","authenticated-orcid":false,"given":"Asger Balle","family":"Pedersen","sequence":"additional","affiliation":[]},{"given":"Jonas Kasper","family":"Jensen","sequence":"additional","affiliation":[]},{"ORCID":"http:\/\/orcid.org\/0000-0002-6341-2382","authenticated-orcid":false,"given":"Roman","family":"Beck","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2023,8,25]]},"reference":[{"key":"658_CR1","doi-asserted-by":"publisher","unstructured":"Aharon, D. 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