"It's been a little hectic around here lately," said artistic director Lynn Feasey.
"The festival is approaching so quickly."
So far, roughly 120 artists and performers from around the world have confirmed they will be attending the exhibitions and workshops, which kick off July 16.
Feasey has lined up an impressive array of sculptors, painters and performers from a variety of locales, including Alaska, New York and even Paris.
"Many artists are interested in coming to the Canadian Arctic, and Inuvik in particular," said Feasey. "It's just such a unique place."
The festival, which is celebrating its 16th anniversary, will also be visited by artists from the NWT, many of whom don't see their work once it leaves their hands, said Feasey.
"In the smaller communities, artists don't have the opportunity to see how their work is displayed in a gallery," she said.
"This introduces them to the business of art."
The festival is also a boon for Inuvik's economy, said Feasey.
"Some people come here from places like Germany and Australia just for the festival," she said.
"Not only does (the festival) put money in the pockets of the artists, but it also has a strong economic impact on the city in terms of money spent on airlines, hotels, restaurants and other things like that."
Over 1,500 pieces of art are scheduled to be on display during the 10-day festival.
Artists will hold outdoor exhibitions, demonstrating their skills with a variety of mediums including bone, antler, beads and ivory.
The festival will also feature entertainment provided by the Inuvik Drummers and Dancers, traditional dancers from Greenland and Stuck in a Snowbank Theatre, which will perform The Ballad of Isabel Gunn.
There will also be a fashion extravaganza showcasing Northern designers.