The art market has always faced accusations of being over-inflated and reducing the subversive, political, ethical and perhaps spiritual potency of art in favour of pure profit. Banksy’s ‘Girl With Balloon’ piece pictured above – where a stunt to shred an artwork didn’t go to plan and as a result, actually increased the value of the artwork – is testament to just how divorced artistic and monetary value are from each other. The mechanisms of capitalism in the twenty-first century, i.e. of the intense and deepening financialisation of everything from housing to education, has seen art become an exchange currency that is of more value squirreled away in freeports than on display in the Louvre.
But with the advent of so-called Non-Fungible Tokens (or NFTs), the financialisation of art will obliterate any remaining integrity from artistic endeavour. In the same way that the price paid for Banksy’s failed prank has nothing to do with the politics of the piece, the eye-wateringly high prices being paid for digital art are nothing to do with the appeal of the piece, but because of the infallible copyright accuracy of the blockchain. NFTs essentially do away with the ambiguity of ownership and authenticity and a provide a digitally-encoded and incorruptible proof of ownership. In essence then, all NFTs do is ramp up the privatisation of art; a process that began with patronage, and won’t end until any semblance of social or political utility has been completely removed from the artistic process.Read More