Corpus-based critical discourse analysis of NFT art within mainstream art-market discourse and implications for the political economy of digital art

Abstract

The recent advent of non-fungible tokens (NFTs) has profoundly disrupted the contemporary art market, but their status remains contested. While advocates tout the democratising potential of NFTs, critics dismiss them as a speculative bubble. This study elucidates the position of NFT art within mainstream art market discourse through an interdisciplinary analysis synthesising critical discourse analysis, corpus linguistics, and the political economy of art. Examining three key 2023 art market reports furnishes empirical insights into how influential institutions frame and valorise NFT art. Linguistic patterns reveal NFTs’ increasingly solid yet variable positioning across art market segments. NFT art appears well-integrated into mainstream discourse but remains emergent at the high end. The analysis reveals a complex picture, with the data showing both positive institutional framing and valorisation of NFT art, as well as the identification of ethical tensions and concerns around issues of accessibility, diversity, and sustainability within the NFT art market discourse. We find NFT art simultaneously amplifies and challenges existing hierarchies, creating new opportunities counterposed by risks.