All that is solid melts in the Ethereum: the brave new (art) world of NFTs

Abstract

This article explores non-fungible tokens, better known as NFTs, or blockchain-based certificates of ownership for visual or physical assets, a cultural phenomenon which has come to the media attention following the sale of a non-fungible token photo collage, Everyday: The First 5,000 Days, for more than 69 million USD at a Christie's auction in March 2021. The sale made Mike Winkelman (aka Beeple) the third most valuable living artist, behind Jeff Koons and David Hockney starting off a conversation about NFTs which has covered a wide range of issues, including: the contested relationship between art and the market, the long debated question of collective and/or individual authorship within digital aesthetics, the most recent developments in Artificial Intelligence and their creative potential with regard to NFTs – i.e. the appearance of intelligent non-fungible tokens (iNFTs)–and, lastly, the role of cryptocurrencies as a tool for artists’ empowerment or, conversely, as a selling out, under new technological guises, to the capitalist logic of the market. The article reviews and evaluates such debates with the aim to offer critical pointers to help the reader navigate the emerging world of Crypto art.