NFTs IN THE ART WORLD: A REVOLUTION OR RIP OFF?

Non-fungible tokens (NFTs) are digital objects that represent something else, such as a work of art, a video or even a tweet. They certify the existence and the ownership of this item through a data recording on a blockchain (a distributed ledger technology).

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Since the emergence of NFTs in 2016, many artists have experimented with this new digital device to market their creations. NFTs are most often bought and resold via auction sites, where payments are made in cryptocurrency (such as ether currency). It is this notion of a certificate registered on a blockchain that distinguishes an NFT from a standard digital work.

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The public and media discourse about NFTs is polarized: in the eyes of their strongest enthusiasts, NFTs represent the future of art, while their detractors consider them a vast ripoff and waste of energy.

How can this NFT phenomenon be characterized? To what extent does it challenge the established codes of contemporary art?

Emerging creative scenes

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The NFT format definitely represents a new type of object being traded. It is based on a new type of contract (known as “smart”), which is itself the result of the innovation of blockchain technology. In this way, the NFT format has given rise to the emergence of a new creative scene. Or, rather, scenes, in the plural, which are characterized by a great effervescence — but also by certain contradictions.

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The “native” scenes of the NFT format, that is to say, those born with the invention of this format, are characterized by a strong media visibility, a volume of far-reaching financial investment, and, for some of its actors, a will to reshuffle the cards of the art world by criticizing its established order

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A large portion of NFT creators come from a practice of 3D modelling, graphic design, animation or video game design — in other words, from the creative industries sector. In recent decades, this sector has generated a very large pool of skills, whose creative surplus finds a mode of expression in the NFT format, but also a source of additional income to cope with the often precarious conditions of creative work.

Museums are cautious

The gap between the market value of NFTs and their value in museums is unprecedented. The former is reaching unprecedented heights, while the latter is still at rock bottom. Indeed, the collection of NFT by museums remains, to this day, a very marginal practice. Only a handful of NFTs are integrated into museum collections. Some of them are acquired following an exhibition in a museum, where they are presented on digital screens hung on the wall.

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Cultural legitimacy is affected by the disintermediation (elimination of intermediaries) and reintermediation (introduction of new intermediaries) that characterize the world of NFTs. In its disruptive impulse, the proclaimed revolution of NFTs cuts itself off from a chain of well-established, legitimate intermediaries — the gallery owners, curators, art critics, conventional collectors and public subsidies.

It has replaced them with new intermediaries, primarily “whales” — investors who have made a fortune in cryptocurrency — or popular culture celebrities. These new intermediaries overinvest in financial capital in the production of NFTs with the aim of gaining a position of prestige as a collector, or to enrich themselves by increasing the value of works.

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But they often lack the social and cultural capital to find a way to access museums and their exhibition spaces and their collections.

IN CONCLUSION; NFTs are freely searchable on their buyers’ e-wallets. Some collectors buy works only to speculate. Others gain visibility by displaying their NFTs in a metaverse (a virtual world) such as Decentraland or Space.

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