Abstract
This chapter considers non-fungible tokens (NFTs), which consist of encrypted digital files on a ledger. The purpose of NFTs is to create “unique” digital objects, which can be purchased and sold. Typically, NFTs are at least nominally associated with works of art, often digital works of art. But NFTs can be associated with anything or nothing. This article observes that NFTs have no actual connection to the works purportedly associated with them. The purchase of an NFT need not and usually does not include any interest in any tangible or intangible work, other than the NFT itself. In other words, when you buy an NFT, all you get is the NFT, nothing more. This chapter asks what NFTs could mean for art. They were intended to make transactions in art easier and more transparent. But they can’t, because they have no connection to the works in question. However, perhaps NFTs can liberate art from the art market. If the market is satisfied with NFTs, maybe it won’t need art anymore, and will finally leave art to its own devices.
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