Questioning the NFT “Revolution” within the Art Ecosystem

Abstract

Three years after the sensational debut of non-fungible tokens (NFTs) on the art scene, it seems timely to reflect on their presumed revolutionary attributes. The speculative fascination at the beginning has gradually given way to mixed outcomes, with hardly predictable future directions. However, once recontextualized in the art ecosystem and its value chain, one may question the ability of NFT technology to lead to radical changes. Our main argument is that although they offer perspectives that are worth considering regarding contracts, authors’ rights management, and provenance, blockchain-based technologies do not substantially modify the typical characteristics of the art world. Based on recent press articles and academic publications, we comment on the effects of this technology on producers (artists’ creative process and career development), intermediaries (art market gatekeepers), and consumers (quest for authenticity, collecting habits, and museum intervention in the art market). Our main conclusions suggest that NFTs perpetuate oversupply and job precarity in cyberenvironments and reinforce existing purchasing behaviors driven by the quest for authenticity and conspicuous consumption. Our goal is to mitigate some statements found in the literature and the press, especially regarding the democratization of the art market, and to help art market stakeholders approach this technology most objectively.