Is the fiction of art’s economic value now the key measure of culture? Does it matter that we don’t understand the figures? What would Baudrillard say about NFTs? Can we hope to restore aesthetic ideas of value?
The deceptive magic of NFTs is that the items they represent – memes, animations, screenshots – can be claimed to be collectable and therefore valuable. But art’s tendency to trade claims of value outside of its own field without check is profoundly worrying.