- Author: Geraldine Juárez
- Link: https://paletten.net/artiklar/the-ghostchain
web 3 financialization NFT art
Summary
contends that NFTs are objectively bad due to web 3 financialization and creating scarcity where there is none. NFTs are art as assets and that means they have value based on speculation of future value not value in of itself.
has some false/no longer accurate claims like NFTs don’t have any data on-chain and meaninglessness of ownership. Ownership has meaning in a social way.
Notes
Capitalisation is the extraction of value without direct involvement in its production, but instead by making a claim on its future benefits. The production of fictitious capital is a ghostly process of accumulation that, as Marx put it, transforms value into a “mere phantom of the mind”.
In conclusion, NFTs are contracts being used to deploy the category of art to extract private property, turning art things into digital assets that can be loaded into a vending machine. This frictionless machine only dispenses art as a ghost, a form that–like all exchange value–is magical and mysterious but should not be confused with aura, simply because there is no such thing as an authentic digital copy. It is not the ghost in the vending machine either. It is the ghost of property, a fictitious experience of ownership glancing back at us through our screens. Capitalised aura, perhaps.