{"id":1452,"date":"2023-09-11T09:50:47","date_gmt":"2023-09-11T09:50:47","guid":{"rendered":"https:\/\/fass.nus.edu.sg\/cnmcrc\/?p=1452"},"modified":"2023-09-11T09:50:47","modified_gmt":"2023-09-11T09:50:47","slug":"why-it-may-not-be-a-good-idea-to-use-the-term-nft-art-lets-reconsider-the-value-of-the-arts","status":"publish","type":"post","link":"https:\/\/fass.nus.edu.sg\/cnmcrc\/2023\/09\/11\/why-it-may-not-be-a-good-idea-to-use-the-term-nft-art-lets-reconsider-the-value-of-the-arts\/","title":{"rendered":"Why It May Not Be a Good Idea to Use the Term NFT Art: Let&#8217;s Reconsider The Value of the Arts"},"content":{"rendered":"\n\t<h5>Dr Jaime Hsu Fang-Tze, Lecturer | 6-min read<\/h5>\n<p><strong>25 October 2022\u00a0<\/strong>\u2014 On 21 February 2021, an artwork by Beeple (pseudonym of artist Mike Winkelmann) entitled\u00a0<em>Everydays: The First 5000 Days<\/em>\u00a0that was minted into a Non-Fungible Token (NFT) was sold for US$69,346,250 during a Christie\u2019s online auction. Since then, the value of art has captured the attention of the general public, thanks to the extensive coverage from major news outlets pervasive sharing of news of the sale by users of social media.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fass.nus.edu.sg\/cnmcrc\/wp-content\/uploads\/sites\/12\/2023\/09\/andy-warhol-museum-in-pittsburgh-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" \/><\/p>\n<p>A short tour of the Andy Warhol Museum in Pittsburgh. An audience is wandering through some portraits by Andy Warhol. Image courtesy of Mingjun Liu. Retrieved by the author from unsplash.com\/photos\/sIQjmV4Avsg.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fass.nus.edu.sg\/cnmcrc\/wp-content\/uploads\/sites\/12\/2023\/09\/tezos-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" \/><\/p>\n<p>Image created by Tezos. Retrieved by the author from unsplash.com\/photos\/5NX5x2-O7KU.<\/p>\n<p><em>Everydays: The First 5000 Days<\/em>, a collage of 5,000 images that occupied 13 years of Winkelmann\u2019s life with making, embodies the artist\u2019s dedication and extended artistic labour, although these are not what kindled the feverish reaction of the people. It is about the financial transactions happening around\u00a0<em>Everydays: The First 5000 Days<\/em>, which involves how its provenance is stored in a NFT. This metadata which includes where the files are stored is recorded by the NFT, which is a tradeable token. The protocols of NFTs are traced to Cryptokitties, a collectables crypto game built on the Ethereum chain. The sale of\u00a0<em>Everydays\u00a0<\/em>for $69 million propelled the buyer, the artist and this technology to mainstream fame.<\/p>\n<p>An artwork\u2019s provenance \u201crefers to the history of the ownership of a painting or other work of art\u201d.<sup>1<\/sup>\u00a0It is a critical document in the authentication process that ultimately determines the economic value of an artwork. As Iain Robertson, the head of Art Business Studies at Sotheby&#8217;s Institute of Art, indicates, \u201cThe authenticity of a work impacts upon its desirability for potential investors, which increases the potential for it to be considered as a store of value\u201d.<a href=\"https:\/\/scale.nus.edu.sg\/news\/news\/why-it-may-not-be-a-good-idea-to-use-the-term-nft-art-let-s-reconsider-the-value-of-the-arts#_ftn2\" name=\"_ftnref2\"><\/a><sup>2<\/sup>\u00a0However, can the value of an artwork\u2019s certified ownership equate to the value of an artwork?<\/p>\n<p>To better unpack this perplexity, let us start with some fundamental questions. How do we value art? What value has arts created? Arts have been an integral part of our society. It is the artistic creativity that differentiates human beings from other species. While arts are at the centre of cultural conceptualisation, the perplexity of value and the valuation of arts have blossomed into academic fields and professional occupations. Because the scope of arts is remarkably vast, and almost any form of creative action can fit under its roof, how does it continue to operate in accordance with public evaluations? It is that mutual recognition of art&#8217;s value that communicates artistic practitioners with their audiences and forms the essence of communities and culture.<\/p>\n<p>David Graeber, an anthropologist specialised in value theory, has argued, \u201c[v]alue emerges in action; it is the process by which a person\u2019s invisible \u201cpotency\u201d\u2014their capacity to act\u2014 is transformed into concrete, perceptible forms.\u201d<sup>3<\/sup><a href=\"https:\/\/scale.nus.edu.sg\/news\/news\/why-it-may-not-be-a-good-idea-to-use-the-term-nft-art-let-s-reconsider-the-value-of-the-arts#_ftn1\" name=\"_ftnref1\"><\/a><a href=\"https:\/\/scale.nus.edu.sg\/news\/news\/why-it-may-not-be-a-good-idea-to-use-the-term-nft-art-let-s-reconsider-the-value-of-the-arts#_ftn1\" name=\"_ftnref1\"><\/a>\u00a0Graeber identifies, commonly speaking, that there are three ways to talk about value\u2014values in a sociological sense, value in the economic sense, and value in the linguistic sense.<sup>4<\/sup>\u00a0To explore the \u201csociological values\u201d of\u00a0<em>Everydays: The First 5000 Days<\/em>\u00a0based on Graeber\u2019s framework, one would need to ask, what ultimately good, proper, or desirable in human life is\u00a0<em>Everydays: The First 5000 Days<\/em>?<\/p>\n<p>The answer to this question could be arbitrary because there is no homogenous kind of \u201chuman life\u201d, not to mention the impossibility of finding a consensus on what is good, proper, or desirable. However, it is specifically through the process of a collective attempt to find the common ground on answering these questions, a group of humans would find the essential cultural identity that defines them as a community. In a linguistic sense, Graeber frames the conception of value as a \u201cmeaningful difference\u201d that differentiates the creation from its original source. In other words, linguistically speaking, the value of a painting could refer to a \u201cmeaningful difference\u201d created from its original source, which is paints and canvas. Therefore, in the linguistic sense, the value of\u00a0<em>Everydays: The First 5000 Days\u00a0<\/em>could lay in the \u201cmeaningful difference\u201d between its final form as a digital collage and the 5,000 images created by Winkelmann throughout the 13 years of his life; most importantly, in his artistic creativity.<\/p>\n<p>In the case of discussing\u00a0<em>Everydays: The First 5000 Days\u2019<\/em>\u00a0economic value, Graeber\u2019s observation would require some extra contextualising information. According to Graeber, \u201c\u2018value\u2019 in the economic sense [refers] to the degree to which objects are desired, particularly, as measured by how much others are willing to give up to get them\u201d.<sup>5\u00a0<\/sup>Since what has been sold during the Christie\u2019s online auction on 21 February 2021 is an NFT representing a digital collage titled\u00a0<em>Everydays: The First 5000 Days<\/em>, what can be determined here is actually the monetary value of this work of art\u2019s provenance that has been evaluated through a market mechanism called auction, and the valuation of its provenance is $69 million. Simply put, the financial transaction between the seller and the buyer is not based upon the work of art. Still, it is mediated through blockchain-certified ownership of the artwork represented in a bar code called NFT, which is secured within a blockchain-like Etherium.<\/p>\n<p>However, incorporating new technology such as blockchain to accelerate the economic dynamics of the art ecosystem is not a bad idea. In fact, by enabling artists to mint their digital artworks into a NFT, the blockchain-based protocol solves one of the main headaches for artists who create digital arts and their collectors\u2013a certified scarcity. Even Guillaume Cerutti, Christie\u2019s Chief Executive Officer, has praised, \u201cthe possibility to secure the uniqueness and authenticity of this work on the blockchain\u201d.<sup>6<\/sup>\u00a0Because NFT could ensure the non-fungibility and uniqueness of digital assets, the technology enhances the monetary value of digital artwork and any creative forms of intellectual property.<\/p>\n<p>If NFTs could potentially elevate the marketability of digital art, why might it be a bad idea to use the term, NFT Art? Apart from digital art conservators\u2019 concern about the obsolescence of media file storage in blockchain<sup>7<\/sup>\u00a0and the issues concerning owner\u2019s right to the actual digital asset<sup>8<\/sup>, the economic value of an online ledger that keeps the records of ownership of the artwork should not be conflated with the value of the artwork when it is circulated in a value chain with public outlook. A significant proportion of the\u00a0<em>Mona Lisa<\/em>\u2019s economic value comes from its contribution to the ticket sales of the Louvre Museum, art tourism in France, and all the sales revenue of commodities containing the image that circulate the globe. Although the possibility of seeing\u00a0<em>Mona Lisa<\/em>\u00a0breaking records in an auction fairly low, it does not compromise the artwork\u2019s contribution to the growth of the creative economy in a world scale.<\/p>\n<p>The reason for not calling NFTs an art may lie not only in the limitation of the Ethereum smart contract protocol for conveying the aesthetic entirety of digital assets. It is also due to the public value of art beyond its monetary valuation. Arts can be a good business as long as we are clear what art is and what it has to do with its value transaction.<\/p>\n<p><sup>1<\/sup>\u00a0London The National Gallery, \u201cGlossary,\u201d Provenance | Glossary | National Gallery, London, accessed July 2, 2022, https:\/\/www.nationalgallery.org.uk\/paintings\/glossary\/provenance#:~:text=Provenance%20refers%20to%20the%20history,themselves%20and%20auction%20sale%20catalogues.<\/p>\n<p><sup>2<\/sup>\u00a0Jos Hackforth-Jones and Iain Robertson<em>, Art Business Today: 20 Key Topics<\/em>. London: Lund Humphries, P. 1742, 2016. Kindle Version.<\/p>\n<p><sup>3<\/sup>\u00a0David Graeber, \u201cThree Ways of Talking about Value,\u201d in\u00a0<em>Toward an Anthropological Theory of Value<\/em>\u00a0(New York: Palgrave Macmillan, 2001), P. 45.<\/p>\n<p><sup>4<\/sup>\u00a0Ibid, pp. 1\u20132.<\/p>\n<p><sup>5<\/sup>\u00a0Ibid, pp. 1<\/p>\n<p><sup>6<\/sup>\u00a0Angelica Villa, \u201c5 Andy Warhol Nfts Are Heading to Auction. Art Experts Question Their Authenticity.,\u201d 5 Andy Warhol NFTs Are Heading to Auction. Art Experts Question Their Authenticity (ARTNews, May 24, 2021), https:\/\/sg.style.yahoo.com\/5-andy-warhol-nfts-heading-190000187.html.<\/p>\n<p><sup>7<\/sup>\u00a0Jon Ippolito, \u201cCrypto-Preservation and the Ghost of Andy Warhol,\u201d Arts 11, no. 47 (2022), https:\/\/doi.org\/10.20944\/preprints202202.0346.v1.<\/p>\n<sup>8<\/sup>\u00a0According to CONDITIONS OF SALE FOR CHRISTIE\u2019S INC.,<br \/>\nYour purchase of the lot does not provide any rights, express or implied, in (including, without limitation, any copyrights or other intellectual property rights in and to) the digital asset underlying the NFT other than the right to use, copy, and display the digital asset for your own personal, non-commercial use or in connection with a proposed sale or transfer of the NFT and any other right expressly contained in these Conditions of Sale.<br \/>\nConditions of Sale: Buying at Auction,\u201d Christie\u2019s , accessed July 7, 2022, https:\/\/www.christies.com\/buying-services\/buying-guide\/conditions-of-sale.\n<p>To learn more about the MA ACE programme, click\u00a0<a href=\"https:\/\/scale.nus.edu.sg\/programmes\/graduate\/ma-arts-and-cultural-entrepreneurship\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dr Jaime Hsu Fang-Tze, Lecturer | 6-min read 25 October 2022\u00a0\u2014 On 21 February 2021, an artwork by Beeple (pseudonym of artist Mike Winkelmann) entitled\u00a0Everydays: The First 5000 Days\u00a0that was minted into a Non-Fungible Token (NFT) was sold for US$69,346,250 during a Christie\u2019s online auction. Since then, the value of art has captured the attention [&hellip;]<\/p>\n","protected":false},"author":274,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1452","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why It May Not Be a Good Idea to Use the Term NFT Art: Let&#039;s Reconsider The Value of the Arts - Cultural Research Centre<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fass.nus.edu.sg\/cnmcrc\/2023\/09\/11\/why-it-may-not-be-a-good-idea-to-use-the-term-nft-art-lets-reconsider-the-value-of-the-arts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why It May Not Be a Good Idea to Use the Term NFT Art: Let&#039;s Reconsider The Value of the Arts - Cultural Research Centre\" \/>\n<meta property=\"og:description\" content=\"Dr Jaime Hsu Fang-Tze, Lecturer | 6-min read 25 October 2022\u00a0\u2014 On 21 February 2021, an artwork by Beeple (pseudonym of artist Mike Winkelmann) entitled\u00a0Everydays: The First 5000 Days\u00a0that was minted into a Non-Fungible Token (NFT) was sold for US$69,346,250 during a Christie\u2019s online auction. 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