Baudrillard applies the simulacrum theory that he inspired the Matrix films to the art market, showing how artists are undermined by the entire monopoly system (“more information, less meaning,”). Philosophers wrote in 1979). When the non-fungible token (NFT) craze started last January, many successful artists (some even respected) got lost in the frenzy of market forces, only because everyone was profiting from the gold rush. Produce digital collectibles.
Collective fanaticism and groupthink inspire short-term reactionary thinking, and even the most brilliant artists succumb to these forces. Instead of being thoughtful critiques of the systems that created these periods, as Baudrillard says, they were caught up in cultural and economic tailwinds—sold as a commodity.
There is no “right” way to make art, and some of the best work comes from sporadic expressions. However, when the medium is so heavily guided by vulgar commodity trading, amplified by the NFT craze, then artists lose their voices in society.
With a JPEG of Cartoon Rock selling for $1.3 million, and technology that supports insider trading and money laundering, the NTF unfortunately magnifies all the problems of the traditional art market. Everyone knows that the NFT mania is a bubble and it’s time to burst.