Because It’s Not Fucking There. Alistair Dabbs on the non-fungible and why the value of little rises to nothing.
Yes, it’s all hype, but what isn’t? If the art-as-investment market appears to be gambling on NFT, well, gambling on short-term value is what art dealers do. And who can blame the artists making a quick buck on the craze? It’s not just the Banksys and Winklemen, either: London-based artist Andrew Brown recently put 40 of his works up for sale at $500 each and sold the lot almost immediately, earning him $20,000 in 20 seconds. Its value then increased by 25 per cent a week and the last time I looked the collection was worth in excess of $300,000. That’s why art investors are interested.
Do what you like with your Non-Fungible Tokens, kids, but I’ve been down the digital format detour too many times already and it always leads to a cul-de-sac. One day you’ll discover – just as with my Shockwaves, AVE comics, Minidiscs, VHS tapes and all – that NFT ultimately stands for “Not Fucking There”.