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Art in the Age of Digital Capitalism: A Marxist Critique of Non-Fungible Tokens (NFTs)

In: Intimate Capitalism

Author

Listed:
  • Joel Jacob Eldho

    (Sacred Heart College
    Mahatma Gandhi University)

Abstract

This chapter critically examines the intersection of non-fungible tokens (NFTs) with digital capitalism, employing theoretical insights drawn from Marxist critiques of capitalism, postmodernist theory, late-stage capitalism etc. NFTs, unique digital assets traded using cryptocurrencies, epitomise the financialisation of art in the digital domain. Grounded in Christian Fuchs’ conceptualisation of digital capitalism, the analysis explores its exploitative mechanisms and their impact on artistic expression, emphasising the commodification, exploitation and inequalities perpetuated by NFTs. Empirical evidence gathered from case studies and analyses of NFT marketplaces reveals the inherent neoliberal, capitalist, racist and sexist tendencies embedded within these platforms. Despite their perceived intangibility, NFTs intensify societal inequalities. Hence, the study advocates for a participatory, inclusive and socially conscious approach to digital art, aiming to foster critical discourse and promote socialist self-management within the cultural landscape. This chapter delves into the realm of digital art, utilising a Marxist lens to analyse the implications of NFTs within the context of contemporary capitalism.

Suggested Citation

  • Joel Jacob Eldho, 2024. "Art in the Age of Digital Capitalism: A Marxist Critique of Non-Fungible Tokens (NFTs)," Springer Books, in: Bhabani Shankar Nayak (ed.), Intimate Capitalism, chapter 0, pages 75-91, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-64944-8_6
    DOI: 10.1007/978-3-031-64944-8_6
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