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Cryptoart: ethical challenges of the NFT revolution

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  • Patrici Calvo

    (Universitat Jaume I de Castellón)

Abstract

The digital transformation of the art world has become a revolution for the sector. Cryptoart, based on non-fungible tokens (NFT), is attracting the attention of artists, collectors and enthusiasts for its ability to tokenise any element that can be sold as art in the digital market. In this way, it is able to become a scarce resource and an economic asset by encapsulating the market value of a piece of digital art, which may or may not have a reference in the real world. This study will delve into the ethical aspects underlying what is known as the NFT Revolution, particularly impacts related to the abuse or destruction of cultural heritage, speculation and the generation of economic bubbles and environmental unsustainability. To this end, this research has been carried out within the framework of a hermeneutic-critical proposal for analysing, understanding and prescribing cryptoart and its processes. This, methodology, typical of the human and social sciences, critically analyses the current context of the digital transformation of art through the study and interpretation of bibliographical sources and case studies in order to reconstruct the keys and conditions of possibility that guide its development in a fair and responsible way.

Suggested Citation

  • Patrici Calvo, 2024. "Cryptoart: ethical challenges of the NFT revolution," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-10, December.
    • Handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-02872-2
    DOI: 10.1057/s41599-024-02872-2
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    References listed on IDEAS

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    1. Lennart Ante, 2022. "The Non-Fungible Token (NFT) Market and Its Relationship with Bitcoin and Ethereum," FinTech, MDPI, vol. 1(3), pages 1-9, June.
    2. Aiya Li & Xianhua Wei & Zhou He, 2020. "Robust Proof of Stake: A New Consensus Protocol for Sustainable Blockchain Systems," Sustainability, MDPI, vol. 12(7), pages 1-15, April.
    3. Max J. Krause & Thabet Tolaymat, 2018. "Author Correction: Quantification of energy and carbon costs for mining cryptocurrencies," Nature Sustainability, Nature, vol. 1(12), pages 814-814, December.
    4. Max J. Krause & Thabet Tolaymat, 2018. "Quantification of energy and carbon costs for mining cryptocurrencies," Nature Sustainability, Nature, vol. 1(11), pages 711-718, November.
    5. Andres Guadamuz, 2021. "The treachery of images: non-fungible tokens and copyright," Journal of Intellectual Property Law and Practice, Oxford University Press, vol. 16(12), pages 1367-1385.
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