NFTs, non-fungible tokens, as collectible, digital, blockchain-secured files became an international sensation in 2020, with the trend in trading them peaking in the fall of 2021. Many sold for millions, and one even sold for $69 million. And yet what exactly are they, and why do they have value? This is the definitive book on NFTs in the story of art and collecting.
It is co-authored by an art historian who has written often on the value of art and the history of collecting. NFTs caught Noah Charney's attention and fascinated him. He, too, felt that initial knee-jerk reaction that so many who hear of a $69 million sale do: how is this digital image different from me clicking "right-click save" on my touchpad and downloading it to my computer? Why would anyone pay $69 million for something that's not f*cking there?
This book provides answers to these questions and far more. Charney sees in NFTs a direct parallel to the history, sociology and psychology of art collecting. He was recently a "normee" but he's now halfway inside the club-he is also an acknowledged authority on the history of art and collecting. He knows all there is to know about humans collecting things of no practical value but that we just really want. But then he worked for a period with two crypto-related companies, and got to know this world from within.
He's not alone on this ride. The second half of this book is written by someone who knows just about all there is to know about NFTs: Kenny Schachter. Kenny is an artist, collector, curator, professor, columnist and NFT influencer. In fact, he was listed in the fall of 2021 as among the 30 most influential people in the world of NFTs. He even coined (and trademarked) a term, NFTism. While Charney is an art historian considering the NFT phenomenon from the thoughtful but remote perch of his couch, examining NFTs historical and within the context of collecting and the value of art, Kenny has been "in the field" more than anyone, even during the pandemic, zipping from London to Zurich to Art Basel Switzerland to Art Basel Miami. He has his finger on the virtual, digital pulse of this fascinating, bizarre, hugely lucrative phenomenon.
Welcome to the definitive book on NFTs.