Constructing digital assets through blockchain technologies? Unpacking the techno-economic configuration of non-fungible tokens

TL;DR

This paper explores how NFTs turn digital creations into assets using blockchain, examining the practices and implications of this transformation.

Contribution

The paper introduces a research-creation approach to analyze NFTs as a new form of assetization.

Findings

NFTs rely on blockchain to establish ownership and value for digital files.

The process of creating and selling NFTs involves complex techno-economic practices.

NFTs raise questions about rights, entitlements, and the commodification of digital experiences.

Abstract

Non-fungible tokens (NFTs) are novel techno-economic configurations underpinned by cryptocurrency ledgers that transform digital files like graphic art, music, videos, etc. into digital assets. NFTs are often framed as a way for artists and other creators to profit from their activities, transforming ‘experiences’ into something for sale. As such, NFTs raise some questions pertinent to science and technology studies and political economy. We focus on analysing how NFTs are constructed as digital assets by unpacking the practices, devices, relations, and rights implicated in their construction. We use the concept of ‘assetization’ to examine the contingencies, problematics, and implications of NFTs and the claims, practices, and entitlements that configure them as a new type of asset. We undertake this analysis through a research-creation process by summarizing and discussing the process of creating and submitting an NFT to a specialized marketplace.

Figures