Ownership and Value in the Crypto World of Art Summary

Essay Instructions:

Writing 1 will be a two-week project considering recents works by the artist Simon Denny (b. 1982), which one can find currently on view at the Petzel gallery in New York City, as well as online at https://www(dot)petzel(dot)com/exhibitions/simon-denny4 (Links to an external site.). The consideration of Denny's current exhibition (Mine) and related online project (NFT Mine Offsets) can also offer us a general opening to consider the broader rise of NFTs in the contemporary art market. Four historical texts presenting ideas on subjects such as communication networks, memetics/cultural transmission, commodities, and images will be made available (see links to pdfs below) for students to select from and use to inform a conceptual framework in their writing and consideration of Denny's work or art-related NFTs in general.

Step One, please familiarize yourself, either in-person (see gallery website for hours: https://www(dot)petzel(dot)com/gallery (Links to an external site.) ) or remotely, with the Simon Denny exhibition "Mine" currently on view at Petzel, as well as the related "NFT Mine Offsets" project; see links:
Simon Denny "Mine":
https://www(dot)petzel(dot)com/exhibitions/simon-denny4 (Links to an external site.)
https://www(dot)petzel(dot)com/viewing-room/simon-denny2 (Links to an external site.)
Simon Denny "NFT Mine Offsets":
https://nft-mine(dot)com/ (Links to an external site.)
https://nft-mine(dot)com/about/ (Links to an external site.)
related:
http://cryptoart(dot)wtf/ (Links to an external site.)

Step Two, review the following four texts for their potential idea-appeal for you with regard to potentially using ideas found therein to frame a written consideration of Denny's work and/NFTs in general:

1. Regarding the commodity in a capitalist society, Karl Marx (1818-1883) "The Commodity"(1859), from A Contribution to the Critique of Political Economy: Marx_A_Contribution_to_the_Critique_of_Political_Economy_excerpt_1859.pdf download

2. Regarding communication or discursive production, Stuart Hall (1932-2014) "Encoding/Decoding" (1980): Hall_Encoding_Decoding_1980.pdf download

3. Regarding memetics/ "meme"/cultural transmission, Richard Dawkins (b. 1941) "Meme: The New Replicators" (1976/1989) from The Selfish Gene: Dawkins_The_Selfish_Gene_Ch11_with_endnotes_2nd_ed_1989.pdf download

4. Regarding images or videos that circulate particularly on the internet, Hito Steyerl (b. 1966) "In Defense of the Poor Image" (2008): Steyerl_In_Defense_of_the_Poor_Image_2008.pdf download

Step Three, after you have familiarized yourself with the above material, the idea would be to select and read one of the four texts above whose ideas most interest you in relation to a consideration of the work of Simon Denny and/or art related NFTs in general. You will then take the ideas you find most helpful in your selection and use them to help you frame a consideration in writing on Denny's work and NFTs. Your writing should be at least three pages in length and in a standard type size (e.g. 12pt).

Essay Sample Content Preview:

Ownership and Value in the Crypto World of Art
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The contemporary art business has been mostly concerned with the sales of unique, physical works of art produced by scholars, galleries, and auction houses, among other existing archives. Digital is also a few years old but has not been collected as sculptures and paintings because it is difficult to distinguish between a fake and original. But, with the coming of Non-fungible Token (NFT), world art exhibitions are working to adapt to the system that is generating good auction prices. According to NFT, March registered 80 000 weekly transactions. The numbers represented by the statistics show an interesting phenomenon about NFTs that they are financial innovations whose effect on visual culture has not been established. But some artists have come up with crypto art, though those who are against it.
Simon is drawn into this debate with "NFT Mine Offset" through cryptocurrency mining that has left people confused on how they are generated and how they would affect the economy. However, Denny is cautiously curious about NFTs. He does not commit to a reliable and sustainable income source for digital artists while he enjoys huge success on both the blockchain market as well as the old art market. Denny has cut a niche in the digital and crypto market, supply chains, capitalism, surveillance, and other technological and financial forces that are shaping the world. Economically speaking, NFT though routed by Denny, is like stepping out of the familiar zone of old marketing into the unknown world of crypto. However, through NFT Mine Offsets, Denny is not only extracting material from cryptocurrency, but he is also immersed in it.
When you purchase an NFT, what is that you are buying? In the brick and mortar world, a certificate of authenticity is needed when an artist buys an unsigned work. NFTs functions like authenticity certificates rely on protocols of cryptography of Ethereum instead of an official document. The token is unique, and your ownership can be proved, but what you own is usually a GIF, JPEG, or MOV that is copyable. Most of the NFTs are conventional as other visual culture items: animations and digital drawings have been in exis...

Updated on January 26, 2024

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Ownership and Value in the Crypto World of Art Summary

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