Critical theory for crypto art: Exploring the impact of non-fungible tokens on the commodification of art in the digital age

The article explores non-fungible token (NFT) art as the ultimate form of commodification of art, thus positioning it as a potential ideal art form for capitalism. The article synthesizes theories from fields outside of art history, including critical theory, new materialism, and object-oriented ontology, to provide a comprehensive explanation for the rise of NFTs and their impact on the art world. By utilizing critical theory, power dynamics and hierarchies within a given context are analyzed, while new materialism and object-oriented ontology expand the scope of analysis to include non-human entities and their agency. These theoretical frameworks also provide insights into the material and ontological aspects of the NFT art phenomenon. The study's findings reveal the entanglement of digital assets with the social, economic, and technological dimensions of capitalism. This study aims to contribute to the ongoing debates surrounding the intersections of art and capitalism, while providing a theoretical foundation.