PAGOSÌ;)

Once upon a time there was the NFT. When technology swallowed the artwork

From Beeple’s record to the speculative crash: what remains of NFTs, why a token is not a digital artwork, and what may come next for blockchain, AI and generative art.

C’era una volta l’NFT · il token, il file e l’opera non sono la stessa cosa. Contemporary art, photography or visual culture featured by Acquistare Arte.
C’era una volta l’NFT · il token, il file e l’opera non sono la stessa cosaGrafica originale Acquistare Arte

The short answer: NFT was never digital art

NFTs did not invent digital art. They created a transferable, publicly verifiable way to associate a token with a digital asset. During the boom, certificate, file, image, community and price were sold as one thing.

Technology often occupied the artwork’s place. Attention moved from form, ideas and artistic history to programmed scarcity and resale speed. When finance stalled, many images had nothing left to support them.

Dal picco alla contrazione · indice visivo normalizzato su dati di mercato pubblicati da Art Basel e UBS. Contemporary art, photography or visual culture featured by Acquistare Arte.
Dal picco alla contrazione · indice visivo normalizzato su dati di mercato pubblicati da Art Basel e UBSElaborazione Acquistare Arte su dati Art Basel e UBS · Image credit ↗

Before the token: half a century of digital art

Computational art predates NFTs by decades: Harold Cohen developed AARON from 1972; Vera Molnár and Frieder Nake explored algorithmic rules; 1990s net art treated the browser as cultural space; Casey Reas made code a visual practice through Processing.

Digital art gains cultural value when language, process and form produce knowledge or experience. Screen, print, software, projection and generative systems are supports; technology is material, not an automatic subject.

Art NFT · vendite stimate da 613 milioni di dollari nel 2023 a 213 milioni nel 2024. Contemporary art, photography or visual culture featured by Acquistare Arte.
Art NFT · vendite stimate da 613 milioni di dollari nel 2023 a 213 milioni nel 2024Elaborazione Acquistare Arte su dati Art Basel e UBS · Image credit ↗

2014–2021: from certificate to Beeple’s record

Kevin McCoy’s Quantum, registered in 2014, is often called the first artwork-linked NFT. CryptoPunks arrived in 2017. In March 2021 Christie’s sold Beeple’s Everydays for $69.346 million, turning a niche into a global phenomenon.

Art Basel and UBS estimated art-related NFT sales on external platforms at $2.6 billion in 2021, more than 100 times the previous year. Yet 85% of NFT transactions were collectibles: serial collecting, not digital-art history, powered the boom.

Che cosa si compra davvero? · cinque livelli che il mercato ha spesso confuso. Contemporary art, photography or visual culture featured by Acquistare Arte.
Che cosa si compra davvero? · cinque livelli che il mercato ha spesso confusoGrafica originale Acquistare Arte · Image credit ↗

PFPs, status and liquidity: why the bubble worked

BAYC and CryptoPunks turned profile pictures into membership cards. Celebrities, Discord, rising crypto and 24-hour trading joined image, status and expected resale.

Scarcity applied to the token, not necessarily the image. Copying a JPEG remained easy. The promise of disintermediation produced new platforms, fees, wallets, influencers and technical middlemen.

Beeple · Everydays · un progetto quotidiano diventato il simbolo del boom NFT. Contemporary art, photography or visual culture featured by Acquistare Arte.
Beeple · Everydays · un progetto quotidiano diventato il simbolo del boom NFTBeeple · sito ufficiale · Image credit ↗

When technology swallowed meaning

At the peak, people asked which chain before asking what the work did. Floor price replaced criticism and roadmap replaced research. Many collections engineered scarcity before developing formal necessity.

This does not condemn the medium. Rhea Myers, Anna Ridler, Harm van den Dorpel, Pak and others treat blockchain, data and ownership as real artistic questions. A token is not an ontological shortcut to art.

Anna Ridler · Mosaic Virus · dataset costruito dall’artista, AI e speculazione sui tulipani. Contemporary art, photography or visual culture featured by Acquistare Arte.
Anna Ridler · Mosaic Virus · dataset costruito dall’artista, AI e speculazione sui tulipaniAnna Ridler · sito ufficiale · Image credit ↗

The crash: from total market to residual market

Crypto winter, platform failures, rug pulls and saturation drained liquidity. By mid-2023 the Art Basel–UBS survey placed monthly Ethereum art-NFT turnover near 2% of peak and unique buyers below 2,000, from more than 40,000.

Art-NFT sales were estimated at $213 million in 2024, 6% of the NFT market, down from $613 million and 9% in 2023. By Q4 2024 the total NFT market was near pre-peak 2020 volume. This describes market contraction, not each work’s cultural value.

Casey Reas · il codice come sistema visivo, non come semplice effetto. Contemporary art, photography or visual culture featured by Acquistare Arte.
Casey Reas · il codice come sistema visivo, non come semplice effettoCasey Reas · sito ufficiale · Image credit ↗

What do you actually own?

Buying an NFT may mean owning a wallet token; it does not automatically include copyright, reproduction rights, source files or permanent access. Content may sit on-chain, on IPFS or on an ordinary server.

Separate five layers: artwork, file, token, smart contract and licence. Check storage, metadata, rights, edition, authenticity, software dependencies, display and conservation. Blockchain provenance helps but cannot replace a clear contract.

Sougwen Chung · The Imitation Game · collaborazione tra gesto umano e macchina. Contemporary art, photography or visual culture featured by Acquistare Arte.
Sougwen Chung · The Imitation Game · collaborazione tra gesto umano e macchinaSougwen Chung / Vancouver Art Gallery · foto Mitchel Sayers · Image credit ↗

What remains: less hype, more digital art

A useful infrastructure remains for certifying, transferring and programming certain works. Digital art in 2026 also includes AI, robotics, synthetic images, software, games, immersive installation and critical data practices.

Art Basel reported renewed attention: 51% of surveyed HNW collectors had bought digital art in 2025, while its share of collections rose from 3% to 13%. Refik Anadol, Sougwen Chung, Anna Ridler, Holly Herndon and Trevor Paglen point in very different directions.

Sougwen Chung · Drawing Operations · il robot apprende dal segno dell’artista. Contemporary art, photography or visual culture featured by Acquistare Arte.
Sougwen Chung · Drawing Operations · il robot apprende dal segno dell’artistaSougwen Chung · sito ufficiale · Image credit ↗

A possible future: living works, not expensive receipts

A credible future consists of dynamic works, verifiable generative systems, museum conservation, better displays and contracts that clarify rights. Blockchain can become invisible infrastructure rather than the spectacle.

AI reopens the same danger: confusing novelty of tool with quality of art. Datasets, labour, authorship, energy and model changes must be legible parts of the project.

Sofia Crespo · Artificial Natural History · biologia immaginaria e reti neurali. Contemporary art, photography or visual culture featured by Acquistare Arte.
Sofia Crespo · Artificial Natural History · biologia immaginaria e reti neuraliSofia Crespo · sito ufficiale · Image credit ↗

A method for collecting digital art after NFTs

Begin with artist and work: trajectory, continuity, edition, display and institutional context. Then verify master file, hardware, certificate, wallet, chain, contract, licence, backups, migration and future support.

Ask what you will see in ten years, who can maintain it and what rights you hold. If every answer depends on future token value, it is a speculative position dressed as culture.

Sofia Crespo · Structures of Being · immagine sintetica nello spazio architettonico. Contemporary art, photography or visual culture featured by Acquistare Arte.
Sofia Crespo · Structures of Being · immagine sintetica nello spazio architettonicoSofia Crespo · foto Claudia Maurino · Image credit ↗

Sixteen artists proving digital art is larger than NFTs

Beeple made daily digital image-making globally visible; Kevin McCoy linked token and provenance early; Pak used quantity, market and identity as materials. Rhea Myers, Harm van den Dorpel and Anna Ridler turn code, blockchain, datasets and speculation into critical questions rather than sales devices.

The longer history runs through Harold Cohen, Vera Molnár and Frieder Nake to Casey Reas and LIA. Sougwen Chung draws with robots trained on her gestures; Sofia Crespo imagines synthetic biology; Mario Klingemann questions generated portraiture; Refik Anadol builds data environments; Holly Herndon works on voice and shared identity; Trevor Paglen exposes AI infrastructures. Their incompatibility proves digital art is neither a style nor an investment class.

Mario Klingemann · sperimentazione visiva con reti neurali e sistemi generativi. Contemporary art, photography or visual culture featured by Acquistare Arte.
Mario Klingemann · sperimentazione visiva con reti neurali e sistemi generativiMario Klingemann / Quasimondo · Image credit ↗
LIA · Volatile Structures · forma, movimento e regole computazionali. Contemporary art, photography or visual culture featured by Acquistare Arte.
LIA · Volatile Structures · forma, movimento e regole computazionaliLIA · sito ufficiale · Image credit ↗
Sougwen Chung · studio e assemblaggio · la tecnologia come processo materiale. Contemporary art, photography or visual culture featured by Acquistare Arte.
Sougwen Chung · studio e assemblaggio · la tecnologia come processo materialeSougwen Chung · sito ufficiale · Image credit ↗

Sources & links

  1. Christie’s · risultato ufficiale della vendita Beeple, 2021 ↗
  2. Art Basel e UBS · The Art Market 2022 ↗
  3. Art Basel e UBS · The Art Market Report 2025 ↗
  4. Art Basel e UBS · Survey of Global Collecting 2023 ↗
  5. Art Basel · Digital art finds renewed momentum, 2026 ↗
  6. Christie’s · scheda di Everydays: The First 5000 Days ↗
  7. Anna Ridler · Mosaic Virus, progetto ufficiale ↗
  8. Sougwen Chung · opere e ricerca ufficiale ↗
  9. Sofia Crespo · archivio ufficiale delle opere ↗
  10. Casey Reas · opere e progetti ↗
  11. LIA · arte generativa, archivio ufficiale ↗
First published by Acquistare Arte ↗

Grafica originale Acquistare Arte / Elaborazione Acquistare Arte su dati Art Basel e UBS / Beeple · sito ufficiale / Anna Ridler · sito ufficiale / Casey Reas · sito ufficiale / Sougwen Chung / Vancouver Art Gallery · foto Mitchel Sayers / Sougwen Chung · sito ufficiale / Sofia Crespo · sito ufficiale / Sofia Crespo · foto Claudia Maurino / Mario Klingemann / Quasimondo / LIA · sito ufficiale