Valuing the virtual: a semiotic-psychoanalytic investigation of NFT art value and perception

Abstract

This study examines the hitherto unexplained phenomenon of seemingly random and unpredictable fluctuations in the contemporary art market’s valuation of artworks, which has only been exacerbated by the recent rapid rise (and subsequent fast fall) of the value of non-fungible tokens (NFTs). This study aims to provide a novel explanation for this phenomenon by drawing on an interdisciplinary aesthetic framework at the intersection of semiotics, Lacanian psychoanalysis, and critical theory. In addition, this research explores the interplay between the discursive, psychological, and social dimensions that contribute to art valuation, revealing the intricate web of factors that shape our perception and understanding of NFT art and its market dynamics.