While blockchain holds unfulfilled potential and some NFTs do possess aesthetic value, their rapid ascendance reveals disturbing truths about our economy. One especially ironic NFT helps uncover the NFT craze’s downsides. Strangely, a user named “Wildsheep” is selling a pixelated portrait of Wendell Berry as an NFT, which nobody has yet bid on. Front Porch Republic readers will appreciate the irony of speculating on a virtual image of Wendell Berry, who refuses to buy a computer or smartphone and instead insists on writing by pencil. What then might the great Kentucky agrarian say about NFTs? While Berry doesn’t discuss NFTs explicitly, answers to this question can be found in What Matters? Economics for a Renewed Commonwealth, a 2010 collection of Berry’s economic writings.
Primarily, Wendell Berry assails the very speculative economy that NFTs represent and entrench. An economy based around reckless gambling on digital images cannot support community or respect limits, two central themes of Berry’s work. While ostensibly promising decentralization, NFTs instead further a hyper-financialized economy built on falsehoods and abstractions, one that Berry labels in “Money Versus Goods” an “anti-economy” or “a financial system without a sound economic basis and without economic virtues.” He further lambastes how this economy produces goods that are destructive, fraudulent, unnecessary, useless, or any combination of the four.
Read all of "The Irony of a Wendell Berry NFT" by Andrew Figueiredo at Front Porch Republic.