i let myself believe NFTs were a passing fad, in part b/c just thinking of them drains my soul, but their adoption & advertising boom is a reminder that:
NFTs are a natural instance of capital expanding private property given near-complete enclosure of existing forms of property
NFTs are a natural instance of capital expanding private property given near-complete enclosure of existing forms of property
marx writes about the tendency of the rate of profit to fall, which oversimplified, explains that investment opportunities inevitably become less profitable for investors over time, creating periodic crisis and forcing capital to constantly open new investment opportunities
one way that capital can create these new opportunities is "enclosure" (as named by rosa luxemburg, also called primitive accumulation)
aka taking resources that were previously not private (typically land, natural resources, etc.) and privatizing them
aka taking resources that were previously not private (typically land, natural resources, etc.) and privatizing them
enclosure is one of the main reasons for imperial war. the US didn't go to war in iraq in order to have the military seize the oil for the state's reserves...
it went to war to force iraqi oil onto the global market where US corporations could then buy and sell it to make profit
it went to war to force iraqi oil onto the global market where US corporations could then buy and sell it to make profit
but enclosure has its limits! simply put, modern capital is running out of things to enclose! there are few places on earth not privatized (and empire is knocking at those doors.) once privitization is done, next step is rent; see this new economy of renting goods over owning.
but in the era of financialization of capital, in which investment profits are increasingly unlinked from real productivity (see the stock market during COVID) why be stuck enclosing real goods! forget intellectual property, the act of purchasing is now property!
what youre purchasing with an NFT isnt a piece of art. youre purchasing ownership. purchasing the act of owning a thing. an infinite opportunity! sure its a bubble thatll inevitably collapse but thats true of all financial instruments under capitalism!
https://twitter.com/jessfromonline/status/1459600034756972544
that's why suddenly paypal and venmo and square cash and your tv and movie theater and youtube and every big name artist with a stock portfolio and every major corporation is suddenly advertising NFTs at you
feeding frenzy on a new financial instrument! a new space to enclose!
feeding frenzy on a new financial instrument! a new space to enclose!
has your company reached market saturation & you can't sell any more product than you already are? just sell the act of buying!
do most consumers have low buying power due to mass underemployment in an economy that already had increasing wealth disparity? just sell to rich ppl!
do most consumers have low buying power due to mass underemployment in an economy that already had increasing wealth disparity? just sell to rich ppl!
anyway, NFTs are environmentally destructive, disgusting, tacky, and meaningless. NFT true believers are some of the most pitiful fools i have ever witnessed.
but they are a natural & tremendous opportunity for capital at a stage of crisis, so capital will *make* them happen.
but they are a natural & tremendous opportunity for capital at a stage of crisis, so capital will *make* them happen.
(quick note that i, myself, am looking for work)
https://twitter.com/jessfromonline/status/1433109621212950529
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