NFTs and Art Fraud
On April 17, the “Disaster Girl” NFT meme sold for $500,000. The NFT meme, which pictures a young girl mischievously grinning while a building is ablaze behind her, is stamped with a unique bit of digital code that marks its authenticity, and stored on blockchain. This sell represents a current trend in NFTs and increasingly higher value placed on their existence. These sold NFTs are expanding the definition of the core reality of an image.
The film “Made You Look: A True Story about Fake Art” is a documentary about one of the largest art frauds in history. At the core of the story was the inability to validate the authenticity of many works of art. While there were many signs of fraud (i.e., lack of provenance, inconsistencies in construction), the art in question was able to be sold successfully by savvy dealers. NFTs on the other hand, will change fraud risk in art. Because NFT certification is on the blockchain platform, its authenticity is a public ledger that has a stored history. Authentication becomes a much easier, concrete conversation than previously the art world has experienced.
The core reality of images and art has not changed--we have continually been adopting new mediums of art since the advent of the Internet and social media. However, the implications of this are new, better ways to authenticate and affirm an image is the one we want to see. I believe this only creates better opportunities for artists and art lovers everywhere.










