Speculation vs Patronage

Definition

The tension between collectors who buy art as speculative assets and those who buy to support artists. NFT market structures favoured speculation, undermining the patronage relationships that sustain artistic practice.

Example

Trading volume metrics emphasised speculative activity, not collector-artist relationships. Artists optimised for traders rather than patrons because market structures rewarded speculation.

Source

NFTs Section 14

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NFTs & Value Formalisation