Art is a funny thing. Everybody knows it when they see it, but nobody sees the same thing. Anyway, the art market is the market for art as an investment. But what are art collectors buying when they buy an artwork in the art market? The obvious answer is that they’re buying authentic objects. But it’s wrong. In fact, they’re buying an entry on an artist’s catalogue raisonné, and the object is merely a physical token that represents ownership of a ledger entry. The NFT market is identical. It merely does away with the need for a physical token and allows the art market to transact directly in ledger entries. That’s why NFTs are “uncanny tokens.” They make us uncomfortable because they show us that the conventional art market was always a market for ledger entries, but we couldn’t see it, because objects got in the way.