In this talk, Rohit Goel explains the intersecting logics of NFTs, capitalism, and sadomasochism. He argues that NFTs would simply be the art world's latest enjoyment if they weren't sadomasochistic. In capitalism, we not only ‘enjoy’ our suffering in labor (masochism) but are compelled to do so by the system (sadism). We’ll see how NFTs both issue and abide capital’s sadomasochistic imperative.