In brief, I argue that creative subjectivism is ultimately another form of disguised nihilism—a conclusion that becomes apparent upon a closer examination of Nietzsche.
Nietzsche’s latent nihilism emerges clearly upon reflection: if humans must assign value to the world, this implies that the world is inherently devoid of value—a crucial point of convergence between subjectivism and nihilism.
This concept is explicitly present in Nietzsche’s writings: Whatever has value in the world does not have value in itself, by its nature - nature is always value-less: but it was given a value at some time as a present - and it was we who gave this present! ¹.
Nietzsche frequently asserts throughout his works that the world lacks intrinsic value: Whoever were to unveil for us the essence of the world would give us all the most disagreeable disillusionment ².

Nietzsche’s famous suspicion, then, may not seek to uncover and combat nihilism; instead, it may function as a weapon in nihilism’s arsenal: Man is a reverent animal. But he is also mistrustful; and that the world is not worth what we thought it was, that is about as certain as anything of which our mistrust has finally got hold. The more mistrust, the more philosophy ³.

In a striking passage, Nietzsche even offers solutions for 'coping with' the world's lack of value, which merit full quotation.
He begins by posing the question: What one should learn from artists. - How can we make things beautiful, attractive, and desirable for us when they are not? And I rather think that in themselves they never are.

He answers by drawing inspiration from physicians and artists: Here we could learn something from physicians, when for example they dilute what is bitter or add wine and sugar to a mixture - but even more from artists who are really continually trying to bring off such inventions and feats.

Artists blur colours, shift perspectives, and create distance from their subjects, thereby making them more bearable: Moving away from things until there is a good deal that one no longer sees and there is much that our eye has to add if we are still to see them at all; or seeing things around a corner and as cut out and framed; or to place them so that they partially conceal each other and grant us only glimpses of architectural perspectives; or looking at them through tinted glass or in the light of the sunset; or giving them a surface and skin that is not fully transparent - all this we should learn from artists while being wiser than they are in other matters. For with them this subtle power usually comes to an end where art ends and life begins; but we want to be the poets of our life - first of all in the smallest, most everyday matters ⁴.

Nietzsche’s nihilism is unmistakable here: he denies any value to the real world, even as he criticises Christianity for doing precisely the same: That fictitious world has its sources in hatred of the natural (—the real!—), and is no more than evidence of a profound uneasiness in the presence of reality.... This explains everything. Who alone has any reason for living his way out of reality? The man who suffers under it ⁵.

If Nietzsche rejects reality for its lack of inherent value, one might assume that he affirms the value of the unreal, the dream, or the ideal. Yet, this is not the case: If we are "disappointed," it is at least not regarding life: rather we are now facing up to all kinds of "desiderata". With scornful wrath we contemplate what are called "ideals" ⁶.

If value resides neither in the real nor in the unreal, then where can it be found? The answer is simple: nowhere. Where, then, does this position depart from nihilism, which we have defined as the claim that 'nothing has value'?
This may be what leads Nietzsche to an extraordinary admission: That I have hitherto been a thorough-going nihilist, I have admitted to myself only recently: the energy and radicalism with which I advanced as a nihilist deceived me about this basic fact. When one moves toward a goal it seems impossible that "goal-lessness as such" is the principle of our faith ⁷. Nietzsche thus proclaimed himself a nihilist, despite originally presenting his doctrine as an antidote to nihilism. He ultimately described himself as the first perfect nihilist of Europe who, however, has even now lived through the whole of nihilism, to the end, leaving it behind, outside himself ⁸.

This admission seems to represent a concession of failure, exposing the inability of creative subjectivism to counter nihilism. By adopting nihilism’s fundamental premise—that the world is devoid of intrinsic value—subjectivism concedes too much to challenge nihilism effectively. Indeed, the only axiological position capable of overturning nihilism is one that confronts it directly, contradicting it by asserting that the world possesses inherent value in and of itself: objectivism.

To fully understand the nature of creative subjectivism, we must examine its central premise: it is not the world that inherently possesses value but humanity that bestows it. It is this unparalleled human pride, this absolute anthropocentrism, that I now intend to explore.

1. The Gay Science, §301
2. Human, All Too Human, I, 1, §29
3. The Gay Science, § 346
4. Ibid., § 299
5. The Antichrist, 15
6. The European nihilism, 16
7. Ibid., 25
8. The European nihilism, I, 1, 2