In the first verse, art is singing to pop (“Come to me, with all your glamour and cruelty / Just do the thing that you do, and I’ll undress you” – referring to the sexual nature of pop stars and pop music today).
In the second verse, pop is singing to art (“Come to me, with all your subtext and fantasy / Just do the thing that you do, in a perverse hue” – making note of how contemporary art is widely misunderstood and even seen as “perverse” or stupid even though it's just the creator's "fantasy").
In the chorus, art and pop tell each other that they can belong together as one entity without separation or distinction. In other words, ARTPOP (one word). Not Art Pop, ArtPop, or Art-Pop.
The placement of the song is also notewort
'Could try to sell you out or I could show you all the reasons why my ARTPOP could mean anything' 'I try to sell myself but I am really laughing'. I love those quotes so much.