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It's not analogous, still. First of all, copies of photos are worth less than paintings for a reason. So already we see the price scales down based on how reproducible things are. NFT's therefore should never be close to your average gallery selling a photo reproduction, as they are infinitely copyable for free. A high quality photo print and frame costs quite a bit of money. That's maybe a couple thousand dollars. And then the artist hangs them in a nice gallery, with sales people. That costs more too. And the final price isn't something like 100x the cost, it's maybe 10x if lucky, often 2-3x. And again, you can't really reproduce it easily. If I found some really high quality scanning store, I could do a decent job. But it would cost me a lot of money, and the signature on the print wouldn't look or feel real. So again, big difference, and already we have to admit paintings > prints > digital images. You absolutely cannot have a perfect copy of a Picasso. Sorry, that's a meme that's not real. You can carbon date the paint. There are ridiculous complexity in his layering techniques. Even the specific paints he used were from his era, and hard to find. It's physically provable to show a Picasso is a real one that came from his hands. Not possible with an NFT as there literally is no original. You can prove the coin is the coin he made, but that's simply not analogous. |
Yes, the point I am making though is that if you cannot see the differences with the naked eye, or if in fact you prefer the copy if given a test, then why do you value all that stuff? Enjoy the much cheaper copy.
It is true there are unique properties that a physical original features - it is just that the value assigned to them is arbitrary, and there does not seem to be an obviously good reason to pay a lot of money for it. People do it because of what is essentially a collective hallucination centered around the idea of scarcity.
Now if there were a way to copy a Picasso perfectly, I posit that people would still assign an arbitrarily high value to the original. I mean, you can see that being the case with diamonds.
Obviously, there is something about a physical object that a digital image will never be able to reproduce. That's why people still enjoy real books, right? So I wouldn't be surprised if a real painting would carry a certain premium over an NFT. But the idea that people pay for an NFT, signed by Damien Hirst's own private wallet? I see no fundamental difference between valuing that and valuing the entirely imaginary benefit of Damien Hirst having once stood in the presence of that physical object you bought.