[dcolkitt]

No it’s a lot more like the market for luxury goods.

Why does a Chanel purse sell for substantially more than a similar quality leather bag from a generic manufacturer? Because of the intangible status market of the Chanel brand.

If the Chanel logo combined with artificial scarcity turns a $1000 bag into a $6000 purse, why would we not expect the Chanel logo with the same artificial scarcity to turn a $0 JPEG into a $1000 JPEG?

[mythz]

> No it’s a lot more like the market for luxury goods.

Yep exactly like that, except there's no luxury good, not even a receipt of a luxury good, just a ticket to the directions of an online store that's hosting the same bag of pixels that's given out to everyone who ever cared to come across the same public directions with their browser.

There's no respect to be earned from a public digital trail admitting you've traded real money for a link to a fake clout badge.

[dcolkitt]

> There's no respect to be earned from a public digital trail admitting you've traded real money for a link to a fake clout badge.

Except there clearly is. At the point where many of the world's most famous athletes, musicians and actors have prominently displayed NFTs that they purchased, then there clearly is real social status associated with them.

You can debate about whether that's unfair, or stupid, or just a fad. But it's pretty clearly undeniable that NFTs today are an indisputable social status market to a not insignificant fraction of the population. The fact that you find that you think it shouldn't be that way doesn't change the way things are.